IDBI Bank Special Fixed Deposit Scheme

IDBI Bank is offering special Fixed Deposit to its lakhs of customers. IDBI Bank is offering special FDs of 300 days, 375 days and 444 days. It is offering 7.75 percent interest on this. This special scheme is available to customers till 30 June 2024.

IDBI Utsav Special 400 days FD Scheme

According to the IDBI Bank website, you can invest in Utsav FD scheme till 30 June 2024. IDBI Bank is paying 7.25% interest on FD of 444 days to regular customers, NRI and NRO customers. The bank also allows investors to withdraw and close this FD prematurely.

Also Read: ITR Filing 2024: Who cannot use ITR-1 to file income tax return?

IDBI Utsav FD Scheme 375 Days

IDBI Bank is giving 7.60% interest to senior citizens investing in 375 days Utsav FD. At the same time, regular customers, NRI and NRO customers are being given 7.10% interest on 375 days FD. The bank also gives the option of premature withdrawal or closure of this FD.

IDBI Utsav 300 Days FD Scheme

IDBI Bank is offering 7.55% interest to senior citizens investing in 300 days Utsav FD. At the same time, regular customers, NRI and NRO customers are being offered 7.05% interest on 300 days FD. This FD also allows premature withdrawal of money.

Indian Bank Special Fixed Deposits

Indian Bank is offering a special FD scheme to its customers. Public sector bank Indian Bank is offering 300 and 400 days FD to its customers. According to the website of Indian Bank, one can invest in FD schemes named Ind Super 400 and Ind Supreme 300 days till 30 June 2024.

Ind Super 400 days FD Scheme

This special FD is a callable FD. Callable FD means that in this you get the option to withdraw money before time. Indian Bank’s Ind Super FD is for 400 days. You can invest from Rs 10,000 to Rs 2 crore in this scheme. Indian Bank is now offering 7.25% interest to the general public and 7.75% to senior citizens and 8.00% interest to super senior citizens.

Ind Super 300 days

According to the website of Indian Bank, the special term deposit product Ind Super 300 days was launched on 1 July 2023. You can invest from Rs 5000 to less than Rs 2 crore on this FD for 300 days. The bank is offering interest ranging from 7.05 percent to 7.80 percent on this. Indian Bank is now offering 7.05% interest rate to the general public and 7.55% to senior citizens and 7.80% to super senior citizens.

Punjab and Sindh Bank Special FD Scheme

Punjab and Sindh Bank is offering special FDs of 222 days, 333 days and 444 days to its customers. These special FDs are offering a maximum interest of 8.05 percent. According to the bank’s website, the bank is offering 7.05 percent interest on FDs of 222 days, 7.10 percent on FDs of 333 days and 7.25 percent on FDs of 444 days. The bank is offering 8.05 percent interest to super senior citizens on FDs of 444 days.

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Bank of India has launched ‘666 days special fixed deposit’ scheme. In this FD scheme, super senior citizens will get interest at the rate of 7.95% on deposits less than Rs 2 crore. Super senior citizens are those whose age is 80 years or more. At the same time, senior citizens will get 7.8% interest per annum. Common people will get 7.3% interest per annum in this special FD scheme. This FD scheme has become effective from June 1, 2024.

Loan and early withdrawal facility available

In this FD scheme, investors will get the facility of loan and premature withdrawal. Customers can visit any Bank of India branch or use BOI Omni Neo app/internet banking to open this special fixed deposit scheme. Bank of India FD schemes offer interest rates ranging from 3% to 7.67% with tenures ranging from 7 days to 10 years.

Also Read: Railway New Facility: New system started at Delhi Railway Station, passengers will get this facility

These are also better options of FD

Bank of India is offering the highest interest rate of 7.67% on FDs of Rs 10 crore and above for a period of 1 year. The bank is offering an interest rate of 6.8% on FDs up to Rs 2 crore for a period of 1 year. For FDs above Rs 2 crore but less than Rs 10 crore for a period of 1 year, the rate is 7.25%.

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The time to invest in the special FD of SBI Bank was 31 December 2023, which has been extended to 31 March 2024. The special thing about SBI ‘Amrit Kalash’ scheme is that it offers interest at the rate of 7.60 percent on FD for 400 days. That is, investors are getting a chance to earn more interest in less time.

You can invest till 31 March 2024

The last date to invest in SBI Amrit Kalash was 31 December 2023. Now the bank has extended this deadline. Now customers can invest till 31st March 2024 next year. According to the bank’s website, anyone can invest in Amrit Kalash Special Scheme with a period of 400 days and get guaranteed returns.

