Many banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), Bank of Baroda (BoB) offer 50 basis points (0.50 basis points) to senior citizens for FDs of 7 to 10 years compared to normal customers. per cent) pay additional interest. Let us take a look at the interest rates offered to senior citizens on these special FDs.

SBI Special FD Scheme for Senior Citizens

We Care, the special FD scheme of State Bank of India, offers an additional 30 bps interest rate to senior citizens on their FDs for a tenure of 5 years or more. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable on FD will be 7.50 per cent.

These interest rates are effective from February 15, 2023. SBI Amrit Kalash FD scheme comes with a special tenor of 400 days, on which general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60%.

HDFC Bank Special FD Scheme for Senior Citizen

HDFC Bank’s special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers 75 bps higher rate of interest on these deposits. According to the bank’s website, the last date for investing in the Senior Citizen Care FD scheme has been extended till July 7, 2023.

HDFC Bank offers an interest rate of 7.75% to senior citizens for tenure between 5 years and 1 day to 10 years. These rates are effective from May 29, 2023. Apart from this, HDFC Bank has also introduced two special edition FDs with tenures of 35 and 55 months which offer interest rates of 7.70% and 7.75% respectively to senior citizens.

ICICI Bank Special FD Scheme for Senior Citizens

ICICI Bank’s Special FD Scheme for Senior Citizens – ICICI Bank Golden Years FD Scheme offers 80 bps higher interest rate. ICICI Bank Golden Year FD scheme offers 7.50 per cent interest annually. These interest rates are effective from February 24, 2023.

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For some time, the issue of privatization of public sector banks is being discussed loudly. The central government has merged 27 public sector banks into 12 banks within just three years by merging several big public sector banks under banking reforms. By the way, the government has also said that the banking sector will be recognized as a strategic sector regarding the issue of privatization.

Once again the news regarding the privatization of banks has intensified. Preparations are being made for big planning by the Government of India regarding the banks.

In this connection, NITI Aayog has also issued a list, in which it has been told that in the coming time, which banks will be privatized and which will be kept out of the list.

These banks will not be privatised-

According to the list released by NITI Aayog, the government will privatize Punjab National Bank (PNB), Union Bank (Union Bank), Canara Bank (SBI), Bank of Baroda (BOB) ) and will not privatize Indian Bank.

These are included in the list of privatization –

Along with this, the commission has also written in the notice that all those banks which were part of the bank consolidation of the country will be kept out of the list of privatization. It was announced in the budget speech by Finance Minister Nirmala Sitharaman that two public sector banks and a general insurance company would be privatised. The current disinvestment target for FY22 announced by the government is Rs 1.75 lakh crore.

This bank will be privatized –

Government and LIC together are trying to sell 60.72 percent stake in IDBI Bank. Last month, the government had said it would allow a consortium of foreign funds and investment firms to acquire more than 51 per cent ownership of IDBI Bank. Sources said the Department of Investment and Public Asset Management (DIPAM) may invite financial bids for IDBI Bank in early 2023.

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Public sector giant Punjab National Bank (PNB) has launched a special FD scheme for a tenure of 600 days. This scheme is valid on FDs up to Rs 2 crore. Under this, interest rates up to 7.85 percent are being offered to senior citizens and super senior citizens.

Giving information about this, Atul Kumar Goel, MD & CEO, Punjab National Bank said, “Our aim is to offer best in class offers to our customers. With such high FD rates, the bank is giving a good option to the customers. So that customers can earn the most on their savings.

This is the special FD scheme of PNB Special FD scheme of PNB for people of 60 years and above (Senior Citizen) and 80 years and above (Super Senior Citizen) on FD up to Rs 2 crore Interest is being offered on the rates. This plan with FD of 600 days comes with both callable and non-callable options. Existing customers of the bank can avail this scheme through PNB ONE App and internet banking.

Under the scheme, the interest

rate of PNB’s special FD has been implemented from October 11. Under this scheme, PNB is offering 7.50 percent interest to senior citizens and 7.80 percent to super senior citizens in the callable option. In the non-callable option, the general public will get interest at the rate of 7.05 percent. On the other hand, senior citizens will get 7.55 percent and super senior citizens will get 7.85 percent interest. The highest interest is getting on special FDs at the rate of 7.85 percent.

These are the normal FD interest rates.

PNB offers FD plans with tenures ranging from 7 days to 10 years. Under this, interest from 3.50 percent to 7.50 percent is given. The interest rates on FDs are different for general citizens, senior citizens and super senior citizens.

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