These Banks To End Special FD Schemes With Higher Interest Rates

Several banks, including HDFC Bank, the State Bank of India (SBI), and ICICI Bank, have special FD schemes with higher interest rates. These schemes generally targeted specific client demographics, such as senior folks or people looking for long-term investment opportunities. These limited-term fixed deposits pay higher interest rates than normal FDs. Here are some special bank fd's with greater interest rates.

SBI Amrit Kalash

Amrit Kalash, a unique fixed deposit scheme of the State Bank of India (SBI), offers greater interest rates to both ordinary investors and older residents.

"The specific tenor scheme of "400 days" (Amrit Kalash) at 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," says SBI website.

SBI had previously extended the validity of Amrit Kalash. Until the bank agrees to extend the duration of this scheme, consumers who wish to open a 400-day FD with SBI should do so by 30 June 2023.

SBI We Care

The SBI "WECARE" Senior Citizens' Term Deposit Programme was established in May 2020, with an initial termination date of September 2020. The programme was set to expire on March 31, 2023, after repeated extensions, however SBI has extended the validity duration till June 30, 2023.

The SBI Wecare FD scheme is tailored to senior citizens and has a period of 5 to 10 years. SBI Wecare FD scheme provides senior adults with a 7.50% interest rate. The plan is in effect until June 30, 2023.

HDFC Bank Senior Citizen Care FD

HDFC Bank introduced the Senior Citizen Care FD, a new fixed deposit product in May 2020.

The bank gives an additional interest rate of 0.25% (in addition to the existing premium of 0.50%) on deposits of less than Rs 5 crores for terms ranging from five to 10 years under this special FD scheme. It offers an interest rate of 7.75%. On July 7, 2023, the programme will come to an end.

If a Fixed Deposit booked in the aforesaid offer is prematurely closed (including sweep in / partial closure) after 5 years, the interest rate will be 1.25% lower than the contracted rate or the base rate applicable for the period the deposit has stayed with the bank, whichever is lower.

Indian Bank Special FD

The bank is offering 7.25% to the general public and 7.75% to senior citizens under the IND SHAKTI 555 DAYS plan. The bank gives older folks 8% interest for a 400-day term. This plan involves a minimum investment of Rs.10,000 and a maximum investment of less than Rs.2 Crore for 400 days with callable options, with the scheme expiring on June 30, 2023.