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Under this scheme older persons can get up to 1% additional interest on their deposits.

Another good news for senior citizens. Following the country’s largest lender State Bank of India’s decision, HDFC Bank and Bank of Baroda (BoB) too have extended the deadline of their special fixed deposit schemes. Now senior citizens can avail this facility till March 31, 2022. When the pandemic struck last year, crippling the economy, a few major banks began offering higher interest rates to senior citizens on fixed deposits of five years and above. Under this scheme older persons can get up to 1% additional interest on their deposits.

READ MORE: SBI extends deadline for special FD scheme; check details

Other than SBI, BoB and HDFC Bank, ICICI Bank also launched this special scheme.  All senior citizens are eligible to invest in these.  Most banks are offering these services online and you don’t have to step out of your home.

HDFC Bank Senior Citizen Care

HDFC Bank has named its scheme for senior citizens as Senior Citizen Care FD. Investors get returns at a 6.25% interest rate on their investments on five-year to 10-year FDs.

Usually, HDFC offers 5.5% interest rate to customers below 60 years. Under this scheme the interest rate for senior citizens is fixed at 6.25%, or 75 basis points higher than the normal rate.

Bank of Baroda Special FD

Bank of Baroda is providing senior citizens the maximum benefit by offering a full 1 percentage point higher than normal rates. While a customer below 60 years will be paid 5.25% on a FD with a tenure between five to 10 years, those above 60 would get 6.25%.

This rate is 50 basis points higher than the usual 50 basis points senior citizens get.

SBI WeCare

SBI is offering 80 basis points or 0.8 percentage points higher than the usual interest rate on these FDs that were named as WeCare.

Currently, SBI offers the general public 5.40% interest rate on five-year FD. Under the special scheme the current interest rate is 6.20% for senior citizens. However, if the customer makes a premature withdrawal, the additional interest of 30 basis points over and above the 50 basis points offered to senior citizens as a matter of routine will not be paid.

READ MORE: Unhappy with SBI service? Know the way to redressal

ICICI Bank Golden Years

ICICI Bank is offering a higher interest rate of 80 basis points on such deposits. The ICICI Bank Golden Years FD scheme is carrying an interest rate of 6.30% per annum for senior citizens. For normal customers it is fixed at 5.5%.

The tenure for this special FDs is between five years and 10 years.