HDFC Bank Extends Special FD Scheme For Senior Citizens With Higher Interest Rates

HDFC Bank has once again extended its special fixed deposit (FD) scheme, known as Senior Citizen Care FD, offering higher interest rates to senior citizens. Initially launched in May 2020 during the Covid-19 pandemic, the bank has now extended the last date to invest in the scheme until 7 November 2023.

Under the scheme, senior citizens can enjoy an additional premium of 0.25 per cent (in addition to the existing premium of 0.50 per cent) on FDs of less than 5 crores for a tenure of 5 years and 1 day to 10 years. This special offer is applicable to both new fixed deposits and renewals made by senior citizens during the specified period.

It's important to note that the special offer is not applicable to Non-Resident Indians. The private sector lender, HDFC Bank, provides an attractive interest rate of 7.75 per cent to elderly individuals for FDs with a tenure between 5 years and 1 day to 10 years.

In other news, the merger between HDFC Ltd and HDFC Bank was successfully completed on 1 July 2023, establishing it as the largest private sector lender in the country. HDFC Bank also recorded a notable 15.8 per cent loan growth in the first quarter. As of 30 June 2023, the bank reported aggregate deposits of approximately Rs 19,13,000 crore, indicating a growth of around 19.2 per cent compared to the same period last year. Additionally, gross advances for the merged entity amounted to approximately Rs 22,45,000 crore, reflecting a growth of 13.1 per cent over the same period last year. Deposits reached approximately Rs 20,63,500 crore, a rise of 16.2 per cent from the previous year.