Senior Citizens FD Rates: SBI, HDFC Bank and ICICI Bank Comparison
Senior citizens looking for a secure source of income can benefit from higher interest rates on fixed deposits (FDs). SBI, HDFC Bank, and ICICI Bank offer special FD schemes with attractive interest rates for senior citizens. Here’s a comparison of the interest rates on these special fixed deposits offered by the three banks:
SBI We Care
State Bank of India (SBI) offers the “SBI We Care” deposit scheme, which provides higher interest rates on term deposits for senior citizens. The minimum tenure is 5 years, and the maximum is up to 10 years, with an interest rate of 7.50 percent. The bank offers an additional premium of 50 bps over card rate for the public and 100 bps over card rate for senior citizens, as per the website. The scheme is valid until June 30, 2023, and is available on fresh deposit and renewal of maturing deposits.
SBI senior citizen FD rates:
– 7 days to 45 days: 3.5%
– 46 days to 179 days: 5%
– 180 days to 210 days: 5.75%
– 211 days to less than 1 year: 6.25%
– 1 Year to less than 2 years: 7.3%
– 2 years to less than 3 years: 7.5%
– 3 years to less than 5 years: 7%
– 5 years and up to 10 years: 7.50%
– 400 days (Special Scheme i.e., “Amrit Kalash”): 7.6%
HDFC Senior Citizen Care FD
HDFC Bank has extended its special senior citizen fixed deposit to July 7, 2023. The bank offers an additional premium of 0.25% to senior citizens who book a fixed deposit of less than 5 crores for a term of five years one day to ten years. Under the scheme, the bank offers a 7.75% interest rate to senior citizens applying for these fixed deposits.
HDFC Bank senior citizen FD rates:
– 7 – 14 days: 3.50%
– 15 – 29 days: 3.50%
– 30 – 45 days: 4.00%
– 46 – 60 days: 5.00%
– 61 – 89 days: 5.00%
– 90 days < = 6 months: 5.00%
– 6 mnths 1 days <= 9 mnths: 6.25%
– 9 mnths 1 day to < 1 year: 6.50%
– 1 year to < 15 months: 7.10%
– 15 months to < 18 months: 7.60%
– 18 months to < 21 months: 7.50%
– 21 months – 2 years: 7.50%
– 2 Years 1 day to < 2 Year 11 Months: 7.50%
– 2 Years 11 Months (Special Edition FD – 35 Month): 7.70%
– 2 Years 11 Months 1 day <= 3 Year: 7.50%
– 3 Years 1 day to < 4 Years 7 Months: 7.50%
– 4 Year 7 Months (Special Edition FD – 55 month): 7.75%
– 4 Year 7 Months 1 day <=5 Years: 7.50%
– 5 Years 1 day to 10 Years: 7.75%*
ICICI Bank Golden years FD
ICICI Bank offers an additional FD interest rate of 0.10% over and above the existing additional rate of 0.50% per annum for resident senior citizens. The minimum tenure is 5 years 1 day, up to 10 years, with an interest rate of 7.50%.
ICICI Bank senior citizen FD rates:
– 7 days to 14 days: 3.50%
– 15 days to 29 days: 3.50%
– 30 days to 45 days: 4.00%
– 46 days to 60 days: 4.75%
– 61 days to 90 days: 5.00%
– 91 days to 120 days: 5.25%
– 121 days to 150 days: 5.25%
– 151 days to 184 days: 5.25%
– 185 days to 210 days: 6.25%
– 211 days to 270 days: 6.25%
– 271 days to 289 days: 6.50%
– 290 days to less than 1 year: 6.50%
– 1 year to 389 days: 7.20%
– 390 days to < 15 months: 7.20%
– 15 months to < 18 months: 7.60%
– 18 months to 2 years: 7.60%
– 2 years 1 day to 3 years: 7.50%
– 3 years 1 day to 5 years: 7.50%
– 5 years 1 day to 10 years: 7.50%
– 5 Years (80C FD) – Max to `1.50 lac: 7.50%
In conclusion, senior citizens can benefit from higher interest rates on fixed deposits offered by SBI, HDFC Bank, and ICICI Bank. It is advisable to compare the interest rates and choose the best option according to one’s financial goals and risk appetite.
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