SBI introduced a special fixed deposit scheme, SBI Amrit Kalash Deposit FD Scheme, in February 2023. (Representative image)
As SBI and HDFC are two of the most prominent Indian banks, let us take a look at their special fixed deposit schemes that are going to end on March 31.
Fixed deposits are considered a low-risk investment choice. And, middle-income individuals are guided by a low-risk appetite and preference for security over the immediate possibility of higher returns in the stock market.
FDs provide higher interest rates than regular savings accounts. Reportedly, banks are likely to raise their FD interest rate in the coming weeks. So it will be better to wait before booking a long-term FD.
But a special fixed deposit boasts of higher interest rates than even regular fixed deposit accounts. Reports suggest that SBI and HDFC will end their special fixed deposit plans on March 31.
As SBI and HDFC are two of the most prominent Indian banks, let us take a look at their special fixed deposit schemes that are going to end on March 31.
SBI Amrit Kalash FD
SBI introduced a special fixed deposit scheme, SBI Amrit Kalash Deposit FD Scheme, in February 2023.
On February 15, SBI raised interest rates on fixed deposits of less than Rs 2 crore. After the modification, SBI now offers interest rates ranging from 3.00% to 6.50% for the general public and 3.50% to 7.50% for elderly individuals on deposit terms ranging from 7 days to 10 years.
You should note that the bank is giving a maximum interest rate of 7.10% for non-senior citizens and 7.60% for senior citizens for 400 days for a limited time period until March 31.
HDFC Bank Senior Citizen Care FD
HDFC Bank launched a special scheme called Senior Citizen Care FD in May 2020 amid the COVID-19 lockdown. But after numerous extensions, the scheme will expire on March 31.
HDFC Bank has mentioned on its website that “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) 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 March 2023.”
Elderly citizens can avail of an interest rate of 7.75 percent through HDFC Bank’s Senior Citizen Care FD scheme.
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