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At present, SBI offers a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed money under the special FD scheme, the interest rate applicable will be 6.20%. (Representative Image)

Fixed deposit (FD) is a traditional savings instrument that conjures up a sense of security of capital and assured returns. But in this age of declining interest rates FDs have suffered heavily. No public sector bank offers more than 6% interest to common people across tenures. A few Covid-specific FDs offer interest rates that are relatively higher. These are offered by banks such as SBI, ICICI, HDFC and Bank of Baroda. A few private banks such as IndusInd Bank, RBL and Bandhan Bank offer more than 6% interest rate in some category but that’s more of an exception.

DCB Bank has come out with an interest rate of 7.11% for a FD that has a three-year tenure. Senior citizens will get 50 additional basis points.

3-year FD

Private lender DCB Bank has launched a limited-period interest rate of 7.11% per annum annualised yield on a 3-year FD for all investors. This lucrative interest rate is valid on FDs booked on or before August 16, 2021.

A customer can book a DCB Bank FD either by visiting the branch, connecting with their respective relationship manager or online using the website or mobile application.

Any other resident Indian individual can opt for DCB Bank Zippi Online Fixed Deposit, an online FD facility, without having to open a savings account with the bank.

Covid-special FD

Covid-special FD scheme for senior citizens offered by the SBI, HDFC Bank and Bank of Baroda have been extended till September 30, 2021. However, ICICI Bank has extended its Golden Years FD meant for senior citizens to October 7, 2021.

Under this special scheme, unlike DCB Bank, only senior citizens will get the benefit. All four banks offer this special rate for 5 years and more FD tenure. They are offering 25-50 basis points (0.25%-0.5%) more interest rate than the normal one.

SBI

SBI special FD scheme for senior citizens — We Care — offers an additional 30 basis points of 0.3% interest rate to  senior citizens over normal 0.5% more interest rate, i.e. total 0.8% more on their FD for the tenor of 5 years and more.

At present, SBI offers a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed money under the special FD scheme, the interest rate applicable will be 6.20%. This scheme will end on September 30, 2021.

HDFC Bank

Largest private lender HDFC Bank’s special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers 75 basis points of 0.75% higher interest rate on these deposits ragging from 5 years and 10 years.

If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25%. On the other hand, a normal person will get 5.5%.

ICICI Bank

ICICI Bank Special FD scheme for senior citizens ICICI Bank Golden Years FD scheme offers an 80 basis points higher interest rate than normal customers. ICICI Bank Golden Year FD scheme will give 6.30% per year. This scheme will end on October 7, 2021.

Bank of Baroda

Bank of Baroda offers 1% more interest rate to the senior citizens. If a senior citizen invests under the special FD scheme (above 5 years to up to 10 years), then the interest rate applicable to the FD will be 6.25%. Others get only 5.25% for the same tenure. This scheme will also end on September 30, 2021.