Several banks are offering special fixed deposits (FDs) with irregular tenors of days rather than months or years in response to the rising interest rate, thereby providing higher interest rates than traditional FDs.
Here are 5 special Fixed Deposit Schemes (FDs) in various banks, including SBI, HDFC, and IDBI Bank that will expire in March 2023
SBI FD: The "400 days" (Amrit Kalash) tenor scheme was introduced by the State Bank of India (SBI), the largest lender in the nation, on February 15, 2023, with an interest rate of 7.60 percent for elderly citizens and 7.10 percent for the general public. This exclusive offer is still available, according to SBI, through March 31, 2023.
HDFC FD: HDFC Bank, launched "Senior Citizen Care FD," a special term deposit product for seniors, on May 18, 2020. The programme expires on March 31, 2023. In addition to the current fee of 0.50%, HDFC Bank promises to charge senior citizens customers who want to register a fixed deposit for a duration of five years and one day to 10 years less than 5 crores an extra premium of 0.25%. For the HDFC Senior Citizen Care FD, the bank offers senior citizens an interest rate of 7.75%, which is 75 basis points (bps) greater than the standard rate of 7%.
Indian Bank FD: A unique retail term deposit product called "Ind Shakti 555 Days" with higher interest rates for both the general public and older citizens was launched by public sector lender Indian Bank on December 19, 2022. Program is valid till March 31, 2023.
IDBI Bank FD: The private sector lender IDBI Bank introduced the "IDBI Naman Senior Citizen Deposit," a special fixed deposit, for seniors on April 20, 2022. The program's tenor ranges from more than a year to up to ten years, and it is available until the end of March 2023.
Punjab & Sind Bank FD: This public sector lender is providing consumers with four distinctive fixed deposit programs such as PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days. On March 31, 2023, all of these programs of Punjab & Sind Bank will expire, according to the lender's official website.
