New Delhi: Fixed Deposits (FDs) have been considered as one of the safest ways to park money, save taxes and other benefits. Throughout the tenure of the FD, the interest rate remains constant beating inflation and most fixed deposit schemes offer a higher rate of interest than that offered by regular savings account schemes.
Here are two special fixed deposit schemes offered by the State Bank of India and HDFC Bank
Also Read- Cigarette prices to be hiked from April 1: Know revised GST rates on tobacco products, new prices
SBI Amrit Kalash FD – Valid till 31 March 2023
The State Bank of India introduced Amrit Kalash scheme, a specific tenor scheme of “400 days” at a rate of interest of 7.10 per cent for general investors with effect from 15 February 2023. Senior Citizens are eligible for rate of interest of 7.60 per cent. The scheme will be valid till 31 March 2023.
On 15 February 2023, the SBI had raised interest rates on fixed deposits of less than 2 crore. After the change, the bank currently offers interest rates ranging from 3.00 per cent to 6.50 per cent for the general public and 3.50 per cent to 7.50 per cent for elderly individuals on deposit terms ranging from 7 days to 10 years.
Also Read- PAN-Aadhaar Link failure: What to do if PAN and Aadhaar linking fails after paying Rs 1000
HDFC Bank Senior Citizen Care FD – Valid Till 31 March 2023
India’s largest private sector lender, the HDFC Bank, launched a special fixed deposit scheme during the initial wave of COVID-19 pandemic. The programme has been extended many times and is now valid till 31 March 2023.
As per the website, “An Additional Premium of 0.25 per cent(over and above the existing premium of 0.50 per cent) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 31st Mar’2023. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”
While HDFC Bank offers a regular rate of interest of 7.00 per cent on a deposit tenor of 5 years 1 day – 10 years for general investors, senior citizens will receive an interest rate of 7.75 per cent, which is 75 basis points higher than the standard rate under the Senior Citizen Care FD.
” In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) on or before 5 years, the interest rate will be 1.00 per cent below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25 per cent below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower,” reads the bank’s website.
