This special FD aims in protecting income of senior citizens by providing additional interest on their term deposits. It was introduced in the year 2020.
Under the Senior Citizen Care FD scheme, senior citizens are eligible for an additional 0.75% interest rate on their term deposits. The offer is applicable to both new fixed deposits and renewals made by senior citizens within the specified period. However, it is important to note that the scheme does not apply to Non-Resident Indians., Personal Finance News, Times Now
Banks have introduced special, short-term fixed deposits that have higher interest rates than standard FDs. These FDs are ending soon, book your FD to lock in for higher interest rate.
HDFC Bank Senior Citizen Care FD Scheme will give Resident Senior Citizen customers an additional interest rate on an FD of 0.50% for a limited time over and above the existing additional rate of 0.50% per annum, said the bank’s website.