Festive Bonanza for senior citizens! THIS bank extends the date of senior citizen's FDs

New Delhi: The massive private sector HDFC Bank has extended its senior citizen's special fixed deposit programme. The private lender introduced the Senior Citizen Care scheme on May 18, 2020. HDFC Bank has introduced Elderly Citizen Care FD, a special fixed deposit scheme that offers senior citizens a greater interest rate benefit.

The Covid-19 pandemic and the low-interest rate environment caused the scheme to be repeatedly extended, and it was scheduled to end on September 30, 2022. However, HDFC Bank further extended the special fixed deposit scheme amid rising interest rates until March 31, 2023. (Also Read: LIC Jeevan Labh Policy: Invest Rs 233 per month, get Rs 17 lakhs in return)

On its website, HDFC Bank states that "Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 years to 10 Years, during special deposit offer commencing from 18th May 20 to 31st March 2023, shall be given an additional premium of 0.25 percent. (Also Read: PM Jan Dhan Yojana: Here's HOW to get benefit of up to Rs 1.30 lakh)

" Senior Citizens who book new Fixed Deposits or renew existing ones during the aforementioned time are eligible for this special incentive. The non-resident Indian population is not eligible for this deal.

The HDFC Bank gives a regular interest rate of 6.50 percent on FDs from 5 to 10 years. This rate of interest is 0.75 percent higher than that of ordinary citizens. The sole of this special scheme is senior citizens will get 75 basis extra interest. One may enroll on or before March 2023.

With regard to early withdrawals, HDFC Bank has stated on its website that "In case of early closure of Fixed Deposit booked in the above offer (including a sweep in / partial closure) on or before 5 years, the interest rate will be 1  percent below the contracted rate or the base rate applicable for the period the deposit has been with the bank, whichever is lower."

If a fixed deposit is prematurely closed (including swept-in or partially closed) after five years, the interest rate will be 1.25 percent lower than the contracted rate or the base rate in effect at that time.