These Fixed Deposits With Higher Interest Rates Ending On March 31, Check Details

Banks are going to close the special fixed deposit schemes offering higher interest rates by the end of this month. Both public and private banks announce revised interest rates on fixed deposits depending on the change in repo rate by the Reserve Bank of India (RBI). Since May 2022, the RBI has increased the repo rate cumulatively by 250 basis points to 6.5 per cent. Many banks had introduced special fixed deposit schemes offering higher return for senior citizens and other investors.

However, the lenders are now going to withdraw these special FDs after March 31, 2023.

HDFC Bank FD For Senior Citizens

HDFC Bank had launched the ‘Senior Citizen Care FD’, a special term deposit product for elderly individuals, on May 18, 2020. Under a special deposit offer running till March 31, 2023, HDFC Bank offers elderly persons an additional interest rate of 0.25 per cent. The FD plan offers 7.75 per cent return for a tenure of 10 years.

SBI Amrit Kalash FD

State Bank of India had introduced a specific tenure scheme called ‘400 days’ (Amrit Kalash plan) on February 15, 2023, with an interest rate of 7.60 per cent for senior citizens and 7.10 per cent for other investors. This scheme will also come to an end on March 31.

IDBI Bank Senior Citizen Deposit

The bank had launched a new fixed deposit scheme named “IDBI Naman Senior Citizen Deposit” in April 2022. It is aimed at catering to senior citizens. This unique program offers FDs for tenures from one year to 10 years. Senior citizens can get an additional 0.50 percent interest on their deposits. For a 10-year FD the bank is offering a 7.75 percent interest rate.

Indian Bank FD

The Indian Bank is offering 7 per cent to the general public and 7.50 per cent to senior citizens under the Ind Shakti 555 Days scheme. The minimum investment under this scheme is Rs 5,000, and the maximum investment is less than Rs 2 crore for 555 days.

Punjab & Sind Bank Special FDs

The bank has introduced four special fixed deposit schemes — PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days. All these schemes will be available until March 31 2023.

The PSB Fabulous 300 Days scheme offers an interest rate of 7.5 per cent per annum for the general public, 8 per cent for senior citizens, and 8.35 per cent for super senior citizens. The PSB Fabulous Plus 601 Days scheme provides senior citizens 7.5 per cent, and super senior citizens 7.85 per cent return.

The PSB e-Advantage Fixed Deposit- A Digital Only Fixed Deposit Account, is available for a tenure of 601 days. It offers a 7 per cent return for the general public, 7.5 per cent for senior citizens, and 7.85 per cent for super senior citizens. The PSB-Utkarsh 222 days scheme offers an interest rate of 7.75 per cent for the general public, 8.25 per cent for senior citizens, and 8.60 per cent for super senior citizens.

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