Over the past six months, major public and private sector banks, as well as a handful of small finance banks (SFB), have raised the FD rates for both short- and long-term deposits.
Which 4 Special Schemes Will End in 2023?
Punjab National Bank (PNB)
For deposits that mature in 666 days, PNB is providing a maximum interest rate of 7.25 percent for the general public, 7.75 percent for the elderly, and 8.05 percent for super senior citizens.
State Bank of India (SBI)
SBI Wecare gives senior citizens better interest rates on term deposits. The scheme intends to accept fresh donations and renew maturing accounts. The bank is offering the program for a minimum of 5 years and a maximum of 10 years with an additional premium of 30 bps over and above the existing premium of 50 bps above the card rate for investors, which is 80 bps over the card rate for the general public. On March 31, 2023, the program ends.
HDFC
A special fixed deposit program for senior citizens is called Senior Citizen Care FD, and it is offered by the private sector lender HDFC Bank. It was established on May 18, 2020. The bank stopped implementing the plan on September 30, 2022, but then brought it back. The scheme will end on March 31, 2023.
ICICI
In addition to the current additional senior citizen FD rates of 50 bps, the senior citizen fixed deposit program offered by ICICI Bank provides seniors with an additional interest rate of 10 basis points (bps). The interest rate is valid for schemes with terms between 5 years and 1 day and 10 years. The program is open to contributions of less than Rs 2 crore and is in effect till April 7, 2023.
People who don't want to put their money at risk often choose fixed deposits (FDs) as an investing strategy. Even while fixed deposits don't offer the same kind of profitable returns as the stock market, the returns are essentially guaranteed.
