Any Indian citizen above the age of 60 can now invest for the long term to get the maximum returns from fixed deposits.
New Delhi: In pleasant news for senior citizens of the country, the last date for registering for the special bank fixed deposit schemes for people above 60 has been extended to June 30, 2021, from March 31, 2021.
A few banks had introduced special FD schemes for senior citizens in May 2020 offering an investment period of five years or more. All the investments were entitled to an additional interest rate of 0.80% or more under this scheme, instead of the usual 5.5% interest that banks offer. The benefit of this additional rate of interest will be provided to all fresh deposits as well as renewal during the scheme period.
Any Indian citizen above the age of 60 can now easily invest in this long term scheme to get the maximum returns from fixed deposits. As of now, only the State Bank of India (SBI), Bank of Baroda, ICICI Bank and HDFC Bank have introduced their special fixed deposit schemes for senior citizens.
Here’s how much additional interest you’ll get under FD schemes of different banks:
SBI has a ‘Wecare Deposit’ plan for Senior Citizens, under which people above 60 get an additional 0.3% interest on their fixed deposit investments for five years or more. Investors will get a 6.2% interest rate for a 10-year fixed deposit at SBI.
Meanwhile, ICICI Bank is offering the ‘Golden Years’ scheme to senior citizens. The bank is providing an additional 0.3% interest annually on fixed deposits with a tenure of 5-10 years.
Similarly, HDFC Bank is offering an additional 0.25% interest rate of its Senior Citizen Care FD while Bank of Banda’s FD scheme provides an additional 1% interest rate on the fixed deposit schemes for the elderly that comes with a tenure of 5-10 years.
