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Should seniors go for special FD rates offered by some banks?

Should seniors go for special FD rates offered by some banks? SBI, ICICI Bank and HDFC Bank offer more In May last year, a few banks came up with special rates on certain long-tenure fixed deposits for senior citizens, in a bid to protect them from the blow of falling interest rates. Under the SBI Wecare Deposit, ICICI Bank Golden Years FD and HDFC Bank’s Senior Citizen Care FD schemes, the banks offer an extra 25-30 basis points (bps) interest on deposits with tenures of 5 years and above. This is over and above the 50 bps higher interest usually offered to senior citizens. The special FD rates apply on fresh deposits as well as renewals.

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