Premium Fixed Deposit Offers Banks Launched For Senior Citizens To Invest In 2023

Banks offer an exceptional fixed deposit scheme for senior citizens with higher interest rates. SBI, HDFC, and ICICI are among the banks offering these schemes.

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During the Covid-19 pandemic in May 2020, many banks launched special fixed deposit (FD) schemes for senior citizens. This scheme offers higher interest rates to senior citizens who open FD accounts with a term of 5 years and more. The last date of the schemes has been revised multiple times by the banks since its launch. Furthermore, the State Bank Of India (SBI), HDFC Bank, and ICICI Bank are offering these special term deposits for senior citizens.

Exclusive SBI Wecare Fixed Deposit Scheme interest rates

SBI introduced the “SBI Wecare” Deposit for senior citizens wherein an additional premium of 50 bps (over and above the existing 50 bps on the regular FD rates) that will be paid on FD for 5 years and above tenure. SBI WeCare has been extended to September 30, 2023, and the bank offers an interest of 7.50% on these deposits.

HDFC Senior Citizen Care FD's latest interest rates

HDFC offers an additional premium of 25bp to senior citizens FD depositors on the tenure o f5 years 1 day to 10 Years. HDFC Bank offers an interest rate of 7.75% to elderly people on tenure between 5 years and 1 day to 10 years. This special scheme is valid till 7 November 2023.

Golden Year ICICI Bank FD latest interest rates

ICICI Bank offers an added interest rate of bps over and above the existing additional senior citizen FD rates of 50 bps, on tenure ranging from 5 years and 1 day to 10 years for the senior citizens.

Presently, senior citizens can fetch an interest rate of 7.5 per cent if they invest in ICICI Bank Golden Years FD. This scheme is valid till October 31, 2023

What IDBI FD schemes?

Apart from these three, special FD schemes for senior citizens, IDBI Bank introduced a special fixed deposit scheme for a limited period only. IDBI's Amrit Mahotsav FD" for 375 Days and 444 Days is valid up to September 30, 2023, the lender mentioned on its website.

Apart from above these, an exceptional. FD schemes for a limited time only. IDBI’s Amrit Mahastsav FD for 3 75 Days and 444 Days is valid up to September 30, 2023.

The interest rate structure is as under: 375 Days 7.60% 444 Days 7.65%

Bank fixed deposit (FD) interest rates are at their peak, and experts say that the rates will not go up further. However, with RBI’s rate pause for the third time in a row, it looks quite eminent that banks will not hike the interest rate on these deposits any further.

According to the experts Bank fixed deposit (FD), interest rates are at their pinnacle and the rates will not go up further. However, with RBI’s rate pause for the third time in a row, it looks quite preeminent that these banks will not hike the interest rate on these deposits.