SBI vs HDFC Bank vs ICICI Bank vs BoB: Which special FD scheme will yield more


SBI vs HDFC Bank vs ICICI Bank vs BoB: In the wake of Covid-19, the deadline for Special FD (fixed deposit) Scheme for senior citizens has been extended from 30th June 2021 to 30th September 2021. So, special fixed deposit scheme launched by four Indian Banks — State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) — is now available for elderly Indian till the new deadline. Amid falling FD interest rates, these banks had offered this special FD scheme in May 2020 for senior citizens to help them maintain their income during first wave of Covid-19 pandemic.

SBI special FD interest rate

The largest Indian commercial bank introduced special FD scheme — We Care — where an additional 30 bps interest rate is given to the senior citizens on their FD for the tenor of 5 years and more. Interestingly, this additional FD interest rate is beyond 50 bps FD interest rate being given to the senior citizens. So, in this special FD scheme for senior citizens at SBI, a depositor can get an additional 0.80 per cent additional FD interest rate in comparison to normal FD interest rates offered to the customers below 60 years of age.


As per the SBI FD interest rates effective from 9th January 2021, SBI is offering 5.40 per cent FD interest rate on 5 years and above tenor. So, in the case of Special FD Scheme for senior citizens at SBI, a customer has an opportunity to fetch 6.20 per cent FD interest rate (5.40 + 0.50 + 0.30).

HDFC Bank special FD interest rate

HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care. The private lenders is offering an additional 25 bps FD interest rate to elderly Indians, which is beyond 50 bps interest rate offered to senior citizens in normal circumstances. So, a senior citizen has an opportunity to get 0.75 per cent additional FD interest rate under HDFC Senior Citizen Care.


As per the HDFC Bank FD interest rates effective from 21 May 2021 on five years and above tenor, HDFC Bank FD interest rate is 5.50 per cent. So, if a senior citizen opens FD scheme under the special FD scheme for senior citizens at HDFC Bank, they will get 6.25 per cent return on their FD.

ICICI Bank special FD rate for senior citizens

ICICI Bank introduced ICICI Bank Golden Years FD scheme under the special FD scheme for senior citizens. In this FD scheme, ICICI Bank is offering 80 bps additional FD interest rates to the senior citizens in comparison to the normal FD depositors. ICICI Bank is offering 5.50 per cent to the FD for the tenor 5 years and above, so a senior citizen will get 6.30 per cent FD returns under ICICI Bank Golden Years FD scheme.


Bank of Baroda special FD scheme

Bank of Baroda is offering 100 bps higher yields on senior citizens’ FDs. If an elderly Indian citizen opens an FD under the special FD scheme, then the interest rate applicable to its FD will be 6.25 per cent. These rates are effective from 16 November.

So, ICICI Bank is giving highest FD interest rate of 6.30 per cent to the senior citizens under Special FD Scheme while SBI is offering least 6.20 per cent FD interest rate to senior citizens under ‘We Care” scheme.


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