Fixed deposit (FD) interest rates are at their peak, and experts say that the rates will not go up further. However, with RBI’s rate pause for the second time in a row, it looks quite eminent that banks will not hike the interest rate on these deposits any further. Some banks have started cutting their FD rates. On June 1, 2023, the Punjab National Bank (PNB) reduced its rates for one-year tenure. Since April last year, RBI increased the repo rate by 250 basis points (bps) to 6.5 per cent. Correspondingly, banks increased their rates to lure more customers.
Let us look at some special FD schemes closing on June 30.
SBI Amrit Kalash
The country’s largest lender State Bank of India (SBI) Amrit Kalash FD retail term deposit scheme is valid till June end. SBI Amrit Kalash FD Scheme comes with a special tenor of 400 days on which the general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60% which is 50 bps higher than the standard applicable rate.
“The specific tenor scheme of “400 days” (Amrit Kalash) at a Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 30-June-2023,” mentioned SBI on its website.
Indian Bank special FD
Indian Bank extended the “IND SUPER 400 DAYS” special fixed deposit to June 30, 2023. Indian Bank will now offer 7.25% interest rates to the general public, and 7.75% to senior citizens.
SBI Wecare FD scheme is especially for senior citizens only and the scheme comes with a tenor of 5 years to 10 years. , SBI is offering an interest rate of 7.50% to senior citizens for a limited time period till June 30, 2023, under the SBI Wecare FD scheme.
The SBI “WECARE” Senior Citizens’ Term Deposit Program was launched in May 2020 . After multiple extensions, the programme was scheduled to expire on March 31, 2023, however, SBI has once again extended the validity term until June 30, 2023.
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Updated: 12 Jun 2023, 01:13 PM IST