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Category: Rates
Hdfc bank interest rates on fixed deposits for senior citizens
Hdfc bank interest rates on fixed deposits for senior citizens -
HDFC Bank launches Fixed Deposit for Senior Citizens at higher Interest Rates
HDFC Bank Ltd announced a special offer of 0.25% higher interest rate on its Senior Citizen Care Fixed Deposits. The offer is applicable with immediate effect on new as well as renewed FDs.
The additional interest of 0.25% being offered is over and above the existing premium of 0.50% higher interest rate. HDFC Bank Senior Citizen Care FD will now cumulatively fetch 75 basis points (bps) higher interest rate as compared to the general public.
With this offer, Senior Citizens can book FD at an attractive interest rate of 6.5%. Resident senior citizens will be eligible to avail this offer for Fixed Deposits of less than Rs 5 crore and for a tenure between 5 years 1 day– 10 years.
Launched on May 18, 2020, the offer has been introduced in the retail term deposit segment to safeguard the interests of senior citizens (aged 60 and above). The offer is valid up to September 30, 2020.
"Senior Citizens look for safety and security of their investments especially in the current market situation. They certainly deserve more in a declining interest rate scenario. This offer has been specifically tailored to meet their needs," said Mr. S Sampathkumar, Group Head, HDFC Bank.
Last month, global rating agency S&P said, "Overall we believe that HDFC Bank's individual creditworthiness is significantly stronger than that of the Indian Banking sector," while reaffirming its credit rating of SACP, BBB-/A3 with a stable outlook. This means that we are a strong, resilient bank and it is safe to deposit with us.
A senior citizen would also be able to avail an overdraft facility up to 90% against the special fixed deposits. New customers can visit HDFC Bank branch / login to open an account, while existing customers can open an FD through net banking or the mobile banking app.
State Bank of India, the country's largest lender, on Saturday increased interest rates on fixed deposit (FD) by upto 10 basis points or 0.10 per cent. Interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1 per cent from 5.0 per cent. For senior citizens the rate is increased from 5.50 per cent to 5.60 per cent, as per data available with the SBI website. This interest rate is applicable on FDs below Rs 2 crore.
The new rate is effective from January 15, 2022. The interest rates on FD of other tenure remains unchanged. SBI offers the highest interest rate of 5.40 per cent on FD for tenure from 5-10 years. For senior citizen the interest rate on FD of tenure from 5 years and upto 10 years stands at 6.20 per cent.
For FD of tenure two years to less than three years stands 5.10 per cent. For tenure of 3 years to less than 5 years the interest rate is 5.30 per cent. (ANI)
SBI vs HDFC Bank Vs ICICI Bank: Interest rates of special senior citizen FDs
In 2020, many banks launched special senior citizenfixed deposit (FD) schemes offering higher interest rates for a specified tenure. However, these term deposits are offered for a limited time period.
Here's a look at how the interest rates of the State Bank of India (SBI), HDFC Bankand
What are these special senior citizen FDs?
These FD schemes were launched by banks to provide higher interest rates to senior citizens amid the falling interest rate scenario as these are the people most dependent on the interest earned from FDs for regular income.
SBI Wecare Deposit for Senior Citizens
The special "SBI Wecare" Deposit for Senior Citizens is a term deposit scheme in which an additional premium of 30 basis points over and above the existing 50 basis points will be paid to Senior Citizens on their retail TD for tenors of '5 Years and Above' only.
This "SBI Wecare" deposit plan has been extended until March 31, 2022, according to the SBI website.
HDFC Senior Citizen Care FD
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 Depositless 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 31st Mar’22. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”
ICICI Bank Golden Years FD Rates
These are the details of ICICI Bank’s special senior citizen FD as per its website:
If a senior citizen is looking for reasonable return as well as safety of his/her principal money, then there are other options as well that are offering a higher interest rate as compared to these special FDs.
For instance, senior citizens savings scheme (SCSS) is currently offering 7.4 per cent per annum. The interest rate differential between SBI FD and SCSS is 1.20 per cent. SCSS also allows premature withdrawal albeit by paying some penalty. The tenure of the SCSS scheme is also five years.
Other post office schemes such as five-year post office time deposit is currently offering 6.7 per cent and Post office monthly income scheme account is offering 6.6 per cent per annum.
A senior citizen should evaluate all the features of the scheme and not just the interest rate before making any investment.
Here's a look at how the interest rates of the State Bank of India (SBI), HDFC Bankand
ICICI Bank
compare. Which of these three major banks is providing the best interest rate for special senior citizen deposits.What are these special senior citizen FDs?
These FD schemes were launched by banks to provide higher interest rates to senior citizens amid the falling interest rate scenario as these are the people most dependent on the interest earned from FDs for regular income.
SBI Wecare Deposit for Senior Citizens
The special "SBI Wecare" Deposit for Senior Citizens is a term deposit scheme in which an additional premium of 30 basis points over and above the existing 50 basis points will be paid to Senior Citizens on their retail TD for tenors of '5 Years and Above' only.
This "SBI Wecare" deposit plan has been extended until March 31, 2022, according to the SBI website.
