5 Special FDs That Will Come To An End On March 31, 2023

Many banks introduced special fixed deposits for citizens in order to make FDs an attractive investment option. Recently, Reserve Bank of India hiked repo rate by 25 basis points to 6.50% on February 8, 2023.These banks are HDFC Bank, SBI, Indian Bank, Punjab & Sind Bank, and IDBI Bank. Check some of the special FDs that top 5 leading banks in India launched as they will come to an end on March 31, 2023:

1. HDFC Bank: The bank launched Senior Citizen Care FD on May 18, 2020 especially for senior residents. Under which an additional premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 31st Mar'2023.

This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.

HDFC stated that the FD holds validity only for senior citizens who opt for new FDs or renew existing FDs within the specified period. Under this scheme, the bank offers an interest rate of 7.75% to senior citizens.

2. SBI: The PSU bank introduced Amrit Kalash scheme on February 15, 2023 under which it promised to offer senior citizens an interest rate of 7.60% and regular citizens an interest rate of 7.10%. The "400 Days" Amrit Kalash programme will come to an end on March 31, 2023. Therefore, this is the last month to opt for this FD scheme. It will remain available for both domestic and NRI customers.

3. Indian Bank: The bank launched its special FD programme namely, Ind Shakti 555 Days promising higher and attractive interest rates on FDs to regular citizens and senior citizens. It was launched on December 19, 2022. The scheme will end on March 31, 2023. Under this scheme, regular citizens can earn an interest rate of 7% while senior citizens can fetch an interest rate of 7.50%.

4. IDBI Bank: The public sector lender introduced its special FD programme, IDBI Naman Senior Citizen Deposit for senior citizens on April 20, 2022. It will come to an end on March 31, 2023. Under this scheme, the tenure remains greater than 1 year up to 10 years. Senior citizens can fetch an additional interest rate of 0.25% over an above the current additional rate of 0.50% annually. The minimum deposit amount begins from Rs 10,000.

5. Punjab & Sind Bank: The PSU bank is providing 4 special FD programmes namely PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit and PSB-Utkarsh 222 Days. These schemes hold validity till March 31, 2023.
PSB Fabulous 300 Days is available for 300 days tenure under which regular citizens can get 7.50% p.a., senior citizens can get 8.00% interest rate while super senior can earn 8.35% p.a. interest rate.

PSB Fabulous Plus 601 days programme offers regular citizens an interest rate of 7%, 7.50% interest rate to senior citizens, and 7.85% interest rate to super senior citizens for a tenure of 601 days as the name suggests.

Meanwhile, PSB e-Advantage FD is available for 601 days tenor and general public can fetch an interest rate of 7% while senior citizens will earn 7.50% and super senior citizens can get 7.85% interest rate.

Under PSB-Utkarsh 222 Days, the bank offers an interest rate of 7.75% for regular citizens, 8.25% for senior citizens, and 8.60% interest rate to super senior citizens.