HDFC Bank Extends Deadline For Special Fixed Deposit Scheme To November 7

The HDFC Bank has extended the deadline to apply for Senior Citizen Care Fixed Deposit, which offers the highest interest rate at 7.75 per cent, by four months

Outlook Money
July 10, 2023
HDFC Bank Extends Deadline For Special Fixed Deposit Scheme To November 7

The HDFC Bank has extended the last date to apply for its ‘Senior Citizen Care FD’, which offers the highest interest rate of 7.75 per cent on a five-year one-day to 10-year tenure, from July 7 to November 7, 2023. For others, the rate is 7.0 per cent for the same period. Here are some more details about this special offer.


Who Can Avail Of This Special FD Rate?

Only resident Indian senior citizens can apply for this special offer.

Interest Rate: This special FD scheme offers the highest rate of 7.75 per cent for senior citizens on the five years one day to 10 years tenure. Seniors get 75 basis points or 0.75 per cent higher interest rates than ordinary citizens under this scheme.

The bank’s standard rate on fixed deposits is 50 basis points higher for seniors than the rest, but the Senior Citizen Care FD offers 25 basis points more, taking the total to 75 basis points. However, HDFC Bank also offers the same rate on its 4 year-seven months to 55 months tenure.

Tenure: The tenure for Senior Citizen Care FD is ‘five years, one day to 10 years’. HDFC also offers several other FD terms, from seven days to up to five years. For senior citizens, the interest rate is between 3.5 per cent and 7.75 per cent; for other age groups, it ranges from 3.0 per cent to 7.25 per cent.

Premature Withdrawal: The bank allows early withdrawal for Senior Citizen Care FD, with a penalty. For long-term FDs, two penalty rates apply for premature withdrawal: those withdrawn on or before five years and those after five years.

On Or Before Five Years: The interest rate on this FD will be 1.0 per cent below the applicable interest rate as a penalty for premature withdrawal, including sweep-in/partial closure. The applicable interest rate considered for this purpose will be the lower FD contract rate or the base rate applicable for the period the FD remained with the bank.

After Five Years: Premature withdrawal, including sweep-in/partial closure, done after five years will attract a penalty of 1.25 per cent. It means the interest payable will be 1.25 per cent below the applicable rate. The applicable interest rate will be worked out the same way as mentioned above.

Old And New FD: The special fixed deposit offer is available on new and existing FDs before the deadline ends in November 2023.

Recently, the State Bank of India (SBI) has also extended the dates of its special FDs ‘SBI WeCare’ until September 30, 2023, and ‘Amrit Kalash’ until August 15, 2023, which offer 7.5 per cent and 7.6 per cent interest rates, respectively.

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