Five fixed deposits (FDs) that are unique will end in March 2023.

In an environment where interest rates are going up, some banks are offering special fixed deposits (FDs) with tenors of days instead of months or years. These FDs guarantee higher interest rates than regular FDs. The RBI has raised the repo rate by 250 basis points, bringing it to 6.50 percent, since May of this fiscal year. Because of this, most banks have raised the interest rates on fixed deposits this year to get more people to put money in them. The following 5 special FDs from different banks, including SBI, will expire in March 2023. If you want to get a good return on your special fixed deposits before they expire, you should look into these 5 special FDs.

SBI Special FDs

State Bank of India (SBI), which is the biggest bank in the country, started a new loan programme called “400 days” (Amrit Kalash) on February 15, 2023. The interest rate for senior citizens is 7.60% and for everyone else it is 7.10%. SBI says that this special deal will last until March 31, 2023.

On the other hand, the SBI WeCare FD is a special fixed deposit programme that only seniors can use. SBI will end its WeCare FD programme on March 31, 2023, even though it has been extended many times. The SBI Wecare Deposit for senior citizens, which was announced by the bank in 2022, will give senior citizens an extra 30 basis points on their retail term deposits with a term of 5 years or more. This is on top of the 50 basis points they already get.

Special FD from HDFC Bank

On May 18, 2020, “Senior Citizen Care FD,” a special term deposit product for older people, was released by HDFC Bank, the largest private lender in the country. Under a special deposit offer that runs from May 18, 2020, to March 31, 2023, HDFC Bank promises to give seniors who want to make a fixed deposit of less than 5 crores for a term of 5 years and 1 day to 10 years an extra premium of 0.25% on top of the existing premium of 0.50%.

The bank says that this special offer is only good for senior citizens who sign up for new fixed deposits or renew existing ones during the given time frame. Indians who do not live in India can’t take advantage of this offer. On the HDFC Senior Citizen Care FD, the bank promises senior citizens an interest rate of 7.75%, which is 75 basis points (bps) more than the normal rate of 7%.

Indian Bank Special FD

On December 19, 2022, the public sector lender Indian Bank released “Ind Shakti 555 Days,” a special retail term deposit product with higher interest rates for both younger people and older people. “Special Retail Term Deposit Product “IND SHAKTI 555 DAYS” has been launched as of December 19, 2022. It offers a higher rate of interest for investments from Rs.5,000 to less than Rs.2 crore for 555 days in the form of FD/MMD with callable options. Scheme is valid until March 31, 2023,” Indian Bank’s website said. Non-senior citizens will earn 7% interest on this special fixed deposit, while senior citizens can earn up to 7.50%.

Special FD from IDBI Bank

On April 20, 2022, IDBI Bank, a private bank, gave senior citizens a special fixed deposit called the “IDBI Naman Senior Citizen Deposit.” The length of the programme can be anywhere from more than a year to ten years, and it will be available until March 31, 2023. IDBI Bank says that under this programme, senior citizens who live in India will get an extra interest rate of 0.25% on top of the existing extra rate of 0.50% per year. This brings the total benefit for senior citizens over the standard rates to 75 bps. The extra rate will be available for both new deposits and deposits that are renewed during the program’s time frame.

Punjab & Sind Bank Special FD

The PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days are the four special fixed deposit plans that this public sector lender offers to its customers. The official website of Punjab & Sind Bank says that all of these programmes will end on March 31, 2023.

PSB Fabulous 300 Days has a term of only 300 days, as the name suggests. The bank promises an interest rate of 7.50% per year for the general public, 8.00% per year for senior citizens, and 8.35% per year for super senior citizens. Under the PSB Fabulous Plus 601 Days scheme, non-senior citizens will get 7% interest, senior citizens can earn 7.50%, and super senior citizens can earn as much as 7.85% on 601 days of tenor.

“PSB e-Advantage Fixed Deposit: A Digital Only Fixed Deposit Account” is being offered by Punjab & Sind Bank for a term of 601 days. Under the scheme, the general public can earn 7%, senior citizens can earn 7.50%, and super senior citizens can earn 7.85%. PSB-Utkarsh 222 Days, as the name suggests, has a term of 222 days, and Punjab & Sind Bank promises an interest rate of 7.75% for the general public, 8.25% for senior citizens, and 8.60% for super senior citizens.

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