Golden Opportunity for Senior Citizens: HDFC’s Special FD Scheme Offers Bumper Interest Rates

During the COVID-19 pandemic, HDFC Bank launched a special fixed deposit scheme called “Senior Citizen Care FD” in May 2020 for senior citizens.

This scheme offered higher interest rates to customers in the senior citizen category.

Senior citizens holding FDs in this scheme would receive an interest rate of 7.75% per annum for a period ranging from 5 to 10 years.

HDFC Bank, being one of the largest private banks in the country, extended its Special FD scheme for senior citizens once again. This means that senior citizens can continue to invest in this scheme. According to the bank’s website, the last date for senior citizens to invest in the Senior Citizen Care FD scheme was extended until November 7, 2023. HDFC Bank offers enhanced interest rates to customers in the senior citizen category.

As of the latest information available, the last date to invest in this scheme was July 7, 2023. It is advisable to visit HDFC Bank’s official website or contact the bank directly for the most up-to-date information on their Senior Citizen Care FD scheme.

Senior citizens investing in HDFC Bank’s Senior Citizen Care FD scheme receive an additional interest rate of 0.25%. Currently, the premium for this scheme is 0.50%, which is available for FDs ranging from one day to ten years. This interest rate is applicable for investments up to INR 5 crores. For a period of 5 to 10 years, senior citizens can avail an interest rate of 7.75%. Additionally, for tenures ranging from 7 years to 10 years, the interest rate increases from 3.35% to 7.75%.

Efforts to Make FDs More Attractive

Apart from the Senior Citizen Care FD scheme, HDFC Bank has extended the deadline for its special fixed deposit (FD) scheme for senior citizens until September 30, 2023. In the past year, the Reserve Bank of India (RBI) has consistently increased the repo rate. Banks have also raised interest rates on their FD schemes to make them more attractive. Several new FD schemes were also introduced. However, in the current financial year, the RBI has not increased the repo rate, which is the rate at which the central bank lends to other banks.

Introduction of FD Schemes

HDFC Bank calculates interest rates on FDs based on the actual number of days in a year. For FDs with both leap and non-leap years, the interest calculation is done based on the number of days. Leap years consist of 366 days, while non-leap years consist of 365 days. HDFC Bank launched two special fixed deposit schemes for a limited tenure. The bank introduced two FD plans, one for 35 months and another for 55 months, to cater to specific time periods.


HDFC’s Special Fixed Deposit Scheme emerges as a golden opportunity for senior citizens seeking a secure and lucrative investment avenue. With its attractive interest rates, flexible tenure options, regular interest payments, and exclusive benefits, the scheme caters specifically to the financial needs of senior citizens, offering a reliable source of income. However, potential investors should carefully evaluate the scheme’s eligibility criteria, lock-in period, and conduct a comparative analysis to maximize their returns. By considering these factors, investors can make an informed decision and capitalize on the benefits provided by HDFC’s Special FD Scheme.

Akash Shrivastav

My name is Akash Shrivastav, and I am a Blogger. I have 8 years of experience in blogging for Finance, Business, Investment, Stock Market, Cryptocurreny and more. Through my writing, I aim to provide readers with insightful and informative content.