ICICI Bank launches new FD scheme after SBI, HDFC, see who is paying the most interest to senior citizens

By Shivani Reddy On May 21, 2020

ICICI Bank, the largest private sector bank after SBI, the largest public sector bank during lockdown, is also giving more interest to senior citizens on fixed deposits. Earlier, HDFC Bank has also come up with a scheme for Senior Citizen. Let us tell you that to speed up the economy during lockdown, many banks have made their loans cheap, while on fixed deposits, they have given a blow to their customers by reducing interest rates. The FD is the biggest loser due to this system.

Also read: Now you can avail the Prime Minister Vay Vandana Scheme of Modi government by March 2023

ICICI Bank on Thursday launched a special fixed deposit scheme for senior citizens. In this scheme, named as ‘ICICI Bank Golden Years FD’, senior citizens will get 6.5 per cent interest annually on deposits up to Rs 2 crore, that too when senior citizens will invest for more than 5 years and up to 10 years. In this scheme, they are getting 0.80 percent more interest than ordinary citizens. 30 basis points more interest than the previous scheme offered by the bank.

Will get so much interest

The ICICI Bank Golden Years FD scheme is available from May 20 to September 30. Under this scheme, 80 basis points, or 0.80% more interest will be given to the common citizens on equal duration and equal investment.

Additional interest of 30 basis points in SBI scheme

SBI started the SBI Wecare Deposit Scheme for senior citizens. The scheme will get an additional interest of 30 basis points on a fixed deposit (FD) of 5 years or more.

HDFC Bank will give 0.25 percent more

Private sector HDFC Bank said it would pay 0.25 percent more interest on long-term deposits of senior citizens. The bank said in a statement that it would pay 0.75 per cent more to the senior citizens than interest paid to ordinary customers on term deposits of more than five years and less than 10 years. According to the statement, a deposit up to Rs 5 lakh will get 0.50 percent higher interest than senior citizens and others.