HDFC Bank Ltd announced a special offer of 0.25% higher interest rate on its Senior Citizen Care Fixed Deposits. The offer is applicable with immediate effect on new as well as renewed FDs.
The additional interest of 0.25% being offered is over and above the existing premium of 0.50% higher interest rate. HDFC Bank Senior Citizen Care FD will now cumulatively fetch 75 basis points (bps) higher interest rate as compared to the general public.
With this offer, Senior Citizens can book FD at an attractive interest rate of 6.5%. Resident senior citizens will be eligible to avail this offer for Fixed Deposits of less than Rs 5 crore and for a tenure between 5 years 1 day– 10 years.
Launched on May 18, 2020, the offer has been introduced in the retail term deposit segment to safeguard the interests of senior citizens (aged 60 and above). The offer is valid up to September 30, 2020.
"Senior Citizens look for safety and security of their investments especially in the current market situation. They certainly deserve more in a declining interest rate scenario. This offer has been specifically tailored to meet their needs," said Mr. S Sampathkumar, Group Head, HDFC Bank.
Last month, global rating agency S&P said, "Overall we believe that HDFC Bank's individual creditworthiness is significantly stronger than that of the Indian Banking sector," while reaffirming its credit rating of SACP, BBB-/A3 with a stable outlook. This means that we are a strong, resilient bank and it is safe to deposit with us.
A senior citizen would also be able to avail an overdraft facility up to 90% against the special fixed deposits. New customers can visit HDFC Bank branch / login to open an account, while existing customers can open an FD through net banking or the mobile banking app.