The repo rate has increased by 250 basis points since May 2022, which has consequently led to banks also hiking their deposit rates to attract customers. Majority of the banks are now offering special fixed deposits with irregular tenures that offer higher rates of interest.
For those who wish to earn a decent return on special fixed deposits, we list the following special fixed deposits that will expire on March 31, 2023. Due to expiration of many special FD schemes, many banks have introduced alternative schemes that offer higher rates.
Here’s a few of them that you might want to invest in.
SBI Special FDs
State Bank of India is offering a special tenure scheme called Amrit Kalash of “400 days” that is active until March 31, 2023. The scheme offers a rate of 7.10 per cent for the general public. Senior citizens get a 50 basis points (bps) premium extra, thus taking the deposit rate to 7.60 per cent.
After many extensions, SBI will discontinue its “We Care” FD programme on March 31, 2023. Under the SBI Wecare Deposit, senior citizens will receive an additional 30 bps over and above the existing 50 bps premium on their retail term deposits for five years and above.
HDFC Bank Special FD
HDFC Bank is also running a “Senior Citizen Care FD”, a special term deposit product till March 31, 2023. For elderly customers, who make a fixed deposit for 5-10 years, HDFC Bank is offering an additional 0.25 per cent premium over and above the existing 0.50 per cent premium, thus taking the deposit rate to effectively 7.75 per cent.
HDFC Bank has also rolled out a new deposit scheme called HDFC diamond deposits that is offering 8 per cent to senior citizens who make deposits up to Rs 2 crore for a period of 75 months. HDFC Bank has offered ‘Sapphire deposits’ (deposits less than Rs 2 crore) to all depositors for a tenure of 45 months.
IDBI Bank Special FD
IDBI Bank has introduced a special fixed deposit for senior citizens, called IDBI Naman Senior Citizen Deposit. This deposit offers tenures ranging from more than a year up to 10 years, and is available until March 31, 2023.
According to IDBI Bank, under this programme, senior citizen residents will receive an additional interest rate of 0.25 per cent over and above the existing 50 bps premium over general deposits. New deposits as well as deposits renewed throughout the period of the program will be eligible for the additional rate.
Indian Bank Special FD
A special retail term deposit product called “Ind Shakti 555 Days” with higher interest rates will be available until March 31, 2023.
Depositors will earn 7 per cent interest on this special fixed deposit, while senior citizens can earn up to 7.50 per cent for deposits less than Rs. 2 crore for a tenure of 555 days.
Alternatively, a special retail term deposit product entitled “IND SUPER 400 DAYS” has been launched from March 6, 2023. It offers a higher rate of interest for investment starting from Rs 10,000 to less than Rs. 2 crore over a period of 400 days. The bank offers 7.10 per cent to general depositors, 7.15 per cent to women, 7.60 per cent to senior citizens, and 7.85 per cent to those over the age of 80.
If you are a woman depositor aged 80 or older, you will receive 7.90 per cent on your deposits. The scheme is valid till April 30, 2023.
Punjab & Sind Bank Special FD
Punjab & Sind Bank is offering special fixed deposit schemes with 300-day tenures, 601-day tenures, and 222 days of tenure. The 300-day tenure scheme offers 7.50 per cent interest to general public, 8 per cent to senior citizens, and 8.35 per cent to super senior citizens. Other schemes offer marginally lower rates. All these schemes are valid till March 31, 2023.
For a tenure of 1,051 days, Punjab & Sind Bank is offering a premium of 25 bps over normal rates, thus offering general depositors 7 per cent interest, and seniors 7.5 per cent interest. This scheme is valid till June 23, 2023.
