Fixed Deposits: There are indications that the Reserve Bank of India may soon cut interest rates. In such a situation, many banks are going to close their special FD schemes.
Fixed Deposits: Banks keep coming up with special fixed deposit schemes for their customers from time to time. Some time ago, the country’s largest banks SBI, IDBI Bank and Indian Bank had come up with such special FD schemes. These schemes are very much liked by those customers who like to grow their money without any risk. In these, banks offer higher interest rates for senior citizens. However, now the deadline of these special FD schemes is 30 September. Today we give you complete information about them so that you can take advantage of them before the deadline ends.
Special FD schemes of SBI, IDBI and Indian Bank are ending
The duration of these special FD schemes of SBI, IDBI Bank and Indian Bank is 300 to 444 days. In these, 7.05 to 7.35 percent interest is being given. It is expected that the US Federal Reserve may cut interest rates by 0.25 percent. If this happens, it will be the first time in 4.5 years. After this decision, the Reserve Bank of India (RBI) can also announce a reduction in interest rates in its next monetary policy meeting. Due to this, banks will also cut interest rates. In such a situation, the interest rates of special FD schemes will also be reduced.
Banks are giving this much interest, senior citizens get more benefits
This is the reason why these three banks have also announced to close their special FD schemes. In SBI Amrit Kalash FD scheme, the bank offers 7.10 percent interest rate per annum to all and 7.60 percent interest rate to senior citizens for 400 days. In IDBI Bank Utsav FD scheme, you can deposit money for 300, 375, 444 and 700 days. In this, senior citizens are getting the benefit of 7.55 to 7.85 percent interest rate per annum. Apart from this, others are being given 7.05 to 7.35 percent interest rate per annum.
RBI can reduce interest rate due to reduction in inflation
Indian Bank has run special FD schemes in the name of IND Supreme and IND Super. IND Supreme is offering 7.05% interest rate on 300 days FD and IND Super is offering 7.25% interest rate on 400 days FD. Inflation rate in India was 3.65% in August. The figure was 3.6% in July. RBI has kept the inflation target in the country at a maximum of 4%. In such a situation, an environment of reduction in interest rates is being created. In such a situation, if you want to take advantage of these schemes, then you have a chance now.
