SBI vs HDFC Bank vs ICICI Bank – Senior Citizen Special FD Scheme: During COVID-19 outbreak, fixed deposit interest rates have gone down drastically. However, it is one of the most favoured investment options among senior citizens. Banks have made Senior Citizen Special FD Scheme a lucrative investment option among the elderly. This scheme was available till 31st December 2020 but some banks have extended their deadline upto 31st March 2021. State Bank of India, HDFC Bank, ICICI Bank are among those banks. So, it becomes important for senior citizens to know which is the best bank for them to increase their returns on 5-year FDs.
SBI Special FD Scheme
SBI is giving 5.4 per cent annual return on normal fixed deposits for a 5-year tenure. For senior citizens, it gives 50 bps additional return to the senior citizens FD account. However, for the SBI Senior Citizen Special FD account there is an additional 30 bps interest rate available. Hence, if a senior citizen opens an SBI Senior Citizen Special FD account then an additional 0.80 per cent more return will be available – annual return on FD will be 6.20 per cent (5.40 + 0.50 + 0.30).
HDFC Bank Special FD Scheme for Senior Citizens
HDFC Bank is giving an additional 75 bps annual return on senior citizens FD under special FD scheme. HDFC Bank is giving 5.5 per cent annual return on fixed deposits for 5-year tenure. So, if a senior citizen opens a fixed deposit account under HDFC Bank Senior Citizen Care FD then he would get an additional 0.75 per cent annual return and as a whole annual return will become 6.25 per cent.
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ICICI Bank Special FD Scheme for elders
ICICI Bank is giving 5.5 per cent annual return on FDs for a 5-year tenure. The private lender is offering 80 bps extra annual return to the elderly who open FD accounts under ICICI Bank Senior Citizen Special FD Scheme. So, a senior citizen will get 6.3 per cent (5.50 + 0.80).
So, a senior citizen willing to invest in Senior Citizen Special FD Scheme, ICICI Bank will yield more return than HDFC Bank or SBI.
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