New Delhi: The recent interest rate hikes by the Reserve Bank of India might have taken your EMI burdens higher, but on the bright side, the FD rates have also improved. Several banks have passed on the benefits of better FD returns to customers after the spate of key interest rate hikes by the central bank.
Meanwhile, some banks including SBI, and HDFC Bank had announced special FD schemes or limited period FD Schemes for its customers which are all ending on 31 March 2023. (Also Read: Govt Hikes MGNREGA Wages: Check State-Wise New Rate List)
SBI, HDFC Bank’s special fixed deposit schemes that are going to end on 31st March 2023
SBI Amrit Kalash Deposit FD Scheme
SBI introduced a special tenor scheme SBI Amrit Kalash Deposit FD Scheme of “400 days,” starting on February 15, 2023, at a rate of interest of 7.10 percent. Older citizens are entitled to a 7.60 percent interest rate. The Program will be in effect through March 31, 2023.”
On February 15, 2023, SBI last increased interest rates on fixed deposits under Rs 2 crores. After the modification, the bank now offers interest rates on deposits with terms ranging from 7 days to 10 years that range from 3 percent to 6.5 percent for the general public and 3.5 percent to 7.5 percent for older people.
For a short time till 31-March-2023, SBI is offering a maximum interest rate of 7.1 percent for non-senior citizens and 7.6 percent for senior people for 400 days.
HDFC Bank Senior citizen Care FD
The largest private sector lender in India, HDFC Bank, launched a unique programme called “Senior Citizen Care FD” for seniors in May 2020 during the initial wave of the Covid-19 outbreak. The program’s current validity period is through March 31, 2023, after numerous extensions.
On its website, HDFC Bank states that “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, shall be given An Additional Premium of 0.25 percent (over and above the existing premium of 0.50%).”
Older Citizens who book new Fixed Deposits or renew existing ones during the aforementioned time are eligible for this special incentive. The non-resident Indian population is not eligible for this deal.
The Senior Citizen Care FD from HDFC Bank gives elderly citizens an interest rate of 7.75 percent, which is 75 basis points more than the ordinary rate, on a deposit term of 5 years, 1 day to 10 years.