Investors should hurry and book their fixed deposits (FDs) soon as lenders are ending their special offers by today i.e. March 31, 2023. Currently, the State Bank of India (SBI), HDFC Bank, IDBI Bank and Indian Bank are offering limited-period special FDs with higher interest rates. Notably, interest rates have been on an upswing recently as the Reserve Bank of India (RBI) has taken several steps to tame inflation. In line with this, lenders have raised their rates on fixed deposits.

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FDs, also known as term deposits (TDs), are fixed-income instruments that yield guaranteed returns over a pre-defined period of lock-in. Lenders provide a range of maturity options to retail customers for setting up fixed deposits.

Here's a look at special FD schemes of lenders that are ending by March 31:

State Bank of India (SBI)

Amrit Kalash deposit scheme

The SBI Amrit Kalash deposit scheme offers 7.60 percent interest to senior citizens. It is available for 400 days for both domestic and NRI customers.

We Care deposit scheme

Under the SBI Wecare scheme, the bank is offering an additional premium of 50 bps (over and above the existing 50 bps) to senior citizens on their fixed deposits (FDs) for 5 years and above tenor only. After this, the rates stand at 7.50 percent for senior citizens.

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HDFC Bank

Senior Citizen Care FD

HDFC Bank offers 0.75 percent extra interest rate to senior citizens under this scheme. This is applicable for those who book FD of less than Rs 5 crore for a tenure of 5 years one day to 10 years.

IDBI Bank

Naman Senior Citizen scheme

Under this scheme, senior citizens can earn up to 0.75 percent additional interest rate. According to the website, the interest rate offered is 7.50 percent on deposits maturing between one year and two years (except 444 days and 700 days) and 7 percent on deposits maturing between three years and 10 years. The additional rate is available on fresh deposits opened as well as deposits renewed during the scheme period.

Indian Bank

IND SHAKTI 555 DAYS

The bank is offering 7 percent to the general public and 7.50 percent to senior citizens under the IND SHAKTI 555 DAYS scheme.

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First Published:Mar 28, 2023 1:28 PM IST