SBI Wecare special FD for senior citizens: Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for public i.e., 100 bps over card rate for public, says SBI
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.
Bank fixed deposits which offer 0.50-0.75% higher interest to senior citizens and Senior Citizens Savings Scheme (SCSS) offered by the government are very popular choices for senior citizens.
Some of these special fixed deposits for senior citizens are time bound and have an end date for investing in them. Here is a comparison of special FD rates of SBI, HDFC Bank, and ICICI Bank
HDFC Bank has extended its special fixed deposit scheme for senior citizens, offering higher interest rates The bank is providing an additional premium of 0.25% for FDs of less than 5 crores with a tenure of 5 years to 10 years