Senior Citizens Savings Scheme - HDFC Bank vs ICICI Bank: Senior Citizen Special FD Scheme is being launched by the majority of the banks to help elderly investors to remain insulated from low bank interest rates that are being offered currently. Under this scheme, lenders like State Bank of India (SBI), etc. helps sixty-plus-year-old investors to earn up to 1 per cent higher than normal Fixed Deposit Schemes. However, the Senior Citizen Special FD Scheme was available till 31st December 2020, but two private lenders — HDFC Bank and ICICI Bank has increased its special Fixed Deposit (FD) Scheme for Senior Citizens till 31st March 2021.

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HDFC Bank Senior Citizen Special FD Scheme

HDFC Bank special Fixed Deposit scheme for elderly investors is called HDFC Senior Citizen Care. The private lender under this scheme offers 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25 per cent.

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According to the HDFC Bank website, an additional premium of 0.25 per cent (over and above the existing premium of 0.50 per cent) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May 2020 to 31st March 2021.

ICICI Bank Senior Citizen Special FD Scheme

ICICI Bank Senior Citizen Special FD Scheme is called ICICI Bank Golden Years. The private lender under this scheme offers 80 bps higher interest rate on these deposits. ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30 per cent per annum. These rates are effective from 21st October 2020.