HDFC Bank Special FD: The last date of HDFC Bank’s Special Fixed Deposit (FD) scheme is almost here and it will be closed tomorrow i.e. on July 7, 2023. This special FD scheme is actually for senior citizens, whose name is Senior Citizen Care. According to the website of HDFC Bank, it has been given extension many times and now it is being closed. Therefore, if you want to get more interest in FD as a senior citizen, then there is a chance to invest in it till tomorrow only.
Know Senior Citizen Care FD Scheme
Under Senior Citizen Care FD, senior citizens get a higher interest rate of 0.75% on their term deposits. This scheme was launched on 18 May 2020 and eligible investors can invest money in it for 5 years 1 day to 10 years. Under this special FD scheme, customers get higher interest on newly booked FDs till their renewal and they can avail higher interest for the specified time period. Although this special FD scheme is not for non-resident Indians.
What is its interest rates
According to the HDFC Bank website, senior citizens are already getting 0.50 per cent more interest and in this senior citizen care scheme, they get an additional interest of 0.25 per cent. Accordingly, senior citizens get 0.75 percent more interest in this special FD, the interest rate of this scheme is at 7.75 percent. This is for term deposits of less than Rs 5 crore and its timeframe ranges from 5 years 1 day to 10 years. This scheme is only from 18th May 2020 to 7th July 2023 and only senior citizens who have opened special FDs under this will get this increased interest.
Know the interest of other FD schemes for senior citizens of HDFC Bank
Senior citizens get 3.50% interest on FDs maturing in 7 days to 29 days. HDFC Bank offers 4% interest on FDs of 30-45 days, 5% interest on FDs ranging from 46 days to less than 6 months. 6.25% interest is given by HDFC Bank on FDs ranging from 6 months, 1 day to 9 months. At the same time, 6.50 percent interest is given on FDs ranging from 9 months, 1 day to 1 year, 7.10 percent interest on FDs ranging from 1 year to 15 months, and 7.60 percent interest on FDs ranging from 15 months to less than 18 months. HDFC Bank gives 7.50% interest on FDs ranging from 18 months to 4 years 7 months and 7.70% interest on FDs ranging from 2 years 11 months to 35 months.
Highest interest of 7.75% on this FD
The bank gives the highest interest of 7.75% on FDs ranging from 4 years 7 months to 55 months. Senior citizens get 7.75 percent interest on FDs ranging from 5 years 1 day to 10 years.
If compared to the Senior Citizens Savings Scheme of the Post Office, then-
Post Office Senior Citizens Savings Scheme, however, offers higher interest than HDFC’s Special FD scheme. The Senior Citizen Savings Scheme of the Post Office is specially designed for senior citizens. On investing in this scheme, the rate of interest is being received at the rate of 8.2 percent. A person above 60 years can invest money in it for 5 years, which can be extended for a maximum of 3 years. A minimum investment of Rs 1000 will have to be made in this and Rs 15 lakh or the money received at the time of retirement, whichever is less, can be invested maximum.
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