Home Business: Two Banks Offering Special FD Schemes with High Interest Rates Up to 7.25%, but There’s a Catch
SBI and IDBI are currently offering special fixed deposit schemes with high interest rates for a limited time only. These schemes will expire on August 15th. Both banks are catering to general customers as well as senior citizens. SBI’s Amrit Kalash Deposit scheme provides an interest rate of 7.10% for general customers and 7.60% for senior citizens. Similarly, IDBI’s Amrit Mahotsav FD offers an interest rate of 7.10% for general customers and 7.60% for senior citizens. According to a report in Mint, both of these schemes will end on Independence day, 2023.
IDBI’s Amrit Mahotsav FD Scheme is a unique fixed deposit scheme that was introduced in July. It offers an interest rate of 7.60% for senior citizens and 7.10% for the general public on a special maturity period of 375 days. The bank has stated on its website that this Amrit Mahotsav FD scheme will be valid until August 15th, 2023. IDBI’s Amrit Mahotsav FD program offers different interest rates for general customers and senior citizens. Senior citizens investing in the retail sector can enjoy a higher interest rate of 7.65%, while the general population can avail an interest rate of 7.15% on fixed deposits.
Both banks have revised their interest rates for senior citizens and general customers. The revised interest rates range from 3.00% to 6.25% for the general public and 3.50% to 6.75% for senior citizens on fixed deposits with maturities ranging from one week to ten years.
SBI’s Amrit Kalash Deposit scheme, which offers an interest rate of 7.6% to senior citizens and 7.1% to other customers for a duration of 400 days, will also end on August 15th. This special fixed deposit program was introduced by the State Bank of India in February.
Interested customers can invest in SBI’s Amrit Kalash FD scheme through an SBI branch, Internet Banking, or the SBI YONO app. The scheme is applicable to domestic retail term deposits, including NRI rupee term deposits under Rs 2 crore. The annualized yield for the 400-day special fixed deposit plan from Amrit Kalash’s deposit is 7.29% for regular customers at a 7.1% interest rate and 7.82% for senior citizens at a 7.6% interest rate.
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