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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. ....
Updated Dec 23, 2020 | 06:09 IST Recently a lot of lenders have cut bank FD rates which has led to people looking for other investment instruments. In order to lure customers back, top lenders announced special FD schemes for senior citizens. Only 7 days left to invest in Senior citizens special fixed deposit (FD) scheme of these lenders New Delhi: As the cost of living and inflation is going up, senior citizens are looking for ways to invest their money in instruments that offer good returns to ensure that they are financially stable. Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) is the ideal investment opportunities, keeping the long-term stability aspect and added additional benefits into consideration. ....