Due to the Central Bank of India's most recent rate hikes, your EMI responsibilities may have increased, but on the bright side, FD rates have also increased. After the central bank's recent round of significant hikes in interest rates, some banks have given their clients the advantage of higher FD returns.
In the meanwhile, a number of banks, including SBI, HDFC Bank, Indian Bank, IDBI bank, and Punjab & Sind Bank, announced exclusive FD schemes or limited-time FD schemes for their clients, all of which end on March 31, 2023.
Let’s take a look at 5 special fixed deposit schemes that are going to end on 31st March 2023.
SBI Amrit Kalash Deposit FD Scheme
The largest lender in India, State Bank of India (SBI), has launched a new Fixed Deposit (FD) Plan with "excellent interest rates" and a 400-day term for local and NRI customers. Senior citizens will receive 7.60 per cent interest on their FDs under the SBI Amrit Kalash Deposit FD Scheme. The SBI Amrit Kalash Deposit, however, is only good for a short time. Consumers have till the end of March 2023 to avail benefits of this scheme.
Punjab & Sind Bank Special FD Scheme
A number of Special FD Schemes are being offered by Punjab & Sind Bank; all of them expire on March 31, 2023. The PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days are a few examples. PSB e-Advantage Fixed Deposit, PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, and PSB-Utkarsh 222 Days
HDFC Bank Senior Citizen Care FD
For senior citizens who want to reap the benefits of an excellent rate of interest on fixed deposits, the HDFC Bank Senior Citizen Care FD was introduced in 2020 and is valid through the end of March 2023. 0.75% higher interest is being offered on Senior Citizen Care FDs by HDFC Bank. This offer is only available to Indian senior citizens (60 years of age and over; NRIs are not eligible) who want to book a fixed deposit for less than Rs. 5 crores for a term ranging from 5 days to 10 years. Offer applicable for any Senior Citizens FD purchases or renewals < 5 crores.
Indian Bank IND SHAKTI 555 DAYS FD Scheme
On December 19, 2022, an Indian bank introduced the "IND SHAKTI 555 DAYS" special retail term deposit product, which offers a higher rate of interest for investments between Rs 5000 and less than 2 crore for 555 days in the form of FD/MMD with callable options. The IND SHAKTI 555 DAYS FD Plan from Indian Bank is valid till March 31, 2023.
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IND SHAKTI 555 DAYS – RATE OF INTEREST |
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Public |
7.00% |
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Senior Citizen |
7.15% |
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7.50 % |
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IDBI Bank Naman Senior Citizen Deposit
In order to allow senior citizens to earn more income on their fixed deposits, IDBI Bank launched the IDBI Bank Naman Senior Citizen Fixed Deposit programme. Up until March 31, 2023, there is a limited-time offer on the IDBI Bank Naman Senior Citizen Deposit. Senior citizens are eligible to earn up to 0.75 per cent additional interest.
A minimum deposit of Rs 10,000 is required. The plan allows for premature withdrawals. Deposits that are prematurely withdrawn will be charged interest at the rate in effect for the deposit's amount and the time it was held by the bank (rate applicable for that tenure on the original date of the deposit). The Bank will charge a 1% penalty on the appropriate rate for any such early withdrawals, including sweep-ins and partial withdrawals.
