After the Reserve Bank of India (RBI) rate cut of 0.25 per cent or 25 basis points in February this year, experts believe another rate cut to happen in mid-2025, depending on inflation data, the US Federal Reserve’s rate cut decision, and other global factors. According to the note by the Tata Mutual Fund last week, “A dovish tilt from the RBI is likely in mid-2025, aligning with global rate-cut cycles, but domestic inflation trends remain a key factor”.
Considering this, the interest rates on fixed deposits (FD) are expected to reduce this year. While the market is also volatile, small investors may consider investing in FDs.
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Banks offer special interest rates on FDs to seniors; however, they also offer special FDs time-to-time in which everyone can invest to earn better rates. Few such special FDs by different banks are approaching their application deadline on March 31, 2025, in which senior citizens can earn up to 8.10 per cent. Here are the details.
Indian Bank
Indian bank offers two special FDs: ‘Ind Supreme Product FD’ for 300 days and ‘Ind Super Product FD’ for 400 days, for which the last date of application is March 31, 2025. The bank offers the highest interest of 7.30 per cent to the general public for 300 days and 7.05 per cent for 400 days. For senior and super senior the rates are:
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For senior citizens:
7.80 per cent for 300 days
7.55 per cent for 400 days
For super senior citizens:
8.05 per cent for 300 days
7.80 per cent for 400 days
IDBI Bank
The bank offers special FDs called Utsav Callable FD for five tenures. The highest rate for the general public is 7.40 per cent, for senior citizens 7.90 per cent, and for super senior citizens (80 years and above) 8.05 per cent. These are set to close for application on March 31, 2025. Here are the interest rate details:
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For senior citizens:
7.55 per cent for 300 days
7.75 per cent for 400 days
7.85 per cent for 444 days
7.90 per cent for 555 days
8.05 per cent for 700 days
For super senior citizens:
7.55 per cent for 300 days
7.90 per cent for 400 days
8.00 per cent for 444 days
8.05 per cent for 555 days
7.85 per cent for 700 days
State Bank of India (SBI):
SBI’s ‘Amrit Kalash FD’ and ‘Amrit Vrishti FD’ are valid for application until March 31, 2025. Amrit Kalash has been extended several times earlier; however, there is no update on its extension again at the time of writing. These two special FDs are for short-term use. Amrit Kalash is for '400 days’, and Amrit Vrishti is for '444 days’, offering 7.10 per cent and 7.25 per cent, respectively to the general public.
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For seniors, the rates are:
7.60 per cent for 400 days (Amrit Kalash)
7.75 per cent for 444 days (Amrit Vrishti)
Punjab And Sindh Bank:
This public sector bank has five special FDs with having application deadline set at March 31, 2025. These FDs are for ‘222 days’, ‘333 days’, ‘444 days’, ‘777 days’, and ‘999 days. The interest rates on these FDs for the general public are 7.20 per cent, 7.30 per cent, 7.45 per cent, 7.25 per cent, and 6.65 per cent, respectively.
For senior citizens, the rates are:
7.70 per cent for 222 days
7.80 per cent for 333 days
7.95 per cent for 444 days
7.75 per cent for 777 days
7.15 per cent for 999 days
For super senior citizens, the rates are:
7.85 per cent for 222 days
7.95 per cent for 333 days
8.10 per cent for 444 days
7.90 per cent for 777 days
7.30 per cent for 999 days.
