HDFC Bank offering a special deposit for senior citizens naming it as HDFC Senior Citizen CARE FD. HDFC Senior Citizen CARE FD Vs SBI WeCare FD Vs Senior Citizens Savings Scheme (SCSS) – Which is the best?
A few days back I wrote an article comparing SBI WeCare FD with Senior Citizen Savings Scheme (SCSS). You can refer the same at “SBI WeCare Deposit Vs Senior Citizens Savings Scheme (SCSS) – Which is the best?“.
Banks are offering these special rates as they are flooded with liquid cash and also considering the situations due to Covid-19. But it does not mean you have to BLINDLY go for such FDs. Because there are few thigns which you have to consider before buying these FDs. Like what is your requirement, liquidity, premature closure rules, interest rates offering or taxation issues.
HDFC Senior Citizen CARE FD Vs SBI WeCare FD Vs Senior Citizens Savings Scheme (SCSS) – Which is the best?
Effective from 18th May’20 to 30th Sept’20, HDFC Bank offers a special senior citizen CARE FD. The features are almost the same as SBI WeCare FD.
You noticed that in many cases both SBI WeCare and HDFC Senior Citizen CARE deposits are the same. However, the SCSS still holds good and the best choice for you.
The premature withdrawal rules are easy in the case of SCSS. However, in the case of HDFC FD, you end up earning less of almost 1% from the current 6.5%. Hence, even if we compare both SBI and HDFC FD, my choice is SBI FD over the HDFC FD.
Conclusion:-After comparing HDFC Senior Citizen CARE FD Vs SBI WeCare FD Vs Senior Citizens Savings Scheme (SCSS), obviously SCSS is the best choice. The only negativity with respect to SCSS is the maximum limitation of Rs.15 lakh. Choose the one which is best suitable for your requirement.
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