The deadline for investing in HDFC Bank's senior citizens-only special fixed deposit program has been extended

HDFC Bank has yet again extended last date to invest in senior citizen special FD with higher interest rate Launched in May 2020, this unique senior Citizen Care FD provides with greater interest rate perks

HDFC Bank has extended the last date to invest in its senior citizens-only special fixed deposit scheme. This special Senior Citizen Care FD offers higher interest rate benefits for senior citizens and it was launched in May 2020.

When is the last date to invest in HDFC Bank Senior Citizen care FD?

The last date to invest in the Senior Citizen Care FD plan has been extended to May 10, 2024.

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Senior Care FD details
According to the HDFC bank website, “Senior Citizens can enjoy a higher interest rate with HDFC Bank Senior Citizen Care FD. Apart from the existing premium of 0.5% over the regular FD rate, Senior Citizen Care FD provides an additional 0.25% over and above the 0.5% premium. The benefit of the above additional rate of 0.75% is applicable on the special offer between 18th May 2020 to 2nd May 2024. Further, this scheme is for those depositors who wish to deposit below Rs 5 crores.”

Tenor and Interest Rate in ₹ (Per Annum)>= ₹2 Cr. to Regular RateSenior Citizen RateRegular RateSenior Citizen Rate5 years 1 day to 10 years7%7.75%*7%7.75%*

Age eligibility
Only residents who are 60 years of age or older are eligible to apply for elderly Citizen Care FD, since this program is exclusively for the benefit of senior citizens.

Premature closure
If you select to prematurely close this special senior citizen FD (including sweep in / partial closure), the interest rate will decline as follows: (a) If the deposit is closed prematurely on or before 5 years, the interest rate will be 1.00% lower than the rate on the date of booking, for the time during which the deposit was held by the bank. (a) If a Fixed Deposit is prematurely closed after 5 years, the interest rate will be 1.25% lower than the rate on the date of deposit booking, for the time during which the deposit was with the bank.

Quarterly and monthly interest payout
The offer is applicable to quarterly and monthly interest payouts on fixed deposits of less than Rs 5 crores with a duration of 5 years and 1 day or more. The monthly payout will be paid at a discounted rate as compared to the standard rate.

Minimum and maximum amount
Individuals can invest in Senior Citizen Care FD with a minimum amount of Rs 5000 and a maximum amount of Rs 4,99,99,999.99 (i.e., less than Rs 5 crores).

Minimum and Maximum Tenure
Individuals can invest in Senior Citizen Care FD for a minimum tenure of 5 years and 1 day and a maximum tenure of 120 months.

How to invest in Senior Citizen Care FD
If you are an existing HDFC Bank customer, you may invest in this FD using the three-step approach available on the HDFC Bank website, NetBanking, or MobileBanking app.
Alternatively, you can visit your local HDFC Bank branch. If the tenure selected ranges from 5 years and 1 day to 10 years, the special FD rate for elderly residents will be automatically calculated. To book such FDs, the branch just requires the declaration form and the FD form.

Senior citizen regular FD rates

HDFC Bank offers fixed deposit interest rate between 3.50% to 7.75% for senior citizens for tenure between 7 days to 10 years. According to the bank website, “ For Sr. Citizens, get 0.50%*p.a. extra! Hurry! Limited Period Rates for FD Amt. Tenor Bucket
FD interest rate for senior citizens7 - 14 days3.50%15 - 29 days3.50%30 - 45 days4.00%46 - 60 days5.00%61 - 89 days5.00%90 days 5.00%6 months 1 days 6.25%9 months 1 day to 6.50%1 year to 7.10%15 months to 7.60%18 months to 7.75%21 months - 2 years7.50%2 Years 1 day to 7.50%2 Years 11 Months - 35 Months7.65%2 Years 11 Months 1 day 7.50%3 Years 1 day to 7.50%4 Year 7 Months - 55 months7.70%4 Year 7 Months 1 day 7.50%5 Years 1 day - 10 Years7.75%*

This story originally appeared on: India Times - Author:Faqs of Insurances