Investors should act quickly and reserve their fixed deposits (FDs), since lenders will no longer be making attractive offers after March 31, 2023. At the moment, limited-period special FDs from the State Bank of India (SBI), HDFC Bank, IDBI Bank, and Indian Bank have higher interest rates. Notably, the Reserve Bank of India (RBI) has recently taken many initiatives to control inflation, which has resulted in an increase in interest rates. Lenders have increased the rates they charge for fixed deposits in response to this.
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The following list of lenders’ special FD schemes that expire on March 31 includes:
State Bank of India- Scheme for Amrit Kalash deposits
Senior citizens can earn 7.60 per cent interest with the SBI Amrit Kalash deposit programme. It is accessible to both domestic and NRI consumers for 400 days and is available to investors from February 15 to March 31, 2023.
State Bank of India- We Care deposit scheme
Under the SBI Wecare scheme, the bank is giving older citizens who have fixed deposits (FDs) with tenors of five years or longer an extra 50 basis points (bps) on top of the existing 50 bps premium. Following this, senior citizen charges are 7.50 per cent.
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HDFC Bank- Senior Citizen Care FD
Senior citizens are eligible for a 0.75 per cent extra interest rate under this programme from HDFC Bank. This is applicable to individuals who book FDs for a period of 5 years and 1 day to 10 years for less than Rs 5 crore, which will end on March 31, 2023.
IDBI Bank- Naman Senior Citizen scheme
Senior citizens can receive an additional 0.75 per cent interest rate under this programme. On deposits maturing between one year and two years (with the exception of 444 days and 700 days), the interest rate is 7.50 per cent; on deposits maturing between three years and ten years, it is 7 per cent. Newly created deposits as well as deposits renewed throughout the duration of the plan are both eligible for the higher rate.
Indian Bank- IND SHAKTI 555 DAYS
Under the IND SHAKTI 555 DAYS initiative, the bank is offering 7.5% to the general public and 7.50% to senior citizens.
