Special FD schemes: A tried-and-true option for investors looking for stable returns, fixed deposits (FDs) continue to be regarded as one of the most secure and reliable investment choices. With popularity of mutual funds and growing craze of stock markets, there has been a considerable drop in FD investment. In response to a decrease in deposits, numerous Indian banks have introduced temporary special fixed deposit (FD) schemes with higher interest rates and fixed tenures.
These fixed deposit schemes offer a promising investment opportunity for Indian investors looking for a dependable and consistent return on their savings. Customers looking to lock their funds with higher interest rates can consider investing in these special deposits before the deadline. Banks offering special deposits to customers are SBI, Indian Bank, IDBI Bank, and Punjab and Sindh Bank.
SBI special FD schemes
The State Bank of India (SBI) has recently launched two new attractive investment schemes- Amrit Kalash and Amrit Vrishti to meet the diverse investment needs of customers.
The Amrit Kalash scheme, with a tenure of 400 days, offers an interest rate of 7.10% for general citizens and 7.60% for senior citizens, while the Amrit Vrishti scheme, with a tenure of 444 days, provides interest rates of 7.25% for general citizens and 7.75% for senior citizens. Both schemes will remain open for investment until March 31, 2025, with an additional 10 basis points for super senior citizens on the interest rates, making these schemes even more appealing.
IDBI FD schemes
IDBI Bank's Utsav Callable FD is a unique fixed deposit scheme with varying interest rates based on the maturity period. The latest addition to this scheme is the 555-day tenure, offering interest rates of 7.40% for regular citizens and 7.90% for senior citizens. This special FD scheme is open for investment until February 15, 2025. The deadline for investing in the Utsav FD scheme has been extended to March 31, 2025, providing customers with additional time to capitalize on these lucrative FD opportunities.
Special Buckets General/NRE/NRO Senior Citizens Super Senior Citizens (January 13, 2025) 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
IDBI Chiranjeevi-Super Senior Citizen FD
IDBI Bank offers a specialized fixed deposit account for super senior citizens, providing them with higher interest rates compared to regular fixed deposits. As of January 13, 2025, the interest rates for super senior citizens on a 375-day FD and a 444-day FD were 7.90% per annum and 8.00% per annum, respectively. For senior citizens in general, interest rates on IDBI Bank FDs range from 3.50% to 7.90% per annum, depending on the tenure selected. The bank offers FDs with flexible tenures ranging from 7 days to 20 years. In the event of premature withdrawals, IDBI Bank applies a 1% penalty on the applicable rate for deposits that are closed before maturity.
Special Buckets Senior Citizens 375 Days 7.90 444 Days 8.00 555 Days 8.05 700 Days 7.85
Indian Bank Indian Bank has decided to prolong its IND Supreme 300 Days and IND Super 400 Days schemes until March 31, 2025.
Under the IND Super 400 Days scheme, the bank offers a return rate of 7.30% for the general public, 7.80% for senior citizens, and an impressive 8.05% for super senior citizens, making it an attractive investment opportunity.
> 300 days (Ind Supreme Product) 7.05%
> 400 days (Ind Super Product) 7.30%
Punjab & Sind Bank
The Punjab & Sind Bank is offering a special Fixed Deposit (FD) tenure with various options available. This includes FD tenure options of 222 days, 333 days, 444 days, 555 days (Callable), 555 days (Non-Callable), 777 days, 999 days (Callable), and 999 days (Non-Callable)*. Please note that these special FD tenures will be valid until March 31, 2024-2025.
SBI Patrons FD scheme
SBI has introduced a new fixed deposit scheme called ‘SBI Patrons’ specifically designed for super senior citizens aged 80 and above. This initiative aims to provide elderly customers with increased returns as a way to acknowledge and appreciate their loyalty.
Key details of the scheme include:
Eligibility: Only individuals aged 80 years or older are eligible, either as a single account holder or jointly with someone. In the case of a joint account, the primary account holder must be at least 80 years old. Interest Rate: Super senior citizens will receive an interest rate that is 10 basis points higher than the standard senior citizen FD rates. Deposit Type: ‘SBI Patrons’ offers Term Deposits (TDR) and Short-Term Deposits (STDR), which can be callable. Deposit Amount: The minimum deposit required is Rs 1,000, with a maximum limit of less than ₹3 crore. Tenure: Deposits can be made for a duration of 7 days to 10 years. Mode of Operation: The scheme is available for both single and joint account holders. Premature Withdrawal: Premature withdrawal is allowed, subject to the usual penalties for term deposits.