HDFC Bank is now offering higher than before rates on Fixed Deposits in its Senior Citizen Care FD scheme. The best part of this offer is that you will get additional 0.75% rate (valid until 30th September, 2020). Moreover, for tenure of 5 years and 1 day to 10 years, get 0.75 % additional interest rates. And, for tenure up to 5 yrs, get 0.5% additional rate. HDFC Bank, recently announced a special fixed deposit offer for senior citizens called, ‘Senior Citizen Care FD’. The special FD offer for senior citizens has been made available for investment from 18 May 2020.
Only resident senior citizens aged sixty years and above are eligible to invest in HDFC Bank special FD offer, which has been introduced to protect the income of senior citizens by providing additional interest on their fixed deposits.
Here are other top things to know about this Senior citizen Care FD:-
-Easy investment with High Returns
-Great rates, flexibility and security – in one offering
-Higher rate of interest on Fixed Deposit for Senior Citizens
-Convenience of booking deposit through Net Banking
-In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) prior to 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower
-In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower
-All other terms and conditions as applicable to Fixed Deposit shall remain unchanged and the same shall be applicable to the above fixed deposit too.
Below are the individuals and groups eligible for a Regular Fixed Deposit:
-Hindu undivided families
-Sole proprietorship firms
Document requirement to apply for HDFC Bank Fixed Deposit:
Individual & Company proofs:
Authorised signatories ID proofs
Authorised signatories’ signatures
Hindu Undivided Family:
Self-attested PAN card
HUF declaration deed
HUF’s Bank Statement
Tenure of deposit
A fixed deposit investment under ‘Senior Citizen Care FD’ can be made for a minimum of 5Years1Day and a maximum of 10 years.
HDFC Bank Senior Citizen Care FD offer for senior citizens will fetch 75 basis points (bps) interest rate above the rate applicable to the general public. The bank has cut the interest rates on term deposits with effect from 15 May. After the latest revision, HDFC Bank gives 5.75% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the Senior Citizen Care FD, then interest rate applicable to the FD will be 6.50% . Under this new product, an additional 25 bps premium will be payable for senior citizens’ retail term deposits with “5 years 1 Day & above” tenure only
Interest on fixed deposits under this special FD offer for senior citizens will be paid monthly/quarterly or on maturity. As per HDFC Banks’ website, interest, net of TDS, shall be credited to customer account. For senior citizens, TDS will be deducted if the total interest in a financial year exceeds Rs 50,000.
A senior citizen can take an Overdraft against the special fixed deposits.