4 Special Fixed Deposit Schemes for Senior Citizens

In May 2020, the COVID-19 pandemic started to spread like wild fire across the world. During this time, many banks launched special fixed deposit schemes for senior citizens. This scheme aimed at offering higher interest rates to senior citizens who open fixed deposits with a tenure of 5 years and more. These schemes were launched with the last date of investment being 31 March 2021, and now, the last date has been revised to 30 June, 2021.

There are four banks in India who are offering the special fixed deposit schemes for senior citizens. They are, Bank of Baroda (BoB), State Bank of India (SBI), HDFC Bank, and ICICI Bank. Let's take a look into the fixed deposit scheme for senior citizens offered by each of these banks:

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Bank of Baroda's Special Fixed Deposit Scheme for Senior Citizens

The bank if offering 100 bps higher for senior citizens’ fixed deposit. Senior citizens can open fixed deposits from 5 years to 10 years with Bank of Baroda at an interest rate of 6.25%. p.a. The interest rate for senior citizens for any deposit below 5 years is 0.50%.

Tenure Interest Rates (p.a.)
7 days to 14 days 3.30%
15 days to 45 days 3.30%
46 days to 90 days 4.20%
91 days to 180 days 4.20%
181 days to 270 days 4.80%
271 days and above and less than 1 year 4.90%
1 year 5.40%
Above 1 year to 400 days 5.50%
Above 400 days and up to 2 Years 5.50%
Above 2 Years and up to 3 Years 5.60%
Above 3 Years and up to 5 Years 5.75%
Above 5 Years and up to 10 Years 6.25%

SBI's Special Fixed Deposit Scheme for Senior Citizens

SBI also launched a special fixed deposit scheme for senior citizens, which will help them earn 80 basis points (bps) more than that of the general public. If a senior citizen opens a fixed deposit with SBI for 5 years and up to 10 years, he/she will earn an interest at the rate of 6.20%.

Tenure Interest Rates (p.a.)
7 days to 45 days 3.40%
46 days to 179 days 4.40%
180 days to 210 days 4.90%
211 days to less than 1 year 4.90%
1 year to less than 2 years 5.50%
2 years to less than 3 years 5.60%
3 years to less than 5 years 5.80%
5 years and up to 10 years 6.20%

HDFC Bank's Special Fixed Deposit Scheme for Senior Citizens

Under the special fixed deposit scheme for senior citizens, HDFC Bank offers 75 bps higher than that of the general public. You can earn 6.25% when you open a fixed deposit for 5 years and above.

Tenure Interest Rates (p.a.)
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 60 days 3.50%
61 days to 90 days 3.50%
91 days to 6 months 4.00%
6 months 1 day to 9 months 4.90%
9 months 1 day to less than 1 year 4.90%
1 year 5.40%
1 year 1 day to 2 years 5.40%
2 years 1 day to 3 years 5.65%
3 years 1 day to 5 years 5.80%
5 years 1 day to 10 years 6.25%

ICICI Bank's Special Fixed Deposit Scheme for Senior Citizens

80 bps higher interest rate is offered by ICICI Bank for senior citizens on fixed deposits opened for 5 years and more. Under the ICICI Bank Golden Years fixed deposits scheme, senior citizens can earn an interest rate of 0.30% over and above existing additional rate of 0.50% p.a.

Tenure Interest Rates (p.a.)
7 days to 14 days 2.50%
15 days to 29 days 2.50%
30 days to 45 days 2.75%
46 days to 60 days 2.75%
61 days to 90 days 3.00%
91 days to 120 days 3.00%
121 days to 184 days 3.00%
185 days to 210 days 3.50%
211 days to 270 days 3.50%
271 days to 289 days 3.65%
290 days to less than 1 year 3.65%
1 year to 389 days 3.75%
390 days to less than 18 months 3.75%
18 months days to 2 years 4.00%
2 years 1 day to 3 years 4.40%
3 years 1 day to 5 years 4.40%
5 years 1 day to 10 years 4.40%

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