SBI vs HDFC Bank vs ICICI Bank: Check the latest FD rates

New Delhi: If you think Fixed Deposit-FD is an excellent alternative for a safe investment, this news is for you. Actually, SBI, HDFC Bank, ICICI Bank, and Bank of Baroda had offered a unique deal for older persons in May 2020. This scheme's deadline has been extended, which means you can now benefit from increased interest rates until March 2022.

SBI Wecare Deposit

SBI has launched a new FD scheme for senior folks called 'Wecare Deposit.' You can now benefit from higher interest rates until March 2022. In this case, the benefit of an additional 80 basis points in interest is obtained from the rates applicable to the general public. The interest rate on a fixed deposit made by a senior citizen under the special FD plan would be 6.20 percent.

Senior people receive an additional premium interest rate of 30 basis points on deposits made for a period of five years or longer. Retail term deposits with a duration of less than five years will earn 0.50 percent more than regular citizens. Simultaneously, elderly residents will receive 0.80 percent (0.50 +0.30) higher interest on retail term deposits of more than five years than ordinary citizens.

HDFC Bank (HDFC Senior Citizen Care)

Senior Citizen Care was launched by HDFC Bank. The bank pays 0.75 percent greater interest on these deposits. The interest rate on a fixed deposit made by a senior person under the HDFC Bank Senior Citizen Care FD is 6.25 percent.

ICICI Bank (ICICI Bank Golden Years)

The ICICI Bank Golden Years scheme, an unique FD scheme for elderly adults, was launched by ICICI Bank. In this arrangement, the bank is offering 0.80 percent extra interest. The ICICI Bank Golden Year FD scheme provides senior individuals with an annual interest rate of 6.30%. This scheme's benefits are available until April 8, 2022.