The country’s largest private lender HDFC Bank has given a big relief to senior citizens by extending the date of special FD again.
This special FD gives higher returns than the common censure citizens FD. A special scheme called Care FD for senior citizens was started in May 2020 i.e. three years ago only for some time, but the bank has continuously increased it. Senior citizens will be able to invest in the Care FD plan till July 7, 2023.
Get more returns
In this special scheme, senior citizens get 0.25% more return than normal FD. According to the HDFC Bank website, senior citizens get 50 basis points more returns than the general public. Suppose normal people are getting 7% return on bank FD of 10 years, but senior citizens will get 0.50% more i.e. 7.50% return. On the other hand, 0.25 percent more return will be given to the senior on the special FD. That is, senior citizens will be given 0.75 percent more return on special FD than normal people.
On premature withdrawal
If a senior citizen withdraws FD before maturity, then a rule has also been made for that. According to HDFC Bank, if someone’s FD is of 5 years or less and withdraws before maturity, then he will get 1 percent less than the applicable interest rate. On the other hand, if there is an FD of 5 years or more and if there is a premature withdrawal, then 1.25 percent less return will be given than the applicable interest rate.
SBI and ICICI Bank have increased the debt
On the other hand, the country’s largest bank SBI also started a special FD for senior citizens under the name VCare during the Covid period itself. SBI has also extended its date. On the other hand, ICICI Bank has also extended the date of its special FD scheme.
