Let us take a look at the special FD scheme offered by these two banks for senior citizens.
HDFC Bank Senior Citizen Special FD Scheme ..
Private sector HDFC Bank launched Senior Citizen Care FD two years ago. The scheme brings in another 25 basis points higher interest rate offered to senior citizens in addition to fixed deposits of 5 years to 10 years. HDFC Bank Senior Citizen Care FD deadline is March 31, 2022. The scheme expires on April 1, 2022. This scheme is unlikely to extend the period further.
HDFC Bank offers an interest rate of 5.60 per cent per annum for fixed deposits of less than Rs 2 crore with a tenure of 5 years to 10 years. If the depositor is a senior citizen, he can avail annual interest up to 6.35 per cent under this special deposit scheme. This is because HDFC Bank is offering another 25 basis points for the additional 50 basis points earned by senior citizens under this special FD scheme. However this offer is only valid till March 31, 2022.
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Bank of Baroda Special FD Scheme for Senior Citizens ..
Bank of Baroda also offers a special FD scheme for those above 60 years of age. The account holder is a person above 60 years of age but additionally pays 1 per cent interest on FDs. In general, Bank of Baroda is offering 0.50 per cent higher interest rate to senior citizens on FDs with a tenure of seven to five years. However under this tax saving FD, it has offered up to an additional 50 basis points.
According to the Bank of Baroda website, Bank of Baroda offers 5.35 per cent annual returns on tax saving FDs. If the depositor is above 60 years of age, the interest rate is 6.35 per cent higher. The deadline for this special FD scheme is March 31, 2022. The bank did not say whether it was extending the scheme further.
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