HDFC extends Senior Citizen Care FD scheme till March 2023, details here

Some good news for senior citizens. HDFC Bank has extended its senior citizens-only fixed deposit scheme. The private sector lender has been offering Senior Citizen Care FDs as a special fixed deposit program with a higher interest rate benefit for senior citizens since May 2020.

However, the COVID-19 pandemic and the low-interest rate environment caused the scheme to be repeatedly extended and it was finally scheduled to end on 30 September 30 2022. Now, amid the rising interest rates, HDFC Bank has further extended the special fixed deposit scheme until 31 March 2023.

On its website, HDFC Bank states that senior citizens who wish to book a fixed deposit of less than 5 crores for a tenure of 5 years 1 day to 10 years, during a special deposit offer commencing from 18 May 2020 to 31 March 2023, shall be given an additional premium of 0.25 percent (over and above the existing premium of 0.50 percent).

Senior citizens who book new fixed deposits or renew existing ones during the stated time are eligible for this special incentive. Indians who do not reside in the country are ineligible for this deal.

The bank gives a regular interest rate of 5.75 percent on fixed deposits expiring in 5 years, 1 day to 10 years, but senior citizens will receive a rate of 6.50 percent under the bank’s Senior Citizen Care FD, which is an increase of 75 basis points over the regular rate This is an advantage of the bank’s unique fixed deposit programme for seniors, which they may enroll in on or before March 2023.

With regard to early withdrawals from Senior Citizen Care FDs, HDFC Bank has stated on its site that in case of early closure of fixed deposit booked in the above offer (including a sweep in / partial closure) on or before 5 years, the interest rate will be one percent less than the agreed-upon rate or the base rate in effect during the time the deposit was with the bank, whichever is lesser.

If a fixed deposit is prematurely closed (including partially closed or swept-in) after five years, the interest rate will be 1.25 percent lower than the contracted rate or the base rate in effect at that time, whichever is lower.

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