HDFC Bank announces big news on Holi, customers to get 0.75 more interest

The personal sector HDFC Bank (HDFC Bank) has given very good news to senior residents.

The financial institution has as soon as once more prolonged the date of particular mounted deposit scheme. The financial institution supplies a particular FD scheme for senior residents.

The bank pays interest on this special FD to senior citizens more than the common people. Special FD offer for senior citizens was made available for investment from 18 May 2020 amid falling interest rates during the coronavirus virus pandemic.

HDFC Bank is offering 75 basis points (bps) interest on these deposits. If a senior citizen makes a fixed deposit under HDFC Bank’s Senior Citizen Care FD, the interest rate applicable to the FD will be 6.25 per cent. These rates are applicable from 13 November 2020.

According to the HDFC Bank website, during the special deposit offer from May 18 to June 30, senior citizens will be given an additional premium of 0.25 per cent (more than the existing premium of 0.50 per cent).

Under this, fixed deposits will have to be less than Rs 5 crores and 5 years from one day to 10 years.

Earlier, after the State Bank of India (SBI) launched a special fixed deposit (FD) scheme for senior citizens, HDFC Bank too launched an FD scheme for seniors called 'Senior Citizen Care FD'.

The bank's website states that seniors will get an additional premium of 0.25 per cent (over and above the existing premium of 0.50 per cent). So, at present, for deposits less than Rs 2 crore with a tenor of 5 years 1 day to 10 years, the interest rate for non-seniors is 5.75 per cent and for senior citizens it is 6.5 per cent a year.

The Senior Citizens Care FD scheme is applicable to new FD deposits booked as well as for the renewals, by senior citizens during the above period. This offer is not applicable to Non-Resident Indian.

In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.