HDFC Bank Scheme: Date of investment extended in the special scheme of a big bank, know why you should invest money..
HDFC Bank Scheme: Fixed deposit is considered the safest and easiest investment for senior citizens. Banks of the country also design separate fixed deposit schemes for senior citizens, on which they get a separate additional interest rate. HDFC Bank also runs a similar scheme – HDFC Senior Citizen Care FD. The good news is that the bank has extended the date for investing in this special fixed deposit scheme.
When can you apply? (HDFC Senior Citizen Care FD)
HDFC Bank has extended the last date for investing in its special scheme HDFC Senior Citizen Care FD to May 2, 2024.
Why should one invest? (HDFC Senior Citizen Care FD Interest Rate)
This fixed deposit scheme is offering 7.75% interest. Apart from getting a premium of 0.5% on the regular FD rate of the bank, apart from, senior citizens get an extra 0.25% interest on this 0.5% on Senior Citizen Care FD. That means a total additional interest of 0.75%. Those who invest will get this additional interest till May 2. This scheme will be applicable on deposits below Rs 5 crore.
How much return will you get?
If you invest Rs 5 lakh in this scheme for 5 years and 1 day on April 23, 2024, then you will get Rs 1,84,346 as interest till March 24, 2029. That means you will get a total return of Rs 6,84,346. If you invest Rs 5 crore then you will get Rs 18,43,471 till March 24, 2029, only from interest i.e. you will get a return of Rs 5,18,43,471.
Rules of investing
Senior citizens can invest a minimum of Rs 5,000 and a maximum of Rs 5 crore in this scheme. Investment can be made in this scheme for a minimum of 5 years and 1 day and a maximum of 10 years.
When do you get interested?
In this special FD scheme, interest is given quarterly and monthly on deposits less than Rs 5 crore and deposits above 5 years and 1 day.
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