Higher interest on FDs for super senior citizens: Unlock the Benefits

Higher interest on FDs for super senior citizens: Eligible super seniors can receive 75-80 basis points per year more in interest than the general population.

Higher interest in FDs for super senior citizens

Super senior citizens, i.e., those 80 years and older, can look forward to a preferential interest rate on bank fixed deposits in select institutions, commensurate with the wealth of experience and knowledge that accompanies their years. In addition, they may benefit from liquidity in the form of an overdraft facility, a waiver of prepayment penalties, and other amenities. Here is an overview.

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2023’s Top Four Special Fixed Deposit Schemes for Seniors to Invest

1. The SBI Wecare Fixed Deposit

State Bank of India (SBI) introduced the “SBI Wecare” Deposit for senior citizens, in which an additional premium of 50 basis points (above and beyond the existing 50 basis points on the regular FD rates) will be paid on FDs with a ‘5 years and above’ tenure.

2. HDFC Senior Citizen Care FD

In addition to the existing premium of 50 basis points, HDFC Bank offers senior citizen FD depositors an additional 25 basis points on deposits of less than Rs 5 crores for terms ranging from 5 years 1 day to 10 years. This scheme is effective between May 18, 2020 and July 7, 2023.

3. ICICI Bank Golden Years

Until April 7, 2023, ICICI Bank senior citizen FD customers will receive an additional interest rate of 10 basis points on top of the existing additional senior citizen FD rates of 50 basis points, for terms spanning from 5 years and 1 day to 10 years. The programme is applicable to deposits under Rs 2 crore.

4. IDBI Naman Senior Citizen Deposit Scheme

In addition to the additional senior citizen fd rates of 0.50% p.a., IDBI Bank offers an additional interest rate of 0.25% p.a. for terms between 1 year and 10 years. The programme is active until March 31, 2023.