PSU Bank's Special FD Rates Offer To End By August 31, Earn Up To 8%

Public sector lender, Indian Bank is offering special FD rates to senior citizens and the general category under two schemes. These are the 'IND Super 400 Days' and 'IND Supreme 300 Days' schemes. Senior citizens are the biggest beneficiaries as they earn as much as 8%, while the general public gets the highest 7.25%. These two schemes are valid till August 31, 2023.

IND Supre 400 Days:

Under this scheme, Indian Bank is offering an 8% rate to super senior citizens, and a 7.75% rate to senior citizens. While the general public will get as high as 7.25%.

The tenure here is 400 days.

This scheme is available on deposits starting from Rs 10,000 to less than Rs 2 crore in the form of FD/MMD with callable options.

IND Supreme 300 Days:

In this scheme, the bank is offering a maximum 7.80% to super senior citizens, while the rate is 7.55% to senior citizens. The general public earns a 7.05% rate. The tenure is 300 days here.

These attractive rates are on investment starting from Rs 5000 to less than Rs 2 crore in the form of FD/MMD with callable options.

These two schemes are set to be over by August 31, 2023.

Super senior citizens are those depositors who are 80 years of age and above, while the senior citizens' age group is between 60 years to 80 years.

Generally, the bank offers FD rates in the range of 2.80% to 7.25% for the general public on maturity periods starting from 7 days to above 5 years.

According to Indian Bank's website, for Domestic Term Deposit for Senior Citizens, the additional rate of interest payable would be 0.50% p.a. for amounts up to ₹10 crore. The additional rate would be offered on deposits of 15 days to 10 years over the card rate in respect of Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Schemes. Similarly, for Recurring Deposit accounts, an additional interest rate would be eligible for the period from 6 months to 120 months (In multiples of 3 months). Also, the ceiling is applicable to all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together. However, no Single deposit be opened in a day for more than Rs 2 crore within the overall limit of ₹10 Cr tagged to a single CIF.

Fixed deposits are the most traditional and common investment scheme that is offered by financial institutions, especially banks. FDs are one of the main mediums of bank deposits book. FDs in simple words are safe, risk-free and offer guaranteed interest rates. Senior citizens majorly benefit from FD schemes as banks offer them higher interest rates than compared to normal categories.