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Banks have launched special FDs with higher interest rates, benefiting depositors, especially seniors. Top banks like SBI, Indian Bank, and IDBI Bank offer these until March 31, 2025.
Fixed Deposit.
Special FD Schemes: In recent years, banks have sought to attract investors with special fixed deposit (FD) schemes offering elevated interest rates. These limited-period offers have provided depositors, particularly senior citizens, with an avenue to earn enhanced profits compared to traditional FDs.
However, the Reserve Bank of India’s (RBI) recent rate cut signals a potential shift. As interest rates typically align with RBI’s monetary policy, a decline in FD interest rates is anticipated. This raises the possibility that banks may discontinue these special FD schemes. Consequently, investors seeking optimal returns are advised to consider investing before the special FD deadline.
Attractive FD Schemes From Leading Banks
Currently, several leading banks offer high-interest FDs, including:
State Bank of India (SBI): Amrit Vrishti & Amrit Kalash
Indian Bank: IND Supreme 300 Days & IND Super 400 Days
IDBI Bank: Utsav Callable FD
The investment deadline for these schemes is March 31, 2025.
SBI’s Amrit Vrishti & Amrit Kalash
SBI’s Amrit Vrishti (444 days) offers 7.25% interest for general citizens and 7.75% for senior citizens. Similarly, SBI’s Amrit Kalash (400 days) provides 7.10% for general citizens and 7.60% for senior citizens.
IDBI Bank’s Utsav
IDBI Bank’s Utsav Callable FD presents varying interest rates based on maturity periods ranging from 300 to 700 days. Additionally, Indian Bank’s IND Supreme 300 Days and IND Super 400 Days schemes offer competitive rates, with up to 8.05% for super senior citizens.
IND Supreme 300 Days
Indian Bank is offering special fixed deposit schemes, IND Supreme 300 Days and IND Super 400 Days, with interest rates reaching 8.05% for super senior citizens. The deadline for investment is March 31, 2025.
Monsoon Dhamaka FD Scheme
Bank of Baroda has introduced its Monsoon Dhamaka FD scheme, launched in July 2024. This scheme offers a 7.15% interest rate for a 333-day tenure, rising to 7.65% for senior citizens. Additionally, a 399-day deposit option provides a 7.25% interest rate for general investors and 7.40% for non-callable deposits. Senior citizens can benefit from an interest rate of up to 7.75%.
With the potential for rate decreases, these schemes present a time-sensitive opportunity for individuals aiming to maximize their savings.