SBI, IDBI & 2 More Banks’ Special FDs Closing On Sep 30; Know Details

State Bank of India (SBI), IDBI Bank, Indian Bank and Punjab and Sind Bank plan to close their special fixed deposit (FD) schemes by the end of the second quarter of FY2024-25. These banks will stop accepting applications for these special FDs from September 30, 2024. So, if anyone wants to apply for these FDs, this week could be their last chance. Here are the details.

Also Read: 93% of Individual Traders Suffered Losses In F&O In Last 3 Years: Sebi Study

State Bank of India (SBI):

SBI Amrit Kalash: SBI Amrit Kalash scheme is for ‘400 days’ and offers 7.10 per cent interest. This particular FD was first launched in the financial year 2022-23 for a month, and since then, it has been extended several times. It will now close on September 30, 2024. According to the bank’s website, the 400-day Amrit Kalash FD offers a 7.10 per cent interest, effective April 12, 2023. Senior citizens can earn 7.60 per cent, and the scheme will be valid till September 20, 2024.

The bank offers an additional 0.50 per cent (50 basis points) rate to senior citizens, and thus, they can receive 7.60 per cent in this special FD, whose annualised yield would be around 7.82 per cent, as per the bank’s website.

SBI WeCare: SBI WeCare is a special FD only for senior citizens. This FD scheme was first introduced in 2020 and extended several times later, with the last date now set at September 30, 2024. It offers a 1 per cent (100 basis points) additional rate to senior citizens. As per the SBI website, it provides an “Additional premium of 50 bps (over and above existing premium of 50 bps) over card rate for Public, i.e., 100 bps over card rate for Public”. This FD is for the long-term, five to 10 years, and offers 7.5 per cent interest to senior citizens.

IDBI Bank:

IDBI Bank’s Utsav FD comes with four special tenures: 300-day, 375-day, 444-day, and 700-day, valid till September 30, 2024. These FDs offer 7.55 per cent, 7.75 per cent, 7.85 per cent, and 7.70 per cent interest, respectively, to senior citizens. For the general public, the interest rate is 7.05 per cent, 7.25 per cent, 7.35 per cent, and 7.20 per cent, respectively.

Indian Bank:

Indian Bank’s two FDs have been extended in July by three months to September 30, 2024. These are ‘Ind Supreme Product’ for 300 days and ‘Ind Super Product’ for 400 days, offering 7.55 per cent and 7.75 per cent to senior citizens. For super seniors, the interest rate is even higher at 7.80 per cent and 8.00 per cent on these (300 days and 400 days) FDs, respectively. The FDs are valid only till September 30, 2024.

Also Read: How To Use The Cardless Cash Deposit Facility Via UPI ICD?

Punjab And Sind Bank:

The banks’ special FD for ‘222 days’ ‘333 days’, and ‘444 days’ are valid till September 30, 2024. The bank offers interest of 6.30 per cent, 7.15 per cent, and 7.25 per cent on these FDs to the general public and an additional 0.50 per cent to senior citizens. So they can get 6.80 per cent, 7.65 per cent, and 7.75 per cent for ‘222 days’, ‘333 days’, and ‘444 days’ FDs, respectively.

For super seniors (80 years and above) the interest rate is 0.15 per cent over and above the interest for seniors. So for these special FDs, super seniors’ rates are 6.95 per cent, 7.80 per cent, and 7.90 per cent, sequentially for these tenures.