HDFC Bank extends special fixed deposit scheme for senior citizens

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Private sector lender HDFC Bank’s special fixed deposit scheme for senior citizens has been extended. The bank offers a special fixed deposit (FD) scheme for senior citizens called the Senior Citizen Care FD scheme. The bank gives higher interest rates on these special FDs for senior citizens. The special FD offer for senior citizens was made available for investment from 18 May 2020 amid the falling interest rates during the coronavirus pandemic.

“An additional premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’2022,” HDFC Bank noted on its site.

HDFC Bank Senior Citizen Care FD interest rate

HDFC Bank offers 75 basis points (bps) higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.35%. These rates are applicable from 14 February 2022. 

Amid the falling interest rates due to the coronavirus pandemic, various Indian banks like State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC Bank, etc. offered a special fixed deposit scheme for senior citizens in May 2020. Initially, this special FD scheme for elderly bank depositors was offered for a small period but they went on to extend its deadline as the Covid impact on the tax regime of the Indian banking system was still not over.

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