new Delhi. FD schemes: Fixed Deposit is that common method of investment which also guarantees to give a fixed return. This is the reason why term plans are very popular among the people. Investment in FDs can be done for a tenure ranging from 7 days to 10 years. Fixed deposits are quite popular with senior citizens as they get additional interest as compared to others.
Recently, many banks have increased the interest rates on FDs. These include SBI, HDFC Bank, ICICI Bank, Axis Bank and IndusInd Bank. Two special FD schemes of major banks are going to expire by the end of this month i.e. March. If a senior citizen wants to invest in these FD schemes, then he has to do so before March 31, 2022. Selecting a particular FD before March 31 will fetch more interest.
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HDFC Bank FD Scheme
Senior citizens are paying 0.75% additional interest under the Senior Citizen Care FD offer in HDFC Bank. This additional interest rate on FD is being given to senior citizens of age 60 years and above. The last date to invest in this scheme is 31st March.
FD Scheme of Bank of Baroda
The bank has brought a special FD scheme for senior citizens. Bank of Baroda is offering an additional 0.50% interest to the elderly on FDs between 7 days to 3 years and less than Rs 2 crore. At the same time, the bank is offering an additional 0.65% interest on FDs for tenures ranging from 3 years to 5 years. The bank is offering 1% additional interest on FDs of 5 years to 10 years to senior citizens. These rates are being given to senior citizens till March 31, 2022.
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From March 22, the bank is giving 3.3% interest to senior citizens on FDs from 7 days to 45 days. 4.20% interest is being given on FDs of 15 days to 45 days. Interest will be 4.80% on 181 days to 270 days. The bank is offering interest rate of 4.9% on 271 days and above and less than 1 year. The interest rate on 1 year FD will be 5.50%. 5.70%, 6% interest is being given on FDs of 3 years to 5 years on FDs for tenures greater than 1 year to 3 years. 6.35% interest is being offered on fixed deposits of 5 years to 10 years.
Tags: FD Rates, Personal finance, sbi
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