Fixed Deposit (FD) interest rates are at a peak. These are not expected to increase further with the rate freeze by RBI. In such a situation, if you want strong returns, then this is your chance.
Fixed Deposit (FD) interest rates have increased rapidly in the past. But now that the RBI has stopped the increase in repo rates, there is little chance that rates will go up further. With RBI freezing rates for the second time in a row, it is now certain that banks will not increase interest rates on these deposits any further.
Some banks have started cutting their FD rates. On June 1, 2023, Punjab National Bank (PNB) reduced its rates for one year FDs. Since April last year, the RBI increased the repo rate by 250 basis points (bps) to 6.5 per cent. On the contrary, banks increased their rates to woo more customers.
There are some FD schemes which have proved to be very useful for the customers and have given huge profits to the customers. Now they are on the verge of closure. Come, let us have a look at some special FD schemes that will close on June 30.
SBI Amrit Kalash
The Amrit Kalash FD Retail Term Deposit Scheme of the country’s largest lender State Bank of India (SBI) is valid till the end of June. SBI Amrit Kalash FD scheme comes with a special tenor of 400 days, on which the general public gets an interest rate of 7.10% and senior citizens an interest rate of 7.60%.
The 400-day Amrit Kalash scheme will be valid till June 30, 2023.
Indian Bank Special FD
Indian Bank had extended the “Ind Super 400 Days” special fixed deposit till June 30, 2023. Through this, Indian Bank will offer 7.25% interest rate to the general public and 7.75% to senior citizens.
SBI We Care
SBI Wecare FD scheme is exclusively for senior citizens only and the scheme comes with a tenure of 5 years to 10 years. SBI is offering an interest rate of 7.50% to senior citizens under the Wecare FD scheme for a limited time period till June 30, 2023.
SBI WECARE was a dedicated program for senior citizens. This fixed deposit program was launched in May 2020. The scheme was to end on March 31, 2023, after several extensions. However, SBI had extended its validity till June 30, 2023.
