Special FD Rates: Two PSU Banks Special FD Schemes To End On October 31, Get Up To 8% Returns

Special FDs: The deadline for multiple special FD schemes offered by two PSU banks is nearing. These two government-owned banks are Indian Bank and IDBI Bank, offering up to 8% rate on their special FD schemes which are scheduled to end on October 31, 2023.

Hence, if you are planning the benefits of these special FD schemes, ensure to avail of them before the due date.

Here are key things to know!

Indian Bank special FDs:

There are two special FDs of Indian Bank that are due to end on October 31, 2023.

1. IND SUPER 400 DAYS:

As per the website, the special Retail Term Deposit Product "IND SUPER 400 DAYS" has been launched with effect from March 6, 2023, offering a higher rate of interest for investment starting from Rs10,000 to less than 2 Crore for 400 days in the form of FD/MMD with callable options.

The interest rates offered under this scheme underwent revision in April and were extended to end on October 31, 2023.

Under this special FD scheme, the public can earn up to a 7.25% rate for 400 days tenure, while senior citizens (aged 60 years and above) are in for a threat with the rate of return at 7.75%. Super senior citizens (aged 80 years and above) get to earn an even higher interest rate of 8%.

IND SUPREME 300 DAYS:

This scheme has been launched with effect from July 1, 2023, offering an attractive rate of interest for investment starting from Rs 5,000 to less than 2 Crore for 300 days in the form of FD/MMD with callable options.

A general public under this scheme will earn a 7.05% rate of interest on their special FDs for a tenure of 300 days, while senior citizens and super senior citizens will earn 7.55% and 7.80% interest rates respectively.

IDBI Bank special FD rates:

IDBI Bank is offering alluring interest rates on their special FD scheme "Amrit Mahotsav FD" for 375 Days and 444 Days. This scheme is also scheduled to end on October 31, 2023.

For a 375-day tenure, IDBI Bank is offering a 7.10% rate to General/NRE/NRO, and 7.60% to senior citizens.

Meanwhile, for choosing 444 days tenure, the depositors under the General/NRE/NRO category will earn 7.15% and senior citizens get to earn 7.65%.

Under its terms and conditions for the special FD, IDBI Bank stated that premature withdrawal or closure is permitted, however, staff and senior citizen rates do not apply to NRO & NRE term Deposits. All other features of term deposit as well as terms and conditions shall remain unchanged and apply to the above scheme.