According to SBI Bank, Amrit Kalash FD investors can take monthly, quarterly and half yearly interest payments. On maturity of SBI Amrit Kalash, the interest money is added to the customer’s account after deducting TDS. According to SBI website, for premature withdrawal of money in FD of 400 days, the bank can deduct 0.50% to 1% less interest rate as penalty from the applicable rate.

SBI Amrit Kalash Yojana

Common citizens investing in SBI’s Amrit Kalash Special FD Scheme are getting 7.10% interest rate. Senior citizens are getting interest of 7.60%. You can invest in this scheme till 31 December 2023. During this period anyone can book this scheme online or offline.

You can take loan on Amrit Kalash Yojana

Amrit Kalash also provides bank loan facility to investors in return. You can apply for loan under Amrit Kalash Yojana.

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When are both the schemes ending?

As per the information available on the website of both the banks, SBI ‘s Amrit Kalash Deposit Scheme and IDBI’s Amrit Mahotsav FD will expire on August 15. Let us know one by one what is special in both the schemes?

Amrit Kalash Deposit Scheme

Amrit Kalash Deposit Scheme of State Bank of India (SBI) is going to end on 15th August. SBI had launched a specific term plan of “400 days” (Amrit Kalash) in February.

This special FD offer offers an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others for a tenure of 400 days. In this FD, customers can also avail premature and loan facilities.

What is the latest interest rate of SBI?

SBI offers an interest rate of 3 to 7 per cent for regular citizens and 3.5 to 7.5 per cent for senior citizens on FDs maturing in seven days to 10 years. Let us tell you that these rates are applicable from 15 February 2023.

Amrit Mahotsav FD Scheme

IDBI Bank launched a special FD scheme of 375 days in July. On a special maturity period of 375 days, IDBI Bank offers an interest rate of 7.10 per cent for general public and 7.60 per cent for senior citizens.

The last date to invest in IDBI’s Amrit Mahotsav FD for 375 days and 444 days is August 15, 2023.

What is the latest interest rate of IDBI?

IDBI Bank offers interest rates of 3 percent to 6.5 percent on FDs maturing in seven days to five years for general customers and 3.5 percent to 7 percent for senior citizens. According to the bank’s website, these rates are applicable from July 14, 2023.

Disclaimer: (This information is based on the information received, please take the opinion of your investors before investing and invest at your own risk.)

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IDBI Bank offers an interest rate of 7.10 per cent for general public and 7.60 per cent for senior citizens on a special maturity period of 375 days. IDBI Bank has informed on its website that Amrit Mahotsav FD is valid till August 15, 2023 for 375 days and 444 days.

IDBI Bank has introduced a special bucket of Amrit Mahotsav FD for 375 days offering a maximum rate of 7.60% per annum valid till August 15, 2023. Apart from this, Amrit Mahotsav FD offers the highest rate of 7.65 per cent per annum for the current 444 days under the callable option and the maximum rate of 7.75 per cent per annum under the non-callable option.

Special Rates for Senior Citizens

Under the special scheme of the bank, IDBI Bank is providing an interest rate of 7.10 per cent per annum for the general public and 7.60 per cent per annum for senior citizens. The bank has also introduced an additional option for 444-day FDs with interest rates of 7.65 per cent per annum for callable FDs and 7.75 per cent per annum for non-callable FDs, specially designed for senior citizens.

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Government employees in Chhattisgarh will get a 5 percent increase in dearness allowance, while for Rajasthan government employees, DA has been increased from 396 percent to 412 percent under the 5th Pay Commission.

Ahead of the assembly elections in Chhattisgarh later this year, the Congress government on Thursday increased the DA for state employees by 5 per cent. DA has now become 38 percent in the state. Due to this, the state government will get an additional financial burden of one thousand crore rupees every year. This decision of the government will benefit about 3.80 lakh employees of the state.

Senior officials of Chhattisgarh told that the state government had increased the DA of government employees by 5 percent in October last year, after which they were getting 33 percent DA.

The Chhattisgarh government also reduced the eligibility period for pension

Officials said that while giving another gift to the government employees, the Chhattisgarh government has reduced the eligibility period for full pension from 33 years to 30 years. Also, the period of service for voluntary retirement has been reduced from 20 years to 17 years.

Gehlot government increased dearness allowance of employees and pensioners

Employees and pensioners working under the Fifth Pay Commission in Rajasthan will get increased DA from January 2023. According to an official statement, Chief Minister Ashok Gehlot has approved the proposal in this regard. According to the proposal, an increase in the rate of dearness allowance has been approved for state employees and pensioners working under the Fifth Pay Commission and Rajasthan Civil Services (Revised Pay) Rules, 1998. It was said in the statement that from January 1, 2023, the rate of dearness allowance to such state employees and pensioners will increase from 396 percent to 412 percent.

