Big Gift to HDFC Bank customers, this scheme will be availed till March 2023

HDFC Bank launched Senior Citizen Care Scheme on 18 May 2020. The benefits of which customers can get till March 2023. In this scheme, the bank is offering an interest rate of 6.5% per annum on FDs of 5 to 10 years. Which is 0.75% higher interest rate than general citizen customers.

New Delhi : Private sector major HDFC Bank has extended the tenure of its special FD scheme for senior citizens. HDFC Bank launched Senior Citizen Care Scheme which was scheduled to end on 30 September 2022. HDFC Bank has now extended the scheme till 31 March 2023 amid rising interest rates. In this scheme, the bank is offering 6.50% interest rate on 5 to 10 years FD . 

HDFC Bank offers a regular interest

Rate of 5.75% on FDs maturing in 5 years 1 day to 10 years but  senior customers will get an interest rate of 6.50%, which is 75 bps higher than the regular rate. The scheme will be in effect from 18 May 2020 to 2023. If you also want to get the benefit of higher interest rate, then you can enroll in this scheme if necessary. 

The announcement coincides with a 50 basis points increase in RBI's repo rate. Apart from HDFC Bank, IDBI and SBI Banks are also offering increased interest rates on FD facility for senior citizens. Apart from this, HDFC, ICICI, IDBI Bank and SBI have also started offering special FDs.

These banks will also get benefits

On IDBI Bank's 'IDBI Naman Senior Citizen Deposit Scheme', apart from the annual interest rate of 0.50%, the interest rate will be as high as 0.25% .

SBI Bank offers premium interest of up to 30 basis points on deposits of 5 years or more in its Vacair Senior Citizen Term Deposit Scheme. A term deposit of less than five years will fetch 0.50% more interest than general citizens. So a common man will get 0.80% more interest than a senior citizen on a term deposit of more than 5 years.