Fixed deposits: These three schemes to end this month

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The Covid-19 pandemic delivered a big hit in our country’s economy and consumed the savings of many. To provide relief to the elderly, FDs for senior citizen were introduced by a few banks last year in May. The scheme was designed for short time periods to provide the benefit of additional interest to the people who are above the age of 60 years. The tenure of these schemes was between 5 years and 10 years. But just ahead of the most speculated third wave of infection, three out of four special FD schemes including State Bank of India (SBI) will end this month. Senior citizens will not be able to take advantage of these schemes after September 30, 2021.

Take a look about these schemes:

SBI Wecare

SBI has created ‘Wecare’ scheme in the retail segment in which people above 60 get an additional interest of 30 basis points (above the existing addition of 50 basis points) on their fixed deposit investments for five years or more. Now SBI is offering 6.20% interest rate on FD for five years and above tenure to senior citizens.

HDFC Bank Senior Citizen care

HDFC Bank is offering an additional 25 basis point interest to senior citizen over and above existing Care FD on deposits above five years tenure and up to 10 years. With this new benefit, senior citizens will get a 6.25% interest. These rates were introduced on and from 21 May, 2021.

Bank of Baroda special FD scheme

Bank of Baroda’s special FD scheme for senior citizens provides an additional 1% interest rate on the fixed deposit schemes that come with a tenure between five and 10 years. With this addition, the senior citizen can get the benefit of 6.25%.

ICICI Bank Golden Years

Meanwhile, ICICI Bank’s ‘Golden Years’, an exclusive scheme for senior citizens, will end on October 7, 2021. The bank is providing an additional 0.3% interest annually (above the existing addition of 0.50%) on fixed deposits with a tenure between five and 10 years. Under the ICICI Bank Golden Years FD scheme, senior citizens will get the benefit at a 6.30% interest rate.