India s largest public sector lender State Bank of India (SBI) has extended the validity period of its special term deposit scheme SBI Wecare FD scheme for senior citizens.
Updated Mar 13, 2021 | 06:16 IST
This special FD scheme was launched in May 2020 to cushion senior citizens from falling interest rates amid the coronavirus pandemic. This special FD scheme for senior citizens is available till March 31 Special FD scheme for senior citizens ends March 31: SBI vs ICICI Bank vs others compared
New Delhi: Several banks including State Bank of India, HDFC Bank, ICICI Bank, Bank of Baroda, are offering senior citizens special fixed deposit (FD) schemes, providing higher interest rates on term deposits.
Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) is the ideal investment opportunities, keeping the long-term stability aspect and added additional benefits into consideration.
Updated Jan 15, 2021 | 06:39 IST
Senior citizens special fixed deposit scheme were introduced amid the coronavirus pandemic to safeguard the interests of senior citizens as the interest rates were falling rapidly. SBI vs ICICI Bank vs HDFC Bank Senior citizens special fixed deposit rates
New Delhi: As the cost of living and inflation is going up, senior citizens are looking for ways to invest their money in instruments that offer good returns to ensure that they are financially stable. Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) is the ideal investment opportunities, keeping the long-term stability aspect and added additional benefits into consideration.
Should seniors go for special FD rates offered by some banks?
SBI, ICICI Bank and HDFC Bank offer more In May last year, a few banks came up with special rates on certain long-tenure fixed deposits for senior citizens, in a bid to protect them from the blow of falling interest rates. Under the SBI Wecare Deposit, ICICI Bank Golden Years FD and HDFC Bank’s Senior Citizen Care FD schemes, the banks offer an extra 25-30 basis points (bps) interest on deposits with tenures of 5 years and above. This is over and above the 50 bps higher interest usually offered to senior citizens. The special FD rates apply on fresh deposits as well as renewals.