In response to the rising interest rate, a number of banks are offering special fixed deposits (FDs) with irregular tenors of days rather than months or years, providing higher interest rates than traditional FDs.
The following are five unique Fixed Deposit Schemes (FDs) offered by SBI, HDFC, and IDBI Bank that will come to an end in March 2023:
SBI FD:
The largest lender in the country, State Bank of India (SBI), introduced the “400 days” (Amrit Kalash) tenor scheme on February 15, 2023, with interest rates of 7.10 percent for the general public and 7.60 percent for seniors. According to SBI, you can still take advantage of this exclusive offer until March 31, 2023.
HDFC FD:
HDFC Bank, sent off “Senior Resident Consideration FD,” an extraordinary term store item for seniors, on May 18, 2020. The program terminates on Walk 31, 2023. HDFC Bank promises to charge senior citizens who want to register a fixed deposit for five years and one day to 10 years and less than 5 crores an additional premium of 0.25 percent in addition to the current fee of 0.50 percent. The HDFC Senior Citizen Care FD has an interest rate of 7.75 percent for senior citizens, which is 75 basis points (bps) higher than the standard rate of 7 percent.
Indian Bank FD:
On December 19, 2022, public sector lender Indian Bank introduced a novel retail term deposit product with higher interest rates for the general public and seniors called “Ind Shakti 555 Days.” The program can be used until March 31, 2023.
IDBI Bank FD:
On April 20, 2022, the private lender IDBI Bank introduced the “IDBI Naman Senior Citizen Deposit,” a unique fixed deposit just for seniors. The duration of the program, which lasts until the end of March 2023, can be as long as ten years or longer.
Punjab & Sind Bank FD: The PSB Fabulous 300 Days, the PSB Fabulous Plus 601 Days, the PSB e-Advantage Fixed Deposit, and the PSB-Utkarsh 222 Days are the four distinct fixed deposit programs that this public sector lender is offering to customers. According to the official website of Punjab & Sind Bank, all of these programs will end on March 31, 2023.
