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Fixed Deposit Schemes: How Can Senior Citizens Benefit from It?

Introduction 

The s Covid-19 pandemic has taught us that a sound financial backup is a must. Banks across India also realize this environment of uncertainty, which is why they are offering multiple schemes for potential elderly customers. Senior citizens have the option of opening a fixed deposit with a tenure of five years and above. They can thus enjoy multiple perks on interest rates in some of the top banks.

With these fixed deposit schemes for senior citizens, your old age will indeed be comfortable. Read on to learn more about the existing fixed deposit schemes offered by various lenders for senior citizens.

Bank of Baroda’s fixed deposit scheme for senior citizens

The bank is currently offering a 1% higher fixed deposit rate scheme to senior citizens with a tenure between 5 and 10 years. So, if you are an elderly citizen and open a fixed deposit with the Bank of Baroda, you would earn interest at the rate of 6.25% p.a. This scheme is valid until March 31, 2022. For different durations, the interest rates offered for senior citizens is as follow:

State Bank of India’s fixed deposit scheme for senior citizens

SBI has reinforced the faith of its customers by offering various attractive schemes. In recent months, they introduced the “SBIWecare” fixed deposit scheme for senior citizens, valid until March 31. 2022. The interest rate offered is currently 6.20 percent under this fixed deposit scheme for senior citizens, with a tenure between 5 and 10 years. It is 80 basis points higher than a general fixed deposit account. For different durations, the interest rates offered for senior citizens is as follow:

HDFC Bank’s fixed deposit scheme for senior citizens

HDFC bank has initiated a special fixed deposit scheme for senior citizens, which will allow them to earn a 6.25 % interest rate for a fixed deposit account for five years and more. This offer applies to new accounts and on the renewal of existing accounts and is effective until March 21, 2022. For different durations, the interest rates offered to senior citizens is as follow:

ICICI Bank’s fixed deposit scheme for senior citizens

Under its special fixed deposit scheme for senior citizens, ICICI Bank brings “Golden Years FD” for senior citizens. With this scheme, older folks can receive an additional 0.20 percent interest rate more than the existing additional rate of 0.50 percent annually for a fixed deposit that has a tenure between 5 and 10 years. This offer is valid and effective until April 8, 2022. For different durations, the interest rates offered for senior citizens is as follow:

Conclusion

Amid this pandemic, the interest rates on fixed deposits offered by the country’s top banks to senior citizens can be a good option for elderly folk to gain more financial security. Hopefully, more banks would come up with other schemes to safeguard interest rates and the trust of senior citizens in opening a fixed deposit account.

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