In the May of 2020, the senior citizen’s special fixed deposit scheme was brought into place amid the COVID 19 pandemic. The difference between the senior citizen’s special fixed deposit scheme and the regular FD scheme is that the regular one offered an additional 50 basis points or bps to senior citizens while the new one will provide an additional rate on interest to add on to that.
The banks that offer this does special FD scheme are State Bank of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda. This special scheme is only valid till the 30th of June.
The SBI special FD scheme for senior citizens is called ‘WeCare Deposit’ and it gives 80 basis points interest rate above the existing rate that is pertinent to the general public. In addition to that, it will also provide 6.2% interest and this has been in place since the 8th of January 2021.
The HDFC bank special scheme is almost similar to that is SBI but it provides 75 basis points instead of 80 but provides a 6.25% interest rate, which is only 0.5 percent more than SBI.
The ICICI bank special scheme known as the Golden Years FD scheme offers 80 basis points which is the same as SBI but provides 6.30% interest per annum.
Lastly, the Bank of Baroda special scheme offers the most basic points, which are 100 bps and 6.25% interest.
