FD schemes: A lot of banks have special fixed deposit schemes (Bank FD Scheme) that offer higher interest rates for a set period. Many banks are currently providing these unique schemes to their customers, but keep in mind that they might end after March 31, 2025, so time is running out.
If you’re thinking about investing before the new financial year kicks in, these FD schemes could be a great choice for you. This includes options from both government and private banks. For instance, SBI has two special FD schemes, while HDFC Bank, IDBI Bank, and Indian Bank also have their own offerings.
HDFC Bank
As the largest private bank in the country, HDFC Bank is rolling out special fixed deposits for its customers. You can invest amounts under Rs 3 crore, with two different tenure options available. The minimum investment starts at Rs 5,000. For a tenure of 35 days, general customers can earn 7.35% interest, while senior citizens can enjoy a rate of 7.85%. For a longer tenure of 55 months, the interest rates are 7.40% for general customers and 7.90% for senior citizens.
IDBI Bank
IDBI Bank’s Special Utsav FD Scheme is also set to potentially close after March 31. This scheme offers five different tenure options. General customers can earn 7.05% interest for a 300-day tenure, 7.25% for 375 days, 7.35% for 400 days, 7.40% for 555 days, and 7.20% for 700 days. Senior citizens receive an additional 0.50% interest across all tenures, and super senior citizens can get an extra 15% interest for all tenures except the 300-day option.
Indian Bank has two special fixed deposit (FD) schemes on offer. Regular customers can earn 7.30% interest with the Ind Super scheme for a 400-day term, while the Ind Supreme scheme offers 7.05% interest for a 300-day term. Senior citizens enjoy an additional 0.50% interest rate boost.
SBI also has two unique FD schemes available until March 31, 2025. These are the Amrit Vrishti Scheme and the Amrit Kalash Scheme. The Amrit Vrishti Scheme provides a 7.25% interest rate for regular customers and 7.75% for senior citizens on a 400-day FD. Meanwhile, the Amrit Kalash Scheme offers 7.10% interest for general citizens and 7.60% for senior citizens, also for a 400-day term.