HDFC Bank has announced an extension on its special fixed deposit (FD) scheme for senior citizens. The Senior Citizen Care FD, offering higher interest rates to individuals over 60 years of age, was initially introduced in May 2020 during the COVID-19 pandemic with an aim to offer additional support to elderly citizens.
Under this FD, senior citizen investors get an additional 0.25 per cent interest rate, which supplements the existing 0.50 per cent premium provided to this investor category. This implies that senior citizens will now earn an additional 0.75 per cent interest rate compared to regular clients.
The HDFC Bank Senior Citizen Care FD scheme will be available for subscription until July 7, 2023, according to the bank’s website. This scheme is only available to resident senior adults aged 60 and above, and it is not applicable to Non-Resident Indians (NRIs).
“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 the special deposit offer commencing from 18th May’20 to July 7, 2023. This special offer will be applicable to new Fixed Deposit bookings as well as renewals made by Senior Citizens during the above period,” the bank said in a statement.
It is important to note that if an FD booked under this offer is prematurely closed, including sweep-in or partial closure, before the end of the 5-year period, the interest rate will be 1 per cent below the contracted rate or the base rate applicable for the duration the deposit has remained with the bank, whichever is lower.
HDFC Bank has issued two special edition FDs with periods of 35 and 55 months, in addition to the expansion of the Senior Citizen Care FD schemes. Exclusively for elderly adults, these special edition FDs provide attractive interest rates of 7.70 per cent and 7.75 per cent, respectively.
HDFC Bank recently revised its FD interest rate which now starts from 3.5 to 7.75 per cent depending on the tenure. The updated rate came into effect on May 29.
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