Famous banks like the State Bank of India, Bank of Baroda and private lenders like ICICI bank and HDFC bank has the special fixed deposit scheme for the senior citizens. Under this FD rates, the banks are offering the interest rate for the senior citizen term deposit over the existing rates. This special FD scheme is only applicable till 30th September, 2020.
SBI special FD rate-
New interest- 80 bps higher.
Interest rate- if a senior citizen puts a fixed deposit under this special FD scheme, then the FD interest will be 6.20% and the rates will be effective from 27th May.
Penalty of 0.5% will apply.
Bank of Baroda special FD scheme
New interest- 100 bps higher
Interest rate- if a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the fixed deposit will be 6.30%.
On deposit maturing in 7 days to 10 years, the bank will pay 3.40% to 6.30% to the senior citizens.
Penalty of 1.5% on applicable rates of the interest for which the deposit will remain with the bank.