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Latest Interest Rates & Benefits of Senior Citizens Special Fixed Deposit (FD) Scheme by SBI, ICICI & HDFC Banks

Senior citizens FD schemes: Various top banks such as State Bank of India (SBI), ICICI, and HDFC have come up with special fixed deposit (FD) schemes for senior citizens amid covid-19 pandemic. Interestingly, these banks are also offering extra interest rates over the existing rates applicable for senior citizen term deposits.

Tooba Maher
Senior citizens
Senior citizens

Senior citizens FD schemes: Various top banks such as State Bank of India (SBI), ICICI, and HDFC have come up with special fixed deposit (FD) schemes for senior citizens amid covid-19 pandemic. These top special FD schemes have been started to safeguard the interests of senior citizens as the interest rates are going down rapidly. Interestingly, these banks are also offering extra interest rates over the existing rates applicable for senior citizen term deposits.

It is to be noted that the special FD scheme for senior citizens is applicable till 30 September 2020. Here we will inform you all the important details of these schemes for senior citizens.

1. Special FD scheme for senior citizens by SBI

  • SBI has provided special FD scheme for senior citizens known as 'SBI We Care'. The bank has made it available for customers from 12 May 2020 with tenure of 5 Years.

  • The latest rates of SBI Special FD scheme for senior citizens are 80 bps higher.

SBI We Care
SBI We Care
  • Latest Interest rate: If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20 percent. These rates are applicable effective 27 May.

  • Premature withdrawal: Additional premium of 30 bps not payable on premature withdrawal.

  • However, penalty of 0.5% may apply and maximum deposit amount is less than Rs 2 crore.

Latest Rates of HDFC Bank special FD scheme for senior citizens

  • HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care which is available from 18 May 2020 for tenure of 5 years, 1 day – 10 years.

  • The latest interest is 75 bps higher.

  • Latest Interest rate by HDFC: If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.25 percent. An additional 25 bps premium will be payable for senior citizens. These rates are applicable from 12 June.

  • Premature withdrawal: Penalty of 1 percent if withdrawn on or before 5 years & a penalty of 1.25% if withdrawn after 5 years.

  • Please note that the maximum deposit amount is less than Rs 2 crore.

3. ICICI Bank special FD scheme for senior citizens

  • Special FD scheme by ICICI Bank for senior citizens is called ICICI Bank Golden Years which is available from 20th May 2020 for tenure of 5 years, 1 day – 10 years.

  • Latest interest is 80 bps higher.

  • Latest Interest rate: The bank offers senior citizens an interest rate of 6.30 percent per annum.

  • Premature withdrawal: Penalty of 1 percent if withdrawn before 5 years 1 day and penalty of 1.30 percent if withdrawn *after 5 years 1 day

  • The maximum deposit amount by ICICI is Less than Rs 2 crore.

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