Fixed Deposits (FDs) remain a popular choice for investors seeking stable returns. In response to a decline in FD investments due to the rising popularity of mutual funds and stock markets, banks have introduced special FD schemes with higher interest rates and specific tenures to attract customers. These schemes cater to various investment needs, offering competitive rates for general citizens, senior citizens, and even super senior citizens.
Let’s explore the key offerings from major banks like SBI, IDBI Bank, Indian Bank, and Punjab & Sind Bank to help you make an informed decision.
SBI Special FD Schemes
The State Bank of India (SBI) has launched two attractive schemes: Amrit Kalash and Amrit Vrishti, aimed at meeting diverse investment needs.
| Scheme | Tenure | General Citizens | Senior Citizens | Super Senior Citizens | Deadline |
|---|---|---|---|---|---|
| Amrit Kalash | 400 days | 7.10% | 7.60% | 7.70% | March 31, 2025 |
| Amrit Vrishti | 444 days | 7.25% | 7.75% | 7.85% | March 31, 2025 |
Key Highlights:
- Additional 10 basis points for super senior citizens (aged 80+).
- Premature withdrawals allowed with applicable penalties.
IDBI Bank Special FD Schemes
IDBI Bank’s Utsav Callable FD is an appealing option, offering varying interest rates based on tenure.
| Tenure | General Citizens | Senior Citizens | Super Senior Citizens |
|---|---|---|---|
| 300 Days | 7.05% | 7.55% | 7.55% |
| 375 Days | 7.25% | 7.75% | 7.90% |
| 444 Days | 7.35% | 7.85% | 8.00% |
| 555 Days | 7.40% | 7.90% | 8.05% |
| 700 Days | 7.20% | 7.70% | 7.85% |
Key Features:
- Super senior citizens enjoy the highest interest rates.
- Flexible tenure options ranging from 7 days to 20 years.
- Premature withdrawals attract a 1% penalty on the applicable rate.
Indian Bank Special FD Schemes
Indian Bank offers two competitive schemes under its IND Supreme and IND Super products:
| Scheme | Tenure | General Citizens | Senior Citizens | Super Senior Citizens | Deadline |
|---|---|---|---|---|---|
| IND Supreme | 300 days | 7.05% | – | – | March 31, 2025 |
| IND Super | 400 days | 7.30% | 7.80% | 8.05% | March 31, 2025 |
Punjab & Sind Bank Special FD Schemes
Punjab & Sind Bank offers a wide range of special FD tenures, valid until March 31, 2025. These include tenures of 222, 333, 444, 555 (callable and non-callable), 777, and 999 days.
Key Features:
- Competitive interest rates based on tenure and customer category.
- Callable and non-callable options available for certain tenures.
Why Choose Special FD Schemes?
- Higher Returns: These schemes offer interest rates higher than regular FDs, making them lucrative for those seeking stable yet enhanced returns.
- Flexible Tenures: From short-term deposits of 300 days to long-term options, these schemes cater to diverse financial goals.
- Safe Investment: Backed by banks, these FDs ensure security and guaranteed returns.
- Senior Citizen Benefits: Higher interest rates for senior and super senior citizens.
Things to Consider Before Investing
- Deadlines: Ensure you invest before the specified deadlines to lock in the higher interest rates.
- Premature Withdrawals: Check the penalty structure for early withdrawals.
- Eligibility: Some schemes, like SBI Patrons, are designed exclusively for specific customer categories (e.g., super senior citizens).
- Compare Rates: Analyze rates across banks to choose the most suitable option for your financial goals.
FAQs
What are the benefits of special FD schemes?
Special FD schemes offer higher interest rates, short tenures, and enhanced returns for specific customer categories like senior citizens.
What is the deadline for SBI’s Amrit Kalash and Amrit Vrishti schemes?
The last date to invest in these schemes is March 31, 2025.
Are premature withdrawals allowed for these schemes?
Yes, most schemes allow premature withdrawals but impose penalties.
How do super senior citizens benefit from these schemes?
Super senior citizens enjoy additional interest rates, often 10 basis points higher than senior citizen rates.
Can I invest in special FDs online?
Yes, most banks offer the option to invest in these schemes through their online banking portals.
What is the interest rate for IDBI’s Utsav Callable FD?
The interest rate ranges from 7.05% to 8.05%, depending on tenure and customer category.
Are special FD schemes better than regular FDs?
Special FD schemes often provide higher returns, making them more attractive than regular FDs for short-term investments.
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