A fixed deposit (FD) could be suitable for investors with low risk appetite. (Representative image)
The deadline for similar special fixed deposit (FD) schemes offered by SBI, IDBI, Indian Bank, and Punjab and Sind Bank is September 30.
A fixed deposit (FD) is considered as a reliable investment option for investors looking for secured returns. Investors can invest a lumpsum amount for a pre-defined period in FD schemes. Several banks and non-banking financial companies (NBFCs) offer a wide range of FD schemes of various tenures.
The maturity period for FDs generally ranges from seven days to ten years, and the interest rate varies as per the duration.
Several banks across India provide customised FD schemes or special FD deposits for a limited period to attract more customers.
The deadline for similar special fixed deposit (FD) schemes offered by State Bank of India, IDBI, Indian Bank, and Punjab and Sind Bank is September 30.
Let’s take a look at the interest rates offered by banks on the special FDs:
SBI clients can invest in the Amrit Kalash scheme until September 30, 2024. The specified FDs for 400 days under the Amrit Kalash scheme offer an interest of 7.1 per cent. Meanwhile, senior citizens are entitled to an interest rate of 7.6 per cent.
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The scheme is accessible for new deposits as well as the renewal of matured FDs. The scheme offers a 7.5 per cent interest rate. The bank offers an additional 0.5 per cent interest rate for senior citizens.
Indian Bank special FD
The deadline to invest in an Indian Bank special FD is September 30, 2024. On the Ind Super 300 Days scheme, the bank offers an interest rate of 7.05 per cent to the general public, 7.55 per cent to senior citizens, and 7.8 per cent to super senior citizens. For 400-day FDs, Indian Bank offers 7.25 per cent interest rate to the general public, 7.75 per cent to senior citizens, and 8 per cent to super senior citizens.
Punjab and Sind Bank Special FDs
The FDs for 222 days comes with an interest rate of 6.3 per cent. The bank offers 7.15 per cent interest rate on deposits for tenure of 333 days. The bank gives 7.25 per cent for regular residents with 444-day tenure. The deadline for Punjab and Sind Bank’s limited-time special deposits is September 30.
IDBI Bank Utsav FD
The deadline to invest in Utsav FDs for special bucket tenures of 300 days, 375 days, 444 days, and 700 days is September 30. The bank provides 7.05 per cent interest rate on Utsav FDs maturing in 300 days to the general public. Meanwhile, senior citizens can earn 7.55 per cent on 300-day Utsav FDs.
The bank now offers a 7.15 per cent interest rate on Utsav FDs with a maturity period of 375 days (up from 7.1 per cent previously). Senior citizens can receive 7.65 per cent on Utsav fixed deposits of the same tenure.
The lender offers 7.35 per cent for general residents and 7.85 per cent for senior citizens 444-day FDs, while the interest rate for 700-day tenure is 7.2 per cent for the general public. The senior citizens can earn 7.7% interest for the same scheme.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.
