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Special Fixed Deposit (FD) Schemes for Senior Citizens: Interest Rates in 2023


Special FD Schemes for Senior Citizens in 2023

In the wake of the Covid-19 pandemic, banks introduced special fixed deposit (FD) schemes tailored for senior citizens in May 2020. These unique schemes offer enhanced interest rates to elderly individuals who opt for FDs with 5 years or more tenure. Amid several revisions of the closing dates by banks since their inception, renowned institutions like the State Bank of India (SBI), HDFC Bank, and ICICI Bank have extended these special term deposit options exclusively for senior citizens.

1. SBI WeCare Fixed Deposit Scheme: Interest Rates and Features

The State Bank of India (SBI) unveiled the “SBI WeCare” Deposit scheme for senior citizens. This scheme offers an additional premium of 50 basis points (bps) on top of the existing 50 bps for regular FD rates, applicable to FDs with a tenure of ‘5 years and above.’ SBI WeCare’s application deadline has been extended to September 30, 2023. SBI offers an attractive interest rate of 7.50% on these deposits.

2. HDFC Senior Citizen Care FD: Interest Rates and Features

HDFC Bank extends a premium of 25 bps over and above the existing 50 bps premium to senior citizen FD depositors for a tenure ranging from 5 years and 1 day to 10 years. This translates to an impressive interest rate of 7.75%, specifically designed for senior citizens. The scheme remains valid until November 7, 2023.

3. ICICI Bank Golden Year FD: Interest Rates and Features

ICICI Bank provides senior citizens with an additional interest rate of 10 bps, augmenting the existing additional rate of 50 bps. This privilege is available for tenures ranging from 5 years and 1 day to 10 years. Senior citizens investing in ICICI Bank’s Golden Years FD can enjoy an interest rate of 7.5%. This offer is valid until October 31, 2023.

4. IDBI Special FD Scheme: Interest Rates

In addition to the three major banks, IDBI Bank introduced a limited-period special fixed deposit scheme called “IDBI’s Amrit Mahotsav FD.” This scheme comes in two variants: a 375-day tenure offering an interest rate of 7.60% and a 444-day tenure offering 7.65% interest. The scheme remains open for subscription until September 30, 2023.

Market Outlook and Expert Opinions

Bank fixed deposit interest rates are currently at their peak, leading experts to predict that further rate hikes are unlikely. With the Reserve Bank of India (RBI) maintaining a rate pause for the third consecutive time, it is becoming increasingly evident that banks are not likely to increase interest rates on these deposits further. This environment allows senior citizens to secure attractive returns through the aforementioned special FD schemes.


Special fixed deposit schemes for senior citizens have emerged as a viable investment option amid the challenging economic circumstances caused by the Covid-19 pandemic. Banks like SBI, HDFC Bank, and ICICI Bank have introduced schemes with higher interest rates for senior citizens opting for extended tenure FDs. These initiatives have been extended multiple times due to their popularity. IDBI Bank’s limited-period “Amrit Mahotsav FD” also offers competitive interest rates for shorter tenures. As the interest rate landscape appears stable, senior citizens seeking secure and lucrative investment avenues should consider these special FD schemes a prudent choice.


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