India’s largest private bank HDFC Bank has extended the time limit for its customers who fall in the category of senior citizens to invest in a special fixed deposit scheme.
HDFC Bank launched this special Senior Citizens Care FD in May 2020 amid the Covid pandemic. According to the bank’s website, the last date to invest in the Senior Citizen Care FD scheme has been extended till July 7, 2023. Let us know about every type of information related to this special scheme of this bank.
What is this special scheme of HDFC Bank
HDFC Bank offers an additional interest rate of 25 bps (over the existing premium of 50 bps) to senior citizens under this special fixed deposit scheme . The benefit of this rate of interest will be available on the tenure of 5 years one day to 10 years. The last date to invest under this scheme is 7th July 2023.
What is the rule for premature withdrawal
In this special fixed deposit scheme of HDFC Bank, if a senior citizen withdraws before time, then there is a rule for that too. According to the bank, if the term of the deposit is five years and it is withdrawn before maturity, then 1 percent less interest will be given than the applicable interest rate. On the other hand, if the FD period is five years or more, then 1.25 percent less return will be available.
How much interest is received
This special fixed deposit scheme was started in May 2020 by HDFC Bank . Under this scheme, this bank is giving the benefit of 0.25% extra interest on FDs of less than 5 crores. Under this scheme, an interest rate of 7.75 per cent is being offered for a period of five years from one day to 10 years.