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HDFC Bank said that this offer is only for a limited time. In such a situation, to take advantage of this, the customers will have to open the FD before the offer ends. According to the information available on the HDFC Bank website, “Introducing HDFC Bank Special Edition Fixed Deposit. On this special FD, customers will get interest at the rate of 7.20% for a period of 35 months.

Whereas for a period of 55 months Interest will be available at the rate of 7.25%. The offer does not end there! Senior citizens will get additional interest up to 0.50%. So hurry up! Offer valid for a limited period only!” These rates have come into effect from 29 May 2023.

HDFC Bank latest FD rates

HDFC Bank is currently offering its customers a minimum interest rate of 3% (0.50% additional for senior citizens) on FDs. This offer is for FDs ranging from 7 days to 29 days. You can see the latest FD rates of HDFC Bank below-

For a period of 7 to 29 days – 3.00%

For a period of 30 to 45 days – 3.50%

For tenure of 36 to 89 days – 4.50%

For tenure from 36 days to 6 months – 4.50%

From 6 months 1 day to 9 months – 5.75%

From 9 months 1 day to 1 year – 6.00%

From 1 year 1 day to 15 months – 6.60%

From 15 months 1 day to 18 months – 7.10%

From 18 months to 2 years to 11 months – 7.00%

Above all tenors – 7.00%

HDFC Bank special FD offer

From 2 years 11 months to 36 months – 7.20%

7.25% on Special FD with a tenure of 4 years 7 months

* Senior citizens will get 0.50% extra interest on all FDs.

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The bank is paying more than seven percent interest on fixed deposits of both these periods. Along with this, senior citizens will get an additional interest of 0.50 percent on the investment. However, this FD scheme is open for investment for a limited period of time.

Interest rate on Special FD

According to the bank, those investing in the Special Fixed Deposit Scheme with a tenure of 35 months or 2 years 11 months will get interest at the rate of 7.20 per cent. At the same time, the bank is offering interest at the rate of 7.25 percent on special FDs with a period of 55 months or 4 years and 7 months. HDFC Bank is offering interest ranging from three per cent to 7.25 per cent on its other term fixed deposits. The bank is offering a maximum interest rate of 7.25 per cent on fixed deposits with a tenure of 4 years, 7 months to 10 years.

FD interest calculation

According to the bank’s website, the current interest rates are applicable from May 29, 2023, on deposits of less than Rs 2 crore. Some time ago HDFC Bank has changed the interest rates of FDs of less than one year and 15 months and made it 6.6 percent. Usually, HDFC Bank gives between 3% and 7.10% on fixed deposits above Rs 2 crore for regular citizens.

HDFC Bank calculates interest based on the actual number of days in a year. If the deposit is in a leap and a non-leap year, interest is calculated based on the number of days. That is, there are 366 days in a leap year and 365 days in a non-leap year.

Fixed repo rate

In the last financial year, the Reserve Bank had increased the repo rate continuously. After this, banks also increased the interest rates to make their FD schemes attractive. In the current financial year, the Reserve Bank has not yet increased the repo rate in any way. Repo rate is the rate at which the Reserve Bank lends to other banks.

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As experts believe that in the coming time, RBI can increase the repo rate again. This means that the interest rates on FDs are also expected to increase in the future. In such a situation, those who have already got FD done, they will not be able to get the benefit of new interest rates of FD because in most banks the option of Fixed Rates FD is available. In normal FD, the interest rate remains the same till the time of maturity.

In the meanwhile interest rates increase or decrease, it does not matter. But looking at the present time, if you want to take advantage of the ever-increasing interest rates on FD, then you can opt for Floating Rates Fixed Deposit.

What is floating rates fixed deposit

In floating rates fixed deposits, the interest is not fixed, rather the interest rates keep on changing till maturity. Whenever the bank increases the interest on FD, you get the benefit of increased interest on FD and when the bank reduces the interest rate, you get less interest on your FD as well.

If you understand in simple words, the direct effect of increasing and decreasing the interest of the bank falls on the floating rate fixed deposit. But looking at the current circumstances, floating rates FD can be a better option for you.

Floating rates FD option in these banks

If you also want to take advantage of floating rates fixed deposits, then you can get this option in IDBI Bank and Yes Bank. In IDBI Bank, the interest is reset at an interval of every three months (1st April, 1st July, 1st October and 1st January). Apart from this, you can also get this FD done in Yes Bank. With Yes Bank, you can get an interest rate of 7.85% on FDs with a tenure of 18 months and above.

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