HDFC Bank, one of India’s leading private sector banks, introduced a special fixed deposit (FD) scheme for senior citizens with higher interest rates that will end tomorrow, 7 July, as per the bank’s website.
Term deposits at Senior Citizen Care FD earn an extra 0.75% in interest.On May 18, 2020, the programme was introduced.The eligible deposit tenure spans from five years and one day to ten years.This special offer will be valid for Senior Citizens who book new Fixed Deposits as well as Renewals within the aforementioned timeframe.Non-Resident Indians are not eligible for this deal.
According to the HDFC bank website, “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 special deposit offer commencing from 18th May’20 to July 7, 2023.”
HDFC Bank presents an enticing interest rate of 7.75% exclusively for elderly individuals, applicable to tenures ranging from 5 years and 1 day up to 10 years.
The bank is currently providing senior citizens with interest rates of 3.50% on deposits maturing in 7 to 29 days and 4% on deposits maturing in 30 to 45 days.For deposits maintained for 46 to less than 6 months, HDFC Bank would give interest rates of 5%, and for deposits held for 6 months and up to 9 months, 6.25%.
The bank will pay interest at a rate of 6.50% on fixed deposits that mature in 9 months, 1 day to 1 year, while HDFC Bank will pay interest at a rate of 7.10% on deposits that mature in 1 year to 15 months.
Deposits maturing in less than four years and seven months will receive interest at a rate of 7.50%, while deposits maturing in less than four years and seven months will receive interest at a rate of 7.60%.The bank offers an interest rate of 7.70% on loans with tenure ranging from 2 Years 11 Months to 35 Months.
The bank’s maximum interest rate is 7.75% for tenure ranging from 4 years and 7 months to 55 years.For tenure between 5 Years and 10 Years, the bank provides older citizens 7.75%.