HDFC Bank extends this special fixed deposit scheme for senior citizens

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Private moneylender HDFC Bank has extended its special fixed deposit scheme for senior citizens. This special fixed deposit scheme called Senior Citizen Care FD is offered by the bank since May 18, 2020, Hindustan Times’ business website Livemint reported.

Due to Covid-19 pandemic, this scheme was repeatedly extended and was earlier set to expire on September 30, 2022. But the bank extended the scheme till March 31, 2023.

On its website, the private bank has said that an additional premium of 0.25 per cent shall be given to the senior citizens who wish to book the fixed deposit sum less than 5 crore for a tenure of five years and one day to ten years during the special deposit offer commencing from May 18, 2020 to March 31, 2023.

This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period, but this offer is not applicable for the NRIs.

On fixed deposits which mature in five years and one day to ten years, the bank offers a regular interest rate of 5.75 per cent. But the senior citizens will get an interest rate of 6.50 per cent, an addition of 75 basis points over and above the regular rate under the Senior Citizen Care FD.

However, the bank said that in case of premature closure of the fixed deposit booked in the above offer on or before five years, the interest rate will be one per cent below the contracted rate or the base rate applicable for the period the deposit remained with the bank. In case of premature closure after five years, the interest rate will be 1.25 per cent below the contracted or base rate.

Recently, the Reserve Bank of India increased the repo rate by 50 basis points to 5.90 per cent.


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