Major public and private sector banks, as well as a number of small finance banks (SFB), have increased FD rates for short- and long-term deposits over the past six months. Additionally, a number of banks have introduced unique fixed deposit plans that offer investors and senior citizens higher rates.
Here are 4 special schemes that will end in 2023:
SBI Wecare offers higher interest rates on term deposits to senior adults. The scheme aims to renew maturing accounts and accept new contributions. With an additional premium of 30 bps over and above the existing premium of 50 bps above the card rate for investors, which is 80 bps over the card rate for the general public, the bank is offering the programme for a minimum of 5 years and a maximum of 10 years.
The programme expires on March 31, 2023.
Senior Citizen Care FD is a unique fixed deposit programme for senior citizens offered by private sector lender HDFC Bank. It has been in existence since May 18, 2020. On September 30, 2022, the bank discontinued the scheme, but then brought it back later.
The programme will end on March 31, 2023.
The senior citizen fixed deposit scheme by ICICI Bank offers senior citizens an additional interest rate of 10 basis points (bps) over and above the existing additional senior citizen FD rates of 50 bps. For schemes with a duration ranging from 5 years and 1 day to 10 years, the interest rate is applicable. The scheme is available for contributions under Rs 2 crore and is active till April 7, 2023.
PNB is offering a maximum interest rate of 7.25 percent for the general public, 7.75 percent for the elderly, and 8.05 percent for super senior citizens on deposits that mature in 666 days under the special programme.