Fixed Deposit (FD) interest rates have witnessed significant growth over the past year. However, with the Reserve Bank of India (RBI) refraining from increasing the repo rate in the last two instances, the likelihood of further rate hikes seems slim.
As a result, the interest rates on FDs are not expected to rise any further. If you have been contemplating investing in FDs, now is the opportune moment, as several banks have already begun reducing their FD rates.
One such bank is Punjab National Bank (PNB), which lowered its rates for one-year FDs on June 1, 2023.
While the RBI raised the repo rate by 250 basis points to 6.5% since April of the previous year, banks had raised their rates to attract more customers.
However, certain FD schemes that have proven highly beneficial for customers and yielded substantial profits are nearing closure. Let’s take a closer look at three such special FD schemes that are set to close on June 30.
SBI Amrit Kalash:
The Amrit Kalash FD Retail Term Deposit Scheme, offered by State Bank of India (SBI), the country’s largest public sector bank, will remain open until the end of June.
This scheme has a tenure of 400 days, providing the general public with an interest rate of 7.10% and senior citizens with an interest rate of 7.60%. The Amrit Kalash scheme, valid until June 30, 2023, presents a lucrative opportunity for investors.
Indian Bank Special FD:
Indian Bank’s “Ind Super 400 Days” scheme is also available until June 30, 2023.
Through this scheme, the bank offers a 7.25% interest rate to the general public and 7.75% to senior citizens. Investors looking for competitive returns within a specific time frame should consider this option.
SBI We Care:
SBI’s We Care FD scheme exclusively caters to senior citizens and offers a tenure ranging from 5 to 10 years.
This scheme, valid until June 30, 2023, provides senior citizens with an attractive interest rate of 7.50%. Investors seeking long-term financial security may find this scheme appealing.
With the closing date for these special FD schemes fast approaching, potential investors must act swiftly to capitalize on these lucrative opportunities.
By investing in these schemes before June 30, investors can secure higher interest rates and reap the benefits of their financial foresight.
