World Senior Citizens Day: 5 special fixed deposits to bet in 2022 - Fix Bdsthanhhoavn

World Senior Citizens Day: 5 special fixed deposits to bet in 2022

The 21st of August is recognised as World Senior Citizens’ Day every year. The day is celebrated for senior citizens to honour their life’s journey and well-being, but in addition, to mark their enlightenment, awareness, and experience, financial freedom is a crucial factor in old age and should be taken into account to make their golden years more peaceful. Because they include guaranteed returns, fixed deposits are the most popular investment choice for older adults. However, in the current context of rising interest rates, fixed deposits have regained their former glory, and banks are rushing to raise fixed deposit rates as a result of the repo rate hike. Therefore, in honour of World Senior Citizens Day, here are 5 special fixed deposit plans for older adults that will allow them to earn higher interest rates.

SBI Wecare Fixed Deposit

The largest lender in the nation, SBI provides a special fixed deposit plan called the “SBI Wecare” Deposit for older persons. The bank permits older individuals to deposit up to 2 Cr under this deposit plan, which has a duration of five years and above. The bank guarantees an interest rate of 5.65% for the aforementioned tenure for the general public, while elderly persons will receive an interest rate of 6.45%, which is 80 basis points more than the standard rate. Senior folks can apply for the scheme soon, as it is going to expire next month.

State Bank of India has mentioned on its website that “A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended upto 30th September, 2022.”

HDFC Bank Senior Citizen Care FD

Senior Citizen Care FD, a special fixed deposit programme that offers senior persons better interest rates, was introduced by HDFC Bank on May 18, 2020. The bank permits elderly persons to deposit up to 5 crores under this special fixed deposit scheme, for which they would receive an additional 75 basis points in return. The term of this fixed deposit is 5 years and 1 day to 10 years. For the aforementioned period, HDFC Bank guarantees an interest rate of 5.75% to the general public, however senior citizens will receive a rate of 6.50%, which is 0.25% more than the already-existing additional interest rate benefit of 0.50%.

HDFC Bank has mentioned on its website that “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’2022. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”

ICICI Bank Golden Years FD

A special fixed deposit programme offered by the ICICI Bank to older individuals is called the “Golden Years FD.” ICICI Bank permits elderly individuals to invest up to 2 Cr in this scheme, which has a maturity term of 5 years and 1 day, up to 10 years. Senior citizens receive an interest rate of 6.60% on the aforementioned tenure from ICICI Bank, which is 70 basis points more than the standard rate offered to non-senior citizens at a rate of 5.90%. ICICI Bank Golden Years FD is valid till October 07th, 2022 and during the duration of the scheme, a higher rate will be offered on newly made deposits as well as renewal deposits. 

“Resident Senior Citizen customers will get an additional interest rate on an FD of 0.20% for a limited time over and above the existing additional rate of 0.50% per annum,” said ICICI Bank on its website. ICICI Bank Golden Years FD can also be prematurely withdrawn, but the bank will charge a penalty. ICICI Bank has mentioned on its website that “In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.20%. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable (include keyword ‘premature withdrawal on FD’).”

IDBI Naman Senior Citizen Deposit

A special fixed deposit programme for elderly persons called the “Naman Senior Citizen Deposit” was introduced by IDBI Bank on April 20, 2022. The plan has maturity terms ranging from more than a year to ten years. Senior citizen residents who are 60 years of age and over will receive an additional interest rate of 0.25% over and above the existing additional rate of 0.50% every year, which results in a total interest rate benefit of 0.75% over the standard rate. The higher rate will be available on newly made deposits as well as those renewed during the plan term, which runs until September 30, 2022. Non-senior individuals will earn 5.35% interest on fixed deposits maturing in 1 to 18 months, whereas senior persons will receive 6.10% interest. 

IDBI Bank gives the general public an interest rate of 5.40% on fixed deposits maturing in 18 months to 30 months, but senior citizens will receive 6.15%. For fixed deposits maturing in 30 months to 3 years, the general public will receive an interest rate of 5.50% and senior citizens will receive an interest rate of 6.25%. For fixed deposits maturing in 3 years to 5 years, the general public will receive an interest rate of 5.60% and senior citizens will receive an interest rate of 6.35%. For fixed deposits that mature in 5 to 10 years, IDBI Bank pays non-senior citizens an interest rate of 5.75% and senior citizens an interest rate of 6.50%. All of these tenors and the related interest rates demonstrate how older people can benefit from IDBI Bank’s Naman Senior Citizen Deposit.

RBL Bank Super Senior Citizen Fixed Deposits

RBL Bank has introduced the Super Senior Citizen Fixed Deposits Product in honour of International Senior Citizens Day. Only super senior citizens 80 years of age or above are eligible for this programme, which offers an additional 0.75% annual interest rate on fixed deposits maturing in 15 months. RBL Bank provides non-senior citizens with an interest rate of 7.00% on fixed deposits of 15 months, while super senior citizens will receive an interest rate of 7.75%, which is 75 basis points higher than the standard rate. Super Senior Citizens, according to RBL Bank, can register this fixed deposit through the bank’s website, RBL MoBank App, internet banking, Contact Center, and free doorstep banking services.

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