The special FD scheme offers an additional interest of 0.25% to investors.
New Delhi: HDFC Bank has extended the last date for opening an account in a special fixed deposit (FD) scheme for senior citizens. The last date to invest in the policy named Senior Citizen Care FD scheme has been extended from March 31, 2022, to September 30, 2022.
The scheme offers an additional interest of 0.25% to senior citizen investors. The premium is over and above the existing premium of 0.50, which is offered to senior citizen investors on FD accounts. So, in total, Senior Citizen Care FD scheme investors get 0.75% higher interest rates than regular customers.
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On its official HDFC website, the lender said, “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 September 2022.”
HDFC Bank had introduced the Senior Citizen Care FD scheme on May 18, 2020, with the aim to provide senior citizen investors with a better investment option amid falling interest rates on bank FDs.
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Currently, HDFC Bank is offering an interest rate of 6.35% to investors who open accounts in the Senior Citizen Care FD scheme. The scheme comes with a maturity period of five years. The interest rates under the policy were last revised on February 14, 2022.
Besides HDFC, several other public and private banks also offer special FD schemes to senior citizen investors. Some of the other banks offering special FD schemes to senior citizens are the State Bank of India, ICICI Bank, and Bank of Baroda.
