5 Special Fixed Deposits (FD) to expire in March 2023

SBI Special FD

State Bank of India (SBI), the country’s largest lender, launched a specific term scheme named “400 Days” (Amrit Kalash) on February 15, 2023, with an interest rate of 7.60% for senior citizens and 7.10% for senior citizens. % interest rate. general public. According to SBI, this special deal is active till March 31, 2023.

On the other hand, SBI WeCare FD is a special fixed deposit program available only for senior citizens. SBI will close its WeCare FD program on March 31, 2023 after several extensions. An additional premium of 30 basis points in addition to the existing 50 basis points on their retail fixed deposits for tenures of 5 years and above will be provided under SBI WeCare Deposit for Senior Citizens in 2022, announced by the bank.

HDFC Bank Special FD

HDFC Bank, the largest private sector lender in the country, launched “Senior Citizen Care FD”, a special term deposit product for elderly individuals on May 18, 2020. Under the special deposit offer running from May 18, 2020 till March 31, 2023, HDFC Bank promises to give to senior citizens who have less than 5 crores for a period of 5 (five) years and 1 day to 10 years Rs.1,000/- additional premium of 0.25% over and above the existing premium of Rs.0.50%.

According to the bank, this special deal is valid only for senior citizens, who book new fixed deposits or renew existing fixed deposits within the above period. NRIs are not eligible for this offer. On HDFC Senior Citizen Care FD, the bank promises an interest rate of 7.75% to senior citizens, which is 75 bps higher than the regular rate of 7%.

Indian Bank Special FD

On December 19, 2022, a special retail fixed deposit product named “Ind Shakti 555 Days” was launched by public sector lender Indian Bank with higher interest rates for both general public and old age persons. “Launched w.e.f. 19.12.2022, offering higher rate of interest for investments ranging from Rs.5000 to less than Rs.2 Crore for 555 days in the form of FD/MMD with callable options. Scheme 31.03. Valid till 2023.” Bank on its website. Non-senior citizens will get an interest rate of 7% on this special fixed deposit and senior citizens can earn as high as 7.50%.

IDBI Bank Special FD

Private sector lender IDBI Bank launched a special fixed deposit for senior citizens “IDBI Naman Senior Citizen Deposit” on April 20, 2022. The duration of the program ranges from more than one year to ten years, and is available until the end of March 31, 2023.

According to IDBI Bank, under this programme, senior citizen residents will get an additional interest rate of 0.25% in addition to the existing additional rate of 0.50% per annum, taking the total benefit for senior citizens to 75 bps over and above the standard rates. The additional rate will be available on newly registered deposits as well as on renewed deposits during the entire program period.

Punjab and Sind Bank Special FD

The public sector lender is offering 4 special fixed deposit schemes for its customers namely PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit and PSB-Utkarsh 222 Days. All these schemes of Punjab and Sind Bank are going to expire on March 31, 2023, as per the official website of the lender.

PSB Superb 300 Days as the name suggests comes with a tenure of 300 days only, under which the bank offers an interest of 7.50% per annum for general public, 8.00% for senior citizens and 8.35% for super senior citizens rate is promising.

Under the PSB Fabulous Plus 601 Days Scheme, non-senior citizens will get an interest rate of 7%, senior citizens can earn 7.50% and very senior citizens can earn up to 7.85% over the tenure of 601 days.

“PSB e-Advantage Fixed Deposit- A Digital Only Fixed Deposit Account” is being offered by Punjab & Sind Bank for a tenure of 601 days and under this scheme general public can get 7% returns, senior citizens 7.50 % and very senior citizens can earn 7.85%.

PSB-Utkarsh 222 Days as the name suggests comes with a tenure of 222 days, and on this plan, Punjab and Sind Bank offers an interest rate of 7.75% for general public, 8.25% for senior citizens and super senior is promising an interest rate of 8.60% for citizen.

Preet Pal Thakur- Co-founder Glamyo Health said, “When it comes to special fixed deposits that come with odd tenors in days, it is important to evaluate whether such investments are in line with our financial goals. While odd tenors in days may offer higher interest rates than regular fixed deposits, it is important to consider the restrictions that come with such investments. Limited liquidity and early withdrawal penalties may limit our ability to access funds when needed.”

“Moreover, the interest rates offered may not be competitive in the current market conditions, and there may be other investment options that offer better returns with less risk. I understand the importance of taking calculated risks, but prudence This suggests that we should also consider the potential risks and rewards of any investment,” said Preet Pal Thakur.

“Ultimately, the decision to invest in special Fixed Deposits with odd duration in days depends on our financial goals, risk appetite and prevailing market conditions. I strongly believe in making informed decisions that align with our business objectives and long-term financial goals to help us achieve long-term success,” said Preet Pal Thakur.