FD schemes for senior citizens: These two special schemes to end on Mar 31. Details here

Several banks had launched these special FD schemes amid the raging Covid pandemic two years ago, but now lenders like HDFC Bank and Bank of Baroda (BoB) have decided to end such fixed deposits schemes for senior citizens from March 31.
FD schemes for senior citizens

FD schemes for senior citizens: These two special schemes to end on Mar 31. Details here

Mumbai: Senior citizen fixed deposits (FDs) are term deposit plans launched by various banks and they offer special interest rates to individuals who are over 60 years of age. If we talk about benefits of these fixed deposit accounts, there are quite a few like additional rate of interest, regular interest payout and a wide range of tenure options.
These special FD schemes come with additional rate of interest that can go up to 0.50 percent more than what the banks pay to the general public on FDs. The regular interest payout option helps senior citizens get a steady and reliable income stream in their post-retirement life. It also come handy when they go for availing a loan against the FD, if required. Senior citizen FDs can also help in saving tax if it is a 5-year tax saver fixed deposit plan.
Banks are offering senior citizen FD schemes with a wide range of tenure starting from as low as 7 days to a maximum of 10 years. Lenders such as SBI, HDFC Bank, ICICI Bank, Axis Bank, and IndusInd Bank, etc have raised interest rates on their bulk fixed deposits.
Several banks had launched these special FD schemes amid the raging Covid pandemic two years ago, but now lenders like HDFC Bank and Bank of Baroda (BoB) have decided to end such fixed deposits schemes for senior citizens from March 31.
Let us know when the schemes are set to expire and what interest rates these two banks are offering on special FD schemes.
HDFC Bank
The HDFC Bank's Senior Citizen Care FD, which was launched in May 2020, will expire on March 31, 2022. Senior citizens who are looking for a fixed deposit of less than Rs 5 crore for a tenure of 5 to 10 years would receive an additional premium of 0.25 percent over and above the regular premium of 0.50 percent under this plan.
During the aforesaid time, this offer is available for senior citizens opening new fixed deposits as well as those going for renewals. Non-resident Indians are not eligible for this offer. The bank offers a regular interest rate of 5.60 percent on domestic term deposits of less than Rs 2 crore maturing in 5 years 1 day - 10 years, while elderly persons will receive a rate of 6.35 percent, which is an addition of 0.25 percent + 0.50 percent.
Bank of Baroda
Bank of Baroda had launched a one-of-a-kind term deposit scheme in 2020 and it will now expire on March 31, 2022. It said in the current challenging situation brought by COVID-19, the bank has agreed to continue to pay additional rate to resident senior citizen for less than Rs 2 crore FD. On domestic term deposits of less than Rs 2 crore maturing in 7 days to 5 years, the bank offers an additional rate of 0.50 percent to senior citizens.
But senior citizens who book a fixed deposit for 5 years to 10 years will get an additional rate of 1 percent.
Bank of Baroda gives a regular interest rate of 5.25 percent on term deposits maturing in more than 5 years and up to 10 years, but elderly people will receive a rate of 6.25 percent, which is an increase of 1 percent instead of 0.50 percent additional.
Resident Indian senior citizens are eligible for this program, which will expire soon, the bank said on its website.
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