New Delhi | Jagran Business Desk: Senior Citizens Special FD Scheme is offered by top banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BOB). In these schemes, banks provide additional interest rates than the existing rates applicable to bank deposits. The special FD scheme was launched to protect the interests of senior citizens amid the rapid fall in interest rates on deposits due to the Coronavirus pandemic. Special FD scheme for Senior Citizens is available till 31 March 2021.

Bank of Baroda Special FD Scheme

Bank of Baroda offers 1 per cent (100 basis points) higher interest rate to senior citizens on these deposits. Under the special FD scheme (five to 10 years), if a senior citizen gets an FD, the interest rate on that FD will be 6.25 per cent.

ICICI Bank Special FD Scheme

ICICI Bank offers 0.80 per cent higher interest rate on these deposits. ICICI Bank offers Golden Year FD Scheme for Senior Citizens with an interest rate of 6.30% per annum.

HDFC Bank Special FD Scheme

HDFC Bank offers a 0.75 per cent higher interest rate on these deposits. If a senior citizen makes an FD under HDFC Bank Senior Citizen Care FD, then the FD will attract an interest rate of 6.25 per cent.

SBI Bank Special FD Scheme

SBI Special FD Scheme for Senior Citizens gets 0.80 per cent more interest than the interest rate applicable for common people. At present, the bank pays 5.4 per cent interest on FD of five years to the general customers. If a senior citizen gets FD in SBI Bank under special FD scheme, the interest rate will be 6.20 per cent.

Meanwhile, providing relief to the senior citizens of the country, the government in the Budget 2021, also exempted senior citizens, dependent on pension and interest income, from filing tax returns. While presenting the Union Budget 2021, Sitharaman said that the central government will reduce the time limit for reopening assessments to 3 years from the present 6 years.

Posted By: Talibuddin Khan