SBI, HDFC Bank, ICICI Bank special senior DFs; Know the additional rates, deadlines, details here

Additionally, there are various special fixed deposit schemes introduced especially for the elderly by banks like SBI, HDFC Bank, ICICI Bank, Bank of Baroda and Axis Bank among others. Under these special schemes, an elderly person can benefit from premium yields with additional rates ranging from 0.25 basis points to 1% above normal rates, but these differ from bank to bank. ‘other. The term of the FDs can vary from a minimum of 7 days to a maximum of 10 years and their interest rates vary accordingly.

Here is a list of three special FD and validity schemes for seniors by major banks:

State Bank of India (SBI):

SBI has launched a special deposit system for seniors named “SBI Wecare”. The special scheme is being launched under SBI’s retail term deposit segment, where an additional bonus of 30 basis points (on top of the existing 50 basis points) will be paid to senior citizens on their retail deposits for ‘ 5 years and over’ tenor only. The program is available until September 30, 2022.

Currently, SBI is offering an interest rate of 6.30% to seniors on their FDs below ₹2 crore over 5 years to 10 years duration. The bank had raised FD rates on deposits below ₹2 crore from 5 basis points to 10 basis points on February 15, 2022.

For seniors, the bank offers a rate of 5.95% on 3 years to less than 5 years of seniority, while 5.70% is granted on 2 years to less than 3 years, and 5.60% on 1 year to less than 2 years. The bank offers a rate of 4.90% on periods of 180 days to less than one year, 4.40% applies on periods of 46 days to 179 days, and 3.40%, which is the rate the lower, is implied on periods of 7 days to 45 days.

ICICI Bank:

ICICI Bank Golden Years FD Rates effective January 20, 2022, offers an exclusive additional interest rate of 0.25% per annum on FDs over 5 years old to seniors. The program is available until April 08, 2022, according to the bank’s website.

Notably, ICICI Bank states on its website: “Senior resident customers will enjoy an additional interest rate of 0.25% for a limited time on top of the existing additional rate of 0.50% per annum.” The additional rate will be available on new deposits opened as well as deposits renewed during the program period. The scheme applies to DFs from 20 May 2020 to 08 April 2022. The value of term deposits is less than ₹2 crores.

Under its early withdrawal conditions, in the event that the deposit opened under the above scheme is withdrawn/closed prematurely after, on or after 5 years 1 day, the applicable penalty rate will be 1.25%. In case the open deposit in the system is prematurely withdrawn/closed before 5 years 1 day, the current premature withdrawal policy will be applicable.

Currently, ICICI Bank offers an interest rate of 6.35% to seniors on 5 years 1 day to 10 years of occupancy, while 5.95% is offered on 3 years 1 day to 5 years and 5.70 % over 2 years 1 day to 3 years. The lender grants a rate of 5.5% between 1 year and less than 2 years of seniority, while 4.9% is granted between 185 days and less than a year of seniority, 4% between 91 days and 184 days, 3.5% between 30 days and 90 days. , and 3% on 7 days to 29 days of occupancy.

HDFC Bank:

HDFC Bank has extended its special fixed deposits for seniors until September 30, 2022, compared to the previous March 31, 2022. The bank is offering an additional bonus of 0.25% (on top of the existing bonus of 0.50%) to seniors considering opening FD below ₹5 crore and for terms longer than 5 years 1 day to 10 years. This special offer will apply to new Fixed Deposits booked as well as Renewals, by Seniors during the above period. This offer does not apply to non-resident Indians.

Just like ICICI Bank, the private banker also offers a rate of 6.35% on FD below ₹2 crore on 5 year 1 day – 10 year tenure. However, the interest rate is 5.35% on FD between ₹2 crore to ₹5 crore on the same money orders.

In the FDs below ₹2 crore, a senior can enjoy a rate of return of 3.5% over 30 days to 90 days of occupancy, while 4% is offered over 91 days – 6 months, 4.90% over 6 months to less than 1 year. While 5.50% is given from 1 year to 2 years. 5.70% is applicable over 2 years 1 day – 3 years of seniority and a rate of 5.95% is granted over 3 years 1 day – 5 years of seniority.

For FDs between ₹2 crore less than ₹5 crore, seniors get 3.25% over 30 days to 60 days, 3.5% is levied over 61 to 90 days, 3.85% is applicable over 91 days to 6 months, 4.10% is offered on 6 months 1 day to 9 months, and 4.20% is given over 9 months 1 day to less than 1 year. A senior can benefit from a rate of 4.55% over 1 year, while 4.70% is granted over 1 year 1 day – 2 years, 5% over 2 years 1 day – 3 years, and 5.10% over 3 years 1 day – 5 years.

Currently, HDFC Bank is offering 3% on 7 day to 29 day terms on FDs less than ₹2 crore and between ₹2-5 crores.