IDBI Bank also runs a special FD scheme for senior citizens named Naman Deposit Scheme. In this deposit scheme, 0.75 percent interest is being given to senior citizens. This FD scheme of IDBI Bank is applicable till September 30, 2022.
Two years ago, no one would have imagined that there would be such a bumper return on Fixed Deposit (FD). See the benefit of increasing the repo rate, see how much bumper benefit is being received on FD today. It seems that there is a competition among the banks to pay more and more interest. The Reserve Bank is going to increase the repo rate again very soon, after which the FD rates will increase even more.
Meanwhile, many banks have started special FD scheme for senior citizens, on which interest is being paid more than the general public. However, such FD schemes are being run for a short period of time or say for a fixed period only. The senior citizen customer has to deposit money in this fixed period, after which he will get the benefit of higher returns.
If you want to take advantage of higher interest, then senior citizens will have to invest in this fixed period. If you want to take advantage of higher returns, then you will have to invest in the special FD scheme by 30 September because after that this plan will be closed.
HDFC Bank and IDBI Bank’s Special Senior Citizen FD Scheme is closing on 30 September 2022. Similarly, ICICI Bank’s special senior citizen FD scheme named Golden Years FD is closing on 7 October. On the other hand, State Bank has extended the duration of the Special Senior FD Scheme till March 2023.
HDFC Bank’s Spatial Scheme
According to HDFC Bank, senior citizens who deposit less than Rs 5 crore in a special FD scheme with a maturity of 5 years one day to 10 years, will get a premium interest of 0.25 percent. This interest will be in addition to the 0.50 percent already available. This special FD scheme of HDFC Bank has started on 18 May 2020 and will run till 30 September 2022. New FDs opened during this period or renewing old FDs will get the benefit of additional interest rate.
IDBI Bank Naman Deposit
IDBI Bank also runs a special FD scheme for senior citizens named Naman Deposit Scheme. In this deposit scheme, 0.75 percent interest is being given to senior citizens. This FD scheme of IDBI Bank is applicable till September 30, 2022.
ICICI Bank Golden Years FD
ICICI Bank is running a scheme in the name of Golden Years FD. The bank has said that 0.20 percent more interest is being given to senior citizens on an additional 0.50 percent annual interest. The Golden Years FD scheme is being run till October 7, 2022, in which the benefit of higher interest is being given on new deposits and renewing old FDs. Therefore, senior citizens who want to earn more interest will have to open an account in this scheme by October 7.
SBI Wecare Special Scheme
SBI is running WeCare Special Scheme for Senior Citizens. The term of this scheme, which started in May 2020, has been extended till March next year. This scheme was started in view of the Kovid epidemic, but in view of the huge demand of the customers, its period has been extended. SBI WeCare Deposit has been introduced for senior citizens in the retail term deposit segment, wherein senior citizens will be paid an additional premium of 30 basis points (over the existing 50 basis points) for 5 years on their retail term deposits. SBI WeCare Deposit Scheme has been extended till March 31, 2023.
