4 Fixed Deposit (FD) Investments with Special for Senior Citizens

Dynamic market conditions may leave some of us in a confused state of mind concerning our investments. However, the increasing interest rates on debt investments – like Fixed Deposits – have taken a keen interest among people, especially senior citizens. Seen as a haven, a Fixed Deposit remains low-risk and senior citizen-friendly because of the additional rate benefits in their favour. Let’s look at the attractive Fixed Deposit (FD) investments with particular advantages for senior citizens.

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   Bajaj Finance Fixed Deposit

All senior citizens should invest in fixed deposits since they provide both – attractive interest rates and minimal risk. With good safety ratings and a high-interest rate, the Bajaj Finance Fixed Deposit on the Bajaj Markets App is a fantastic investment option. Apart from the Bajaj Finance FD, you can compare interest rates and other benefits of the associated investment partners – all under one app – the Bajaj Markets App. You can now invest in a Fixed Deposit by following simple steps and getting started. If you use the Bajaj Finance Fixed Deposit and are over 60, you are eligible for an extra 0.25% interest on top of the standard interest rates. As of July 1, 2022, the FD interest rates listed below are valid for non-cumulative deposits between ₹15,000 and ₹5 Crores; however, these rates are subject to change per company policies.

• 15 Months:- 6.95%
• 18 Months:- 7.05%
• 22 Months:- 7.30%
• 30 Months:- 7.60%
• 33 Months:- 7.60%
• 44 Months:- 7.75%

2. SBI Wecare Deposit for Senior Citizens

The website of the State Bank of India (SBI) introduces an SBI Wecare Deposit for Senior Citizens in the Retail TD segment. The SBI Wecare Deposit Scheme is now available till September 30, 2022. On this fixed deposit, the bank offers senior residents an interest rate of 6.30 per cent, an increase of 80 basis points over the going rate. As of 15.02.2022, SBI is providing the following interest rates to seniors.

• 7-45 days:- 3.40
• 46-179 days:- 4.40
• 180-210 days:- 4.90
• 211 days- <1 year:- 4.90
• 1 Year- <2 Years:- 5.60
• 2 Years- <3 Years:- 5.70
• 3 Years- <5 years:- 5.95
• 5 Years – up to 10 Years:- 6.30

3. ICICI Bank Golden Years FD

Under this deposit scheme, which is only available until October 7, 2022, ICICI Bank offers resident senior citizens an additional interest rate of 0.25 per cent over and above the current rate of 0.50 per cent per annum on fixed deposits of less than 2 Cr maturing in 5 years – 1 day to 10 years. For as long as the ICICI Bank Golden Years FD is active, new and renewed deposits made during that time will be eligible for the interest rate advantage. The bank will start giving senior citizens fixed deposit interest rates beginning May 21, 2022, at the levels mentioned below.

• 7-29 days:- 3.00%
• 30-90 days:- 3.50%
• 91-184 days:- 4.00%
• 185-289 days:- 4.90%
• 290 days – <1 Year:- 5.00%
• 1-2 Years:- 5.60%
• 2 Years 1 day-3 Years:- 5.90%
• 3 Years 1 day-5 Years:- 6.10%
• 5 Years 1 day-10 Year:- 6.50%

4. HDFC Bank Senior Citizen Care FD

For the benefit of senior citizens, HDFC Bank announced this deposit programme on May 18, 2022. According to the bank’s website, “Senior Citizens who wish to book the Fixed Deposit less than ₹5 Crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from May 18, 20 to September 30, 2022,” will receive an additional premium of 0.25% (over and above the existing premium of 0.50%). The bank offers this unique deposit at a 6.50% interest rate.

• 7-29 days:- 3.00%
• 30-90 days:- 3.50%
• 91 days-6 months:- 4.00%
• 6 Months 1 days-9 month:- 4.90%
• 9 Months 1 day – < 1 Year:- 5.00%
• 1-2 Years:- 5.60%
• 2 Years 1 day-3 Years:- 5.90%
• 3 Year 1 day-5 Years:- 6.10%
• 5 Years 1 day-10 Year:- 6.50%

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