Senior Citizen Fixed Deposit Scheme: Know What Different Banks Offer
Senior Citizen Fixed Deposit Scheme is the fixed deposit scheme offered exclusively for senior citizens. The fixed deposit rates offered to senior citizens is higher than the regular rate of interest on FD. Thus, it provides an excellent choice for senior citizens who have low or irregular sources of income.
Let’s now catch on what are the features of the FD scheme for senior citizens.
Features of Senior Citizen Fixed Deposit Scheme: Features of the senior citizens FD are as follow:
- Like a regular FD scheme, the tenure of the Senior Citizen FDs also ranges between 7 days to 10 years.
- As stated above, FD rates are higher on senior Citizen FDs. Also, the interest is compounded on a monthly, quarterly, half-yearly or annual basis.
- Senior Citizens can also avail nomination facility under this type of FD.
- The interest earned is The maximum limits under the senior Citizen usually lie around Rs. 1 crore and may differ from banks to banks.
- Further, they can also avail special tax-saver FD to avail tax benefits on FD. Such fixed deposits have a lock-in period of 5 years to avail benefits when filing Income Tax Return.
Now, you have known the features of Senior Citizens FD Scheme, let’s have a look at FD rates offered by popular banks.
|Bank||Senior Citizen FD Rates|
|Bajaj Finserv||7.15% – 7.35%|
|PNB Housing Finance||6.70% – 7.20%|
|HDFC||6.60% – 6.70%|
|ICICI Home Finance||6.25% – 6.75%|
|IDFC First Bank||3.50% – 7.50%|
|SBI||3.40% – 6.20%|
|Axis Bank||2.50% – 6.15%|
Are you eligible for the Senior Citizen FD Scheme?
There aren’t many eligibility criteria that you need to follow to open a Senior Citizen FD account, except that you must be above the age of 60 years. In some cases, banks may, however, allow you to invest in senior citizen FD schemes if you are above 55 years as well.
Also, NRI senior citizens can open a senior citizen fixed deposit account with NRE or NRO accounts.
Special FD Scheme of different banks:
Various banks have launched their special schemes for Senior Citizens. Some of them are listed below:
- State Bank of India: Known as ‘SBI We Care’, the scheme was started by SBI in May 2020 and is valid till September 2020. It provides FD interest at 6.20% p.a to senior citizens for a tenure of 5 years.
- IDBI Bank: Known as IDBI Naman Senior Citizen Deposit, this FD scheme is available for a tenure ranging from 3 years to 7 years. Under this scheme, senior citizens can get interest at 6% on their FD funds. Also, the scheme is valid till 30th September 2020.
- Bank of India: Senior Citizens can avail the benefit of this FD scheme for a term of 5 years or more at 6% p.a. Under this scheme, investors can get additional premiums over and above existing BPS rates depending on the tenure of the investment period.
- HDFC Bank: The special scheme launched by HDFC for senior citizens is known as HDFC Senior Citizen Care. This scheme is also valid till 30th September 2020. Under this FD scheme, the interest rate applicable to FD is 6.25%.
Conclusion: Thus, senior citizens can invest in the Senior Citizen FD scheme to secure their savings. Along with that, they are also eligible for tax deduction up to Rs. 50,000 on the interest earned on FD. Further, they can also invest in a tax-saver FD to get additional tax benefits on the funds invested.
A Complete Guide to Finding the Right Retirement Property for You
Whether you’re excited to pursue new hobbies or looking forward to settling down with your partner, retirement signals the next phase in your life. But deciding where to put down your roots isn’t an easy decision. From the benefits of a retirement village to tips…
Reasons Why Renting Could Be Better Than Buying for all Mumbaikars
For many people, own a home is a life long goal. Although there is a lot of homeownership in Mumbai today, this is not always the case. Historically, the family had to either build their own house or rent an apartment from someone else. Although…
Real estate Tips for an Immobilienmakler Neu Ulm to Be Successful
You know the top 10 tips for Immobilienmakler Neu Ulm to be successful. It is a simple list that is not very difficult to follow. If you follow it religiously, you will be successful in your career as an agent, no matter what level you are…
Things Only Experts Know About Residential Roofing
Your home’s roof can represent up to 40% of your home’s exterior. It is essential to understand what keeps your home looking beautiful and safe from elemental factors like weather from curb appeal to home safety. That’s where residential roofing comes in! Residential roofing is…
Let your CA Results Speak with the Best Institute For CA In India| VSI Jaipur
CA is the most favorite career priority among the young generations. Due to its increasing demands in public and government sectors with admirable salary packages. All interested students prepare for CA from their class 12th only. CA has three levels of examination, such as CA…
Popular Specializations in Law and Career Scopes in 2020
Being a lawyer is a noble profession and gives the power to make a difference in people’s life. The journey of becoming a lawyer is long and filled with hard work and sincerity. Passing with flying colors as a lawyer is not where the journey…
How are Educational Toys Important for Early Childhood Development?
For a child, toys play a very essential role in early development. whether it is a stuffed toy, doll, or a plastic car, it might be your favourite one or one of the most played ones, toys tend to influence a child’s early abilities and…
Benefits Of Taking The JEE Advanced
The Joint entrance examination is an all India common engineering entrance examination conducted for admissions in various engineering colleges all over the country. There are two tests conducted-JEE advanced and JEE main. Those students who clear the JEE mains are eligible to appear for the…
Keep it Cool with the Colour of the Day
White for Mondays – White represents peace and mellow and looks and feels incredibly cool as well. Quite literally, the lighter the cloth is, the cooler it is. But anyway moving on from the science, you cannot deny the fact that white can be matched…
# of different kinds of ties
Have you ever gone shopping for a tie and when you got to the store you noticed there were different kinds and styles of ties to choose from? Well that is because there is. Not only are there different kinds of ties but there are…
7 Types of Cool Beachwear for Men Who Want To Be Iconic For Every Girl
Men and women visit beaches and swimming pools to spend a day full of glamour and excitement. What accentuates your body assets? Well, it depends on different factors, including body type, skin tone, and more. However, your swimsuits are very important to achieve the goals….
What makes a Tote Handbag a Better Choice while going to the Gym?
When the gym becomes one of the most visited places after your home and workplace, mixing fashion and working out becomes a new trend. Becoming health conscious has now become priority for everyone, which means people are adding branded outfits, bags and accessories to sweat…