SBI and HDFC Bank's Special FD Scheme Ending on March 3, Check Details

Fixed deposits are the most popular investment choice since they are low-risk and provide a consistent return. A special fixed deposit account pays greater interest rates than regular fixed deposit accounts. Various banks, notably SBI and HDFC Bank, have introduced unique FD plans or limited duration FD schemes for their customers, all of which will expire on March 31, 2023. Verify the deadline if you are considering investing in these particular FDs.

SBI Amrit Kalash Deposit FD Scheme

SBI introduced a "400-day" tenor programme SBI Amrit Kalash Deposit FD Scheme on February 15, 2023, with a 7.10 percent interest rate. Senior folks are entitled to an interest rate of 7.60 percent. The Program will remain in place until March 31, 2023.

On February 15, 2023, SBI hiked interest rates on fixed deposits of less than 2 crore. With the modification, the bank now provides general public interest rates ranging from 3.00% to 6.50% and senior persons interest rates ranging from 3.50% to 7.50% on deposit terms ranging from 7 days to 10 years. For a limited time till March 31, 2023, SBI is offering a maximum interest rate of 7.10% for non-senior people and 7.60% for senior persons in its unique Amrit Kalash plan.

HDFC Bank Senior citizen Care FD

After the initial wave of the Covid-19 epidemic in May 2020, HDFC Bank, India's largest private sector lender, created an innovative plan for seniors dubbed "Senior Citizen Care FD." After many extensions, the program's current validity term runs until March 31, 2023.

According to HDFC Bank's website, Senior Citizens who book a Fixed Deposit of less than 5 crores for a tenure of 5 (five) years One Day to 10 Years during the special deposit offer running from 18th May'20 to 31st March 2023, will receive an additional premium of 0.25 percent (in addition to the existing premium of 0.50%).

This unique offer is only available to older citizens who open new Fixed Deposits or renew existing ones within the specified time period. This agreement does not apply to non-resident Indians. The HDFC Bank Senior Citizen Care FD offers an interest rate of 7.75 percent, which is 75 basis points more than the standard rate, for a deposit period of 5 years, 1 day to 10 years.