SBI, ICICI Bank, HDFC Bank senior citizens special FD scheme compared
Live MintCountry's largest lender State Bank of India, and private lenders HDFC Bank, and ICICI Bank have recently launched special fixed deposit schemes for senior citizens. Some of the common features of Senior citizens special FD scheme by SBI, HDFC, and ICICI Bank are: 1) Senior citizens special FD scheme is applicable for tenure of 5 years or more. -Premature withdrawal : Additional premium of 30 bps not payable on premature withdrawal Penalty of 0.5% may apply Maximum deposit amount: Less than ₹2 crore HDFC Bank special FD scheme for senior citizens Name of the scheme: HDFC Senior Citizen Care HDFC Bank made it available from 18 May 2020 Tenure: 5 years 1 day – 10 years New interest: 75 bps higher Interest rate: If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.50%. Under this new product, an additional 25 bps premium will be payable for senior citizens' Premature withdrawal: Penalty of 1% if withdrawn on or before 5 years Penalty of 1.25% if withdrawn after 5 years Maximum deposit amount: Less than ₹5 crore ICICI Bank special FD scheme for senior citizens Name of the scheme: ICICI Bank Golden Years ICICI Bank made it available from 20th May 2020. Tenure: 5 years 1 day – 10 years New interest: 80 bps higher Interest rate: ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.55% per annum Premature withdrawal: Penalty of 1% if withdrawn before 5 years 1 day Penalty of 1.30% if withdrawn *after 5 years 1 day