Due to the increasing interest rate, several banks have started offering special fixed deposits (FDs) with non-traditional tenures in terms of days instead of months or years, providing customers with higher interest rates. In this article, we will discuss five special FD schemes that are currently available at various banks, including SBI, HDFC, and IDBI Bank, that will expire by the end of March 2023.
The first scheme is the “400 days” (Amrit Kalash) tenor scheme offered by the State Bank of India (SBI), the largest lender in the country. The scheme was introduced on February 15, 2023, with an interest rate of 7.60 percent for senior citizens and 7.10 percent for the general public. According to SBI, this exclusive offer is still available until March 31, 2023.
The second scheme is the “Senior Citizen Care FD” offered by HDFC Bank. This special term deposit product for seniors was launched on May 18, 2020, and is set to expire on March 31, 2023. In addition to the current fee of 0.50%, HDFC Bank promises to charge senior citizen customers an extra premium of 0.25% for fixed deposits ranging from five years and one day to 10 years, less than 5 crores. For the HDFC Senior Citizen Care FD scheme, the bank offers senior citizens an interest rate of 7.75%, which is 75 basis points (bps) higher than the standard rate of 7%.
On December 19, 2022, Indian Bank, a public sector lender, introduced a retail term deposit product called “Ind Shakti 555 Days.” This unique product offers higher interest rates for both the general public and senior citizens. The scheme is set to expire on March 31, 2023.
IDBI Bank, a private sector lender, introduced a special fixed deposit called “IDBI Naman Senior Citizen Deposit” for seniors on April 20, 2022. The scheme is available until the end of March 2023 and offers a tenor ranging from more than a year to up to ten years.
Punjab & Sind Bank, a public sector lender, offers customers four unique fixed deposit programs, including PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days. All of these programs will expire on March 31, 2023, according to the lender’s official website.
