SBI, HDFC Bank Special FD Scheme: The recent hike in interest rates by the Reserve Bank of India may have increased your EMI burden, but the good thing is that FD rates have also improved. Many banks have passed on the benefit of better FD returns to the customers after the central bank hiked the key interest rates.
Meanwhile, some banks including SBI, and HDFC Bank had announced special FD schemes or limited tenure FD schemes for their customers all expiring on March 31, 2023.
These FDs are expiring on March 31
SBI Amrit Kalash Deposit FD Scheme
SBI launched SBI Amrit Kalash Deposit FD Scheme, a special tenure scheme of ‘400 days’ starting from February 15, 2023, at an interest rate of 7.10 per cent. Senior citizens are entitled to 7.60 percent interest rate. This program will be effective till March 31, 2023.
For a short period till 31-March-2023, SBI is offering a maximum interest rate of 7.1 per cent for non-senior citizens and 7.6 per cent for senior citizens for 400 days.
HDFC Bank Senior Citizen Care FD
HDFC Bank, the largest private sector lender in India launched a unique program called ‘Senior Citizen Care FD’ for senior citizens in May 2020 during the initial wave of COVID-19 outbreak. The current validity period of the program is till March 31, 2023 after several extensions.
HDFC Bank has said on its website that senior citizens who want to book FDs of less than 5 crores for a tenure of 5 years from one day to 10 years during the special deposit offer starting from 18th May’20 to 31st March 2023 will be given an additional premium of 0.25 per cent (in addition to the existing premium of 0.50%).
Senior citizens who book new FDs or renew existing FDs during the above timings are eligible for this special incentive. Non Resident Indian population is not eligible for this deal.
HDFC Bank’s Senior Citizen Care FD offers senior citizens an interest rate of 7.75 per cent, which is 75 basis points higher than the normal rate, on deposit tenures of 5 years, 1 day to 10 years.
