A special fixed deposit scheme by HDFC Bank that offers senior citizens 7.75 per cent interest rates on their FDs is ending today.

HDFC Bank Senior Citizen Care FD is scheduled to be discontinued from November 7, 2023. The fixed deposit scheme offering up to a 7.75 per cent interest rate was launched in 2020.

The Senior Citizen Care FD offers senior citizens aged 60 years and above (not applicable to NRIs) an additional 0.75 per cent interest rate for FDs of less than Rs 5 crore with a tenure ranging from 5 years and one day to 10 years. 

This offer is available for both new Fixed Deposits and renewals and remains in effect from May 18, 2020, until November 7, 2023, according to the HDFC Bank website. 

Key Details of the Senior Citizen Care FD:

• The Senior Citizen Care FD holders get an extra 0.75 per cent interest rate
• Eligible for resident senior citizens aged 60 years and above (not applicable to NRIs).
• Suitable for those looking to book a Fixed Deposit of less than Rs 5 crore.
• Covers deposit tenures ranging from 5 years one day to 10 years.
• The interest rate applicable for both new FDs and renewals for Senior Citizens with deposits below Rs 5 crore.
• The offer duration is from May 18, 2020, until November 7, 2023.
• Convenient booking options are available through mobile, NetBanking, or by visiting the nearest HDFC Bank branch.
• An additional premium of 0.25 per cent (over and above the existing 0.50 per cent) is offered during the special deposit offer period.
• The interest rate for premature withdrawal is adjusted by 1 per cent lower as applicable based on the date of deposit booking and the period it remained with the bank, effective from July 22, 2023.
• In case of premature closure of FD on or before 5 years, the interest rate will be 1.00 per cent less (penalty as applicable) than the rate on the date of deposit booked, to the period for which the deposit remained with the bank and not at the contracted rate.
• In case of premature closure of FD post 5 years, the interest rate will be 1.25 per cent less (penalty as applicable) than the rate on the date of deposit booked, to the period for which the deposit remained with the bank and not at the contracted rate.

Interest Rate for Senior Citizen Care FD:

 

The interest rate for these senior citizen FDs at HDFC Bank varies from 3.5 per cent to 7.75 per cent for a tenure ranging from 14 days to 10 years.

First Published: Nov 07 2023 | 1:50 PM IST