The country’s largest private bank HDFC has again extended the Special Fixed Deposit (Special FD) scheme for senior citizens. That is, senior citizens can still invest in special FDs. The bank launched Senior Citizen Care FD in May 2020 amidst the Covid epidemic.
According to the bank’s website, the last date for investing in Senior Citizen Care FD has been extended till November 7, 2023. HDFC Bank gives additional interest to customers falling in the senior citizen category. At the same time, the last date to invest in this scheme was July 7.
Get extra interest
HDFC’s Senior Citizen Care gives 0.25% additional interest on investing in FD. At the same time, the premium in this is 0.50 percent, which will be available on FDs of five years one day to 10 years. This interest rate is available on investments of less than five crore rupees. Senior Citizen Care FD holders will get interest at the rate of 7.75 per cent for a period of five years to 10 years. At the same time, the interest rate on deposits ranging from seven years to 10 years ranges from 3.35 percent to 7.75 percent.
Trying to make FD attractive
Apart from this, HDFC Bank has extended its special fixed deposit for senior citizens for investment till 30 September 2023. In the last financial year, the Reserve Bank had increased the repo rate continuously. After this, banks also increased the interest rates to make their FD schemes attractive. Along with this, many new FD schemes were also started. In the current financial year, the Reserve Bank has not yet increased the repo rate in any way. Repo rate is the rate at which the Reserve Bank lends to other banks.
FD scheme was launched
HDFC Bank calculates interest based on the actual number of days in a year. If the deposit is in a leap and a non-leap year, interest is calculated based on the number of days. That is, there are 366 days in a leap year and 365 days in a non-leap year. HDFC Bank had launched two special fixed deposit schemes in May for a limited period. The bank had launched two FD plans for a period of 35 months and 55 months.
