HDFC, IDBI banks to near particular senior citizen FDs from October 1: All you wish to have to understand

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Printed on Sep 22, 2022 04:28 PM IST

HDFC’s Senior Citizen Care FD used to be rolled out on Would possibly 18, 2020, whilst IDBI’s Naman Senior Citizen Deposit used to be presented on April 20 the similar yr.

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Not too long ago, HDFC Financial institution and IDBI Financial institution introduced that their respective particular fastened deposit (FD) schemes for senior electorate will finish on October 1. HDFC’s coverage is known as the ‘Senior Citizen Care FD’ and used to be presented on Would possibly 18, 2020, whilst IDBI’s is known as ‘Naman Senior Citizen Deposit’ and used to be introduced on April 20 two years in the past.

HDFC’s Senior Citizen Care FD

As in keeping with Livemint, HDFC’s coverage has adulthood duration of between 5 and 10 years, and the financial institution remaining changed its rates of interest on August 18, on fastened deposits beneath 2 crore.

The be offering isn’t to be had to non-resident Indians (NRIs), and if an FD is being closed on or sooner than 5 years, the passion can be 1% underneath the shrunk price, or the bottom price acceptable for the period for which the deposit has been with the financial institution, whichever decrease​​​​​​.

Then again, the corresponding price in case of closure after 5 years, 1 day however on or sooner than 10 years, can be 1.25%. On this case, it’s 6.50%, 75 foundation issues upper than the usual 5.75%, and the best possible beneath the scheme.

IDBI’s Naman Senior Citizen Deposit

Underneath this, deposits mature after greater than a yr to ten years. Older other people can avail further passion of 0.75% (0.25% over and above the prevailing further 0.50% in keeping with annum + the prevailing price). Handiest recent accounts, in addition to deposits renewed throughout the legitimate duration of the programme, come beneath the additional price.

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