Deadline For HDFC Bank Senior Citizen Care FD Ends Today; Scheme Offers 7.75% Interest For 5 Yrs 1 Day To 10 Yrs, Learn More

The booking of HDFC Bank Senior Care Fixed Deposit scheme will end today, November 7, 2023. Senior citizens aged 60 and above can avail of 7.75 per cent on this FD for a period of five years one day to 10 years. This long-term FD scheme was launched on May 18, 2020. For FDs of the same duration, the general public gets a 7.0 per cent interest rate; however, seniors get an additional 0.75 per cent or 75 basis points interest on this special FD. Seniors usually get 0.50 per cent extra interest on FDs than others, but HDFC Bank Senior Care offers 0.75 per cent to seniors. This rate applies to all new bookings and renewals. The minimum deposit amount is Rs 5,000. To earn an interest of 0.75 per cent, seniors must stay invested for more than five years as part of the scheme’s policy. However, a premature withdrawal facility is also available. Seniors can close the FD prematurely during a financial emergency after paying a penalty of 1.25 per cent, meaning they would get 1.25 per cent interest less than the contract rate, calculated as per the remaining period of the FD. The HDFC Bank Senior Care FD is available only for the resident Indians. The bank revised the FD rates on November 1, 2023, making the Senior Care FD the highest interest-paying FD.  

Other HDFC FD Rates and Tenures

Seniors can avail of an interest rate of more than 7.0 per cent for any tenure above one year. For instance, after the latest rate revision, seniors get 7.10 per cent interest for one year to less than 15 months, 7.60 per cent for 15 months to less than 18 months, and 7.50 per cent for various tenures between 18 months and five years except for a few specific terms falling within this time frame. These are two years 11 months to 35 months, and four years seven months to 55 months, where the interest rates are 7.65 per cent and 7.70 per cent, respectively, for senior citizens.