Some significant financial institutions like ICICI Bank, HDFC Ltd., and Indian Bank will stop offering their special fixed deposit plans next week. Read on to find out the detail.
New Delhi: For risk-averse investors who seek to attain a stable income and deposit safety without taking any market risks, investments in fixed deposits are among the traditional bets. In line with the rising repo rate, which has increased by 190 basis points (bps) to date, including the most recent 50 bps increase by the RBI, bringing it to 5.90 per cent, interest rates on fixed deposits are heading upward.
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The best time to open an FD account with a DICGC-insured bank is right now to receive deposit insurance of up to 5 lacs, which is the icing on the risk-free return cake. Some significant financial institutions like ICICI Bank, HDFC Ltd., and Indian Bank will stop offering their special fixed deposit plans next week.
ICICI Bank’s FD
It is one of the safest fixed deposits available, rated “AAA.” The ICICI Bank Golden Years FD is a particular fixed deposit programme that the bank offers especially to older people. The programme was launched on May 20, 2020, and as a result of several extensions, it will now last through October 31, 2022. Residents who are senior citizens will get an additional interest rate of 0.15 per cent.
Indian Bank’s FD
On September 14, 2022, Indian Bank unveiled the “IND UTSAV 610” unique fixed deposit for retail investors. IND UTSAV 610, a “Special Money Multiplier Term Deposit Product,” with annual interest rates of 6.10 per cent for the general public, 6.25 per cent for senior citizens, and 6.50 per cent for super senior citizens (80 years and over) that is valid through October 31, 2022.
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HDFC Bank’s FD
One of the leading housing finance organisations in India, HDFC Ltd, has introduced a new fixed deposit called “Sapphire Deposits,” which would go into effect on October 14, 2022. The business has unveiled a new fixed deposit with a 45-month tenor to commemorate its 45th birthday.
Interest rates would be applied to deposits up to 2 Crore under this temporary initiative, which was open to both individuals and trusts. Investors can expect profits of up to 7.50 per cent, and the programme will expire on October 31, 2022. In addition to monthly income plans, the “Sapphire Deposits” from HDFC include options for quarterly, half-yearly, annual, and cumulative payments.
