People invest in Fixed Deposit Schemes (FDs) to secure their future. It is a common investment option that offers guaranteed returns, tax benefits and tenures ranging from 7 days to 10 years. Apart from the post office, currently SBI, HDFC, ICICI, Axis and other banks offer the benefit of FD scheme. At the same time, these banks have also increased the interest rate on it.
At the same time, two special FDs given for senior citizens are going to be closed. It will be closed on 31 March 2022. These two special FDs were introduced by banks like SBI, HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda during the COVID-19 pandemic.
Still Investment Opportunity
These FD schemes offer attractive interest rates, high returns and safety to senior citizen customers. It will be closed at the end of this month. However, if someone wants to invest in this already, then they can, because after March 31, no senior citizen will be able to invest in this scheme.
Bank Of Baroda Special FD Scheme
This bank had launched two special FD schemes for senior citizens. It is offering an additional 0.50 per cent interest rate to senior citizens on fixed deposits of less than Rs 2 crore for tenures between 7 days to 3 years. Whereas the bank offers an additional 0.65 per cent interest rate on FDs for tenures ranging from 3 years to 5 years.
Apart from this, an additional interest rate of 1 per cent is offered to senior citizens for tenures ranging from 5 years to 10 years. Earlier, the bank had said that the above 1 per cent additional interest rate for 5 years to 10 years would be valid till March 31, 2022.
how much return
- 3.3 per cent from 7 days to 45 days.
- 4.20 percent interest on the tenure of 15 days to 45 days.
- 4.80 percent interest on 181 days to 270 days.
- 4.9 percent interest on FDs of 271 days and less than 1 year.
- 5.50 percent interest on the tenure of 1 year.
- 5.70 per cent on tenure of more than 1 year to 3 years.
- 6% interest on tenure of 3 years to 5 years.
- 6.35 percent interest is given on the tenure of 5 years to more than 10 years.
HDFC Bank Special FD Scheme
Senior Citizen Care FD is offering an additional interest rate of 0.75 per cent with the offer. This additional interest rate on FDs is available to senior citizens aged 60 years and above, who wish to invest in fixed deposits of less than Rs 5 crore for tenures ranging from 5 years one day to 10 years. This offer is valid for all new and renewal fixed deposits for senior citizens of less than Rs.5 crores. The bank had launched the offer on May 18, 2022, and is available till March 31, 2020.
how much return
- 3% interest on tenure of 7 days to 29 days on FDs of less than 2 crores and between Rs 2-5 crores.
- In FDs of less than Rs 2 crore, senior citizens return 3.5% on 30 days to 90 days.
- 4 percent on 91 days to 6 months, 4.90 percent on 6 months to less than 1 year.
- 5.50 percent interest is being given on FDs from 1 year to 2 years.
- Above 2 years and at 3 years 5.70 per cent
- Returns of 5.95 per cent on tenure of more than 3 years and 5 years and 6.35 per cent on tenure of 5 years 1 day – 10 years.
- For FDs below Rs 2 crore to Rs 5 crore, 3.25 per cent interest is applicable to senior citizens on 30 days to 60 days, 3.5 per cent on 61-90 days and 3.85 per cent on 91 days.
- 4.10 percent interest on FDs of 6 months, 4.20 percent interest for 6 months – 9 months and 9 months to less than 1 year.
Apart from this, the investor will get 4.55 percent interest on 1 year while 1 year 1 day – 2 year 4.70 percent, 2 year 1 day – 3 year 5 percent, 3 year 1 day – 5 year 5.10 percent, and 5 year 1 day – 10 years A return of 5.35 percent is being given on FD.