Good news for senior citizens looking to invest in fixed deposits! HDFC Bank has yet again extended the deadline to invest in its special senior citizen FD plan – HDFC Senior Citizen Care FD. The special fixed deposit scheme for seniors offers an interest rate of 7.75%.
Last date to apply for HDFC Senior Citizen Care FD
The bank has extended the last date to apply for this special senior citizen fixed deposit plan till May 2, 2024. The scheme was launched in May 2020.
Features of HDFC Senior Citizen Care FD
Higher Interest Rate:
“Senior citizens can enjoy a higher interest rate with HDFC Bank Senior Citizen Care FD. Apart from the existing premium of 0.5% over the regular FD rate, Senior Citizen Care FD provides an additional 0.25% over and above the 0.5% premium,” according to HDFC Bank website.
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“The benefit of the above additional rate of 0.75% is applicable on the special offer between 18th May 2020 to 2nd May 2024. Further, this scheme is for those depositors who wish to deposit below ₹5 crores,” the website says.
Also Read: Fixed Deposits: 24 banks offering highest interest rates on 6 month-1 year FDs
Age Eligibility:
The special FD scheme is for resident senior citizens whose age is 60 years or above.
Applicable for New Deposits and Renewals:
Senior citizens who have already subscribed to this special FD or those who want to apply for the first time can invest in this scheme. Therefore, it is applicable for both new deposits and renewals.
Premature Closure:
If a senior citizen FD holder opts for premature closure of this special scheme, including sweep-in/partial closure, the interest rate will drop.
In the event of a premature closure on or before 5 years, the interest rate will be 1% below of the rate on the date of deposit booked, to the period for which the deposit remained with the bank.
In case of premature closure after 5 years, the interest rate will be 1.25% below of the rate on the date of deposit booked, to the period for which the deposit remained with the bank.
Quarterly and Monthly Interest Payout:
The special FD offer is valid on both quarterly and monthly interest payout on deposits less than Rs 5 crore and tenure of 5 years and 1 day or above. The monthly payout will be paid at a discounted rate as compared to the standard rate.
Minimum and Maximum Amount:
A senior citizen can invest a minimum amount of Rs 5,000 and a maximum amount of Rs 5 crore and not more than that.
Minimum and Maximum Tenure:
Senior Citizen Care FD can be subscribed for a minimum tenure of 5 years and 1 day and a maximum tenure of 10 years.