HDFC Senior Citizen Care FD
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 Depositless 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 31st Mar’22. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”
ICICI Bank Golden Years FD Rates
These are the details of ICICI Bank’s special senior citizen FD as per its website:
- Resident Senior citizen customers, will get an additional interest rate of 0.20% for limited time over and above existing additional rate of 0.50% per annum
- The additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period.
- Eligible FD tenure: 5 years 1 day up to 10 years
- Applicable duration: 20th May, 2020 to 08th April, 2022
- Applicable on single FD of amount < 2cr
- Premature withdrawal: In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.20%. In case the deposit opened in above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.
- All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.
If a senior citizen is looking for reasonable return as well as safety of his/her principal money, then there are other options as well that are offering a higher interest rate as compared to these special FDs.
For instance, senior citizens savings scheme (SCSS) is currently offering 7.4 per cent per annum. The interest rate differential between SBI FD and SCSS is 1.20 per cent. SCSS also allows premature withdrawal albeit by paying some penalty. The tenure of the SCSS scheme is also five years.
Other post office schemes such as five-year post office time deposit is currently offering 6.7 per cent and Post office monthly income scheme account is offering 6.6 per cent per annum.
A senior citizen should evaluate all the features of the scheme and not just the interest rate before making any investment.
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Special FD scheme: Here are interest rates offered by SBI, HDFC, BoB, ICICI on fixed deposits
Banks like the SBI, HDFC Bank, Bank of Baroda, and ICICI Bank provide extra interest rates over existing rates on term deposits to senior citizens.
- DNA Web Team
-
Personal Loan EMI Calculator
Источник: https://www.icicibank.com/calculator/personal-loan-emi-calculator.pageThe data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.
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Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws .The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text without ICICI Bank's written permission. The information and/ or intellectual property contained herein is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.
The EMI amount will vary depending upon the date of disbursal and period between the disbursal date and the first EMI.Categories Fixed Deposit RatesHDFC FD Rates 2021: HDFC Bank Fixed deposits have been a favourite investment choice for Indians for a long time now. They are safe, offer good returns and are easy to open and operate. Regular Fixed Deposit ensures that your earnings grow steadily and effortlessly. Its key features like attractive interest rates, multiple interest payout options, and zero penalty on premature closure make it the ideal investment for your hard-earned money.
The HDFC Bank offers a wide range of Fixed Deposits (FDs) that offer a good rate of return and come with various other benefits. Some of the features of HDFC Bank FDs include nomination facility, flexible tenure options, auto renewal facility, different interest payout options, loan/overdraft facility, Etc. It is very easy to open an HDFC Bank FD online and this can be done at the click of a button in a paper-free manner.
A Fixed Deposit (FD) is one of the most popular financial instruments among the general saving public in India as it provides a higher rate of interest than a regular savings account. Fixed Deposit (FD) is the safest of investments that give high returns after a period. The interest rate on fixed deposits varies across tenures.
HDFC Bank offer you great rates, flexibility and security for your fixed deposits, with even higher interest for our senior citizens. Enjoy our facilities of booking your deposit through Net banking, and the facility of HDFC to matic renewal. Minimum investment amount can be as low as INR 1000/-
Mentioned below are the applicable Fixed Deposit Interest Rates for the mentioned tenures. The below-mentioned Fixed Deposit Interest rates are effective from Applicable from 1 June 2021
1. For Domestic & NRE*/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore)
Period General Public Rates (p.a.) Senior Citizens Rates (p.a.) 7 days to 14 days 2.50% 3.00% 15 days to 29 days 2.50% 3.00% 30 days to 45 days 3.00% 3.50% 46 days to 60 days 3.00% 3.50% 61 days to 90 days 3.00% 3.50% 91 days to 6 months 3.50% 4.00% 6 months 1 day to 9 months 4.40% 4.90% 9 months 1 day to less than 1 year 4.40% 4.90% 1 year 4.90% 5.40% 1 year 1 day to 2 years 4.90% 5.40% 2 years 1 day to 3 years 5.15% 5.65% 3 years 1 day to 5 years 5.30% 5.80% 5 years 1 day to 10 years 5.50% 6.25% HDFC Bank FD Eligibility Criteria
- Both new and existing customers of HDFC Bank can open a Fixed Deposit.
- Following are the types of customers who can open fixed deposit accounts: Individuals, Minors, Proprietorship, HUF (Hindu Undivided Family), Registered and Unregistered Body, Cooperative Society, Trusts, Partnerships, NGO and, Private Limited.
- Apply Online
- You can also contact us and our Customer Care Executive will fix a service appointment with our Relationship Manager to help you with the application process.
Get details on eligibility criteria & documents required for HDFC Bank Regular Fixed Deposit
Below are the individuals and groups eligible for a Regular Fixed Deposit:
- Residents
- Hindu undivided families
- Sole proprietorship firms
- Partnership firms
- Limited companies
- Trust accounts
A few things to note:
- An initial deposit of Rs. 5,000/- is required to open a Fixed Deposit.Effective 01st April 2010, PAN is mandatory to book Fixed Deposits if the total Fixed Deposit holding per customer id exceeds 50,000/-
Additional Information
- Easy investment with High Returns
- Great rates, flexibility and security – in one offering
- Higher rate of interest on Fixed Deposit for Senior Citizen
- Convenience of booking deposit through NetBanking
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