SBI vs HDFC Bank vs ICICI Bank: This bank will give bumper return/profit under Senior Citizen Special FD Scheme

SBI vs HDFC Bank vs ICICI Bank - Senior Citizen Special FD Scheme: During COVID-19 pandemic and return on band deposits falling at a rapid speed, various Indian banks introduced Senior Citizen Special FD Scheme where some additional interest was given to the elderly depositors' fixed deposit (FD) was brought under the Senior Citizen Saving Scheme. This was available till 31st December 2020 but State Bank of India (SBI), HDFC Bank and ICICI Bank have extended this offer till 31st March 2021. However, different banks are giving different returns to the elders for their Special FD deposits. So, it becomes important for the senior citizens to know how much they will earn on their special FD deposits and which is the best for them to earn after five years of FD.
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SBI Special FD Scheme

SBI is giving 5.4 per cent annual return to normal fixed deposits for five year tenure. For senior citizens, it gives 50 bps additional return to the senior citizens FD account. However, for the SBI Senior Citizen Special FD account there is an additional 30 bps interest rate given. Hence, if a senior citizen opens an SBI Senior Citizen Special FD account then it would get an additional 0.80 per cent more return on one's money mean annual return on one's FD will be 6.20 per cent (5.40 + 0.50 + 0.30).

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HDFC Bank Special FD Scheme for Senior Citizens

HDFC Bank is giving an additional 75 bps annual return to the senior citizens FD under special FD scheme. HDFC Bank is giving 5.5 per cent annual return on fixed deposits for 5 year tenure. So, if a senior citizen opens a fixed deposit account under HDFC Bank Senior Citizen Care FD then it would get an additional 0.75 per cent annual return and as a whole its annual return will become 6.25 per cent.

ICICI Bank Special FD Scheme for elders

ICICI Bank is giving 5.5 per cent annual return on FDs for the tenure of 5 years. The private lender is offering 80 bps extra annual return to those elders who open FD accounts under ICICI Bank Senior Citizen Special FD Scheme. So, a senior citizen will get 6.3 per cent (5.50 + 0.80).

So, a senior citizen willing to invest in Senior Citizen Special FD Scheme, ICICI bank will yield more return than HDFC Bank or SBI.