Banks from time to time launch limited-period fixed deposit plans, also called special schemes, which offer competitive interest rates to depositors. Banks usually get competition from non-banking finance companies in terms of interest rates. To counter this, major banks come up with special fixed deposit schemes with interest rates matching competitors. Currently, three banks – IDBI Bank, Indian Bank, and Punjab & Sind Bank – are offering rates up to 8% on their special FD schemes. As they are limited-period offers, the three banks will close their schemes on June 30.
Special fixed deposits are considered ‘special’ because the plans are typically offered for a specific time period. Usually, the time period ranges between 290 days and 390 days for special FD plans. As such schemes offer higher interest rates, they gain immense popularity among depositors.
Take a look at the features and interest rates offered by special fixed deposit schemes of IDBI Bank, Indian Bank and Punjab & Sindh Bank.
IDBI Bank Utsav fixed deposits
IDBI Bank offers general customers an annual interest rate 7.05% on this special FD scheme maturing in 300 days. Senior citizens get a 7.55% interest rate annually on Utsav FDs with a tenure of 300 days.
On deposits maturing in 375 days, the private sector bank is offering general customers an interest rate of 7.1% per annum. Senior citizens are offered a 7.6% interest rate per annum on this FD plan maturing in 375 days. On a deposit maturing in 444 days, the bank is offering a rate of 7.2% per annum in the general customer category. For senior citizens, the same tenure FD is fetching 7.7% interest rate. Those who want to book these special FDs have limited time as the bank will stop this Utsav plan on June 30, 2024.
Indian Bank special fixed deposits
Indian Bank is running two special fixed deposit schemes – Ind Supreme 300 Days and Ind Super 400 Days. The bank offers 7.05% rate on special FDs maturing in 300 days. Senior citizens are offered 7.55% per annum interest rate on this FD tenure. Indian Bank offers an interest rate of 7.80% annually to senior citizens above the age of 80.
The bank provides an interest rate of 7.25% to general customers on special FDs maturing in 400 days. Senior citizens are offered 7.75% rate and senior citizens above 80 get 8% on these special tenure FDs. The last date to invest in these FD schemes is June 30.
Punjab & Sind Bank special fixed deposits
Punjab and Sind Bank is offering special fixed deposits of 222 days, 333 days and 444 days. It offers a rate of 7.05% per annum on deposits maturing in 222 days. Its 333 days deposit schemes fetch 7.10% return per annum. Fixed deposits with a tenure of 444 days attract 7.25% interest rate per annum. Investors can invest these FD plans till June 30.
Other special FD plans with September 30 deadline
There are two other special FD schemes by SBI – Amrit Kalash and SBI WeCare. These special schemes’ deadline is September 30 as the bank extended the last date to invest in these FD plans.
“The specific tenor scheme of ‘400 days’ (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 30-September-2024,” according to SBI website. SBI WeCare’s interest rate stands at 7.50% per annum.