FD Scheme: Fixed Deposit (FD) schemes are specially designed for senior citizens to provide them with safe and profitable investment options. Many banks in India offer special FD schemes for senior citizens with attractive interest rates. Here are some of the major plans and their features:
1.State Bank of India (SBI) Senior Citizen FD Scheme
– Interest Rate: Senior citizens get 0.50% additional interest over regular FD rates.
– Tenure: Duration from 7 days to 10 years.
– Minimum deposit amount: Rs 1,000.
– Other Benefits: SBI also offers a special scheme “We Care” for senior citizens, which offers additional interest rates on FDs of tenure 5 years and above.
2. Hindustan Bank Senior Citizen FD Scheme
– Interest Rate: Additional interest rate ranging from 0.50% to 0.75% for senior citizens.
– Tenure: Duration from 7 days to 10 years.
– Minimum deposit amount: Rs 5,000.
3.HDFC Bank Senior Citizen FD Scheme
– Interest Rate: 0.50% additional interest on regular rates to senior citizens.
– Tenure: Duration from 7 days to 10 years.
– Minimum deposit amount: Rs 5,000.
4. ICICI Bank Senior Citizen FD Scheme
-Interest rate: Additional interest rate ranging from 0.50% to 0.80% for senior citizens.
– Tenure: Duration from 7 days to 10 years.
– Minimum deposit amount: Rs 10,000.
5. Post Office Senior Citizen Savings Scheme (SCSS)
Interest Rate: Currently 8.2% (Variable).
– Tenure: 5 years (extendable for an additional period of 3 years).
– Deposit amount: Rs 1,000.
– Maximum deposit amount: Rs 15 lakh.
– Other benefits: This scheme is especially for senior citizens and also offers income tax benefits.
, Bajaj Finance Senior Citizen FD Scheme
– Interest Rate: Senior citizens get 0.25% to 0.50% additional interest rate.
– Tenure: 1 to 5 years.
– Minimum deposit amount: Rs 25,000.
Benefit
– Security: FD schemes are considered safe investments.
– Stable Income: The interest rate is stable and fixed.
– Easy liquidity: FD can be redeemed prematurely if required (with some penalty).
– Tax benefits: Tax benefits are also available in some special schemes.
This information will provide you clarity about the various FD schemes available for senior citizens. Before investing in these schemes, visit the website of the concerned bank or financial institution to confirm the latest interest rates and terms.
