Special senior citizen FD schemes' last date extended till June 30: Here are all the details

The last date to invest in the special senior citizen fixed deposits (FD) schemes, that were launched by banks last year, have now been extended till June 30, 2021. Many banks had launched special senior citizen FDs in May 2020 due to the novel coronavirus pandemic. When these were launched, the last date to invest in these FDs was March 31, 2021; now you have time till June 30, 2021.

These 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.

Here are the details of these FDs launched by SBI, HDFC Bank, and ICICI Bank.

The State Bank of India (SBI), on its website states: A special “SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till 30th June, 2021.
According to the bank’s 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 Deposit less 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 30th Jun’21. 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.
This is what the bank’s website states:

  • Resident Senior citizen customers, will get an additional interest rate of 0.30% 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 June 30, 2021
  • Applicable on single FD of amount
  • Premature withdrawal: In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.30%. In case the deposit opened in above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.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.
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