26 February 2024

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HDFC Bank vs SBI vs ICICI Bank

HDFC Bank vs SBI vs ICICI Bank: Which special fixed deposit (FD) plan is best for Senior Citizens?

Special fixed deposit (FD) scheme for Senior Citizens (HDFC Bank vs SBI vs ICICI Bank): Bank fixed deposits (FDs) are regarded as one of the best investment options, particularly for seniors. Many banks, including the State Bank of India (SBI), HDFC and ICICI, the Punjab National Bank (PNB), and the Bank of Baroda (BoB), offer the elderly 50 basis points (bps) more than ordinary customers for term deposits ranging from seven days to ten years. introduced these special fixed deposits for senior adults with higher interest rates on term deposits. Consider the interest rate offered to senior citizens on these special FDs.

HDFC Bank vs SBI vs ICICI Bank: HDFC Bank special FD scheme for senior citizens interest rate

HDFC senior Citizen Care is the name of HDFC Bank’s unique FD scheme for older citizens. On these deposits, the bank gives a 75 basis point higher interest rate. Senior citizens can now take advantage of special fixed deposits offered by HDFC Bank. In the midst of the covid epidemic, this special Senior Citizen Care FD was launched in May 2020. According to the bank’s website, the deadline to invest in the Senior Citizen Care FD plan has been extended until July 7, 2023. HDFC Bank offers an interest rate of 7.75% to elderly customers with terms ranging from 5 years and 1 day to 10 years. These prices will take effect on May 29, 2023.

In addition, the HDFC Bank has issued two special edition FDs with terms of 35 and 55 months, with interest rates of 7.70% and 7.75%, respectively, for older folks.

HDFC Bank vs SBI vs ICICI Bank

HDFC Bank vs SBI vs ICICI Bank: SBI special FD scheme for senior citizens interest rate

SBI’s special FD plan for senior citizens, We Care, provides an additional 30 bps interest rate to senior citizens on FDs of 5 years or more. If a senior citizen makes a fixed deposit under the special FD plan, the interest rate will be 7.50%. These interest rates will take effect on February 15, 2023.

The SBI Amrit Kalash FD Scheme has a special tenor of 400 days on which the general public will receive an interest rate of 7.10% and senior citizens will receive an interest rate of 7.60%, which is 50 basis points higher than the standard applicable rate, and senior citizens, staff, and staff pensioners are eligible for additional interest rate applicable to senior citizens, staff, and staff pensioners.

“The specific tenor scheme of “400 days” (Amrit Kalash) at a rate of interest of 7.10% beginning on April 12, 2023.” Senior citizens are eligible for a 7.60% interest rate. “The scheme will be valid until June 30, 2023,” SBI stated on its website.

HDFC Bank vs SBI vs ICICI Bank: ICICI Bank’s special FD scheme for senior citizens’ interest rate

The ICICI Bank Golden Years FD scheme, a unique FD scheme for older individuals, gives an 80 basis point higher interest rate. The ICICI Bank Golden Year FD scheme will pay 7.50% each year. These interest rates will take effect on February 24, 2023.

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