HDFC Bank had launched a special fixed deposit scheme for senior citizens in 2020 amid the falling interest rates during the pandemic. The bank has extended the scheme till September 30. It provides an additional 0.25 percent interest over the existing 0.50 percent that the elderly get. This means if a senior citizen opts for a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.35 percent, which is 0.75 percent more than what is offered to younger citizens.

Live TV

Loading...

Also read: Bank of Baroda hikes interest rates for FDs; check senior citizen rates & other details

This offer is for only citizens aged 60 years and above, who open a fixed deposit of an amount less than Rs 5 crore for a tenure of five years and one day up to 10 years.

Also read: Senior citizens can get Rs 9250 monthly pension for 10 years through this LIC-led scheme

In May 2020, amid the falling interest rates due to the COVID-19 pandemic, banks like State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC Bank, among others, launched special fixed deposit schemes with higher interest rates for senior citizens.

The offer from HDFC bank was made available for a short period of time but the bank has now extended the offer period as the impact of the pandemic is still not over.

Also read: Senior citizens can get extra 0.75 percent interest on FDs with Yes Bank

(Edited by : Shoma Bhattacharjee)