The State Bank of India (SBI), and IDBI’s limited offer special fixed deposit (FD) scheme will end soon. Both banks are giving lucrative interest rates to general customers and senior citizens on these deposits. SBI’a Amrit Kalash Deposit scheme, and IDBI’s Amrit Mahotsav FD will end on 15 August as per information available on both the bank website.
SBI Amrit Kalash Deposit scheme
State Bank of India’s Amrit Kalash Deposit scheme is going to end on August 15. The country`s largest lender State Bank of India (SBI) launched a specific tenor scheme of “400 days” (Amrit Kalash) in February. This special FD offers an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others for a tenure of 400 days. Premature and loan facilities will also be available on the new Amrit Kalash Deposit
SBI offers an interest rate ranging from 3 to 7 per cent for regular citizens and 3.5 to 7.5 per cent for senior citizens on term deposits maturing in seven days to ten years. These rates are with effect from 15 February 2023.
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IDBI Amrit Mahotsav FD scheme
In July, IDBI introduced a special fixed deposit (FD) scheme of 375 days . On a special maturity bucket of 375 days, IDBI Bank offers an interest rate of 7.10% for the general public and 7.60% for senior citizens. IDBI’s Amrit Mahotsav FD” for 375 Days and 444 Days is valid up to August 15, 2023, the lender mentioned on its website.
IDBI’s latest FD rates
IDBI Bank offers an interest rate ranging from 3% to 6.5% on FDs maturing in seven days to five years to general customers, and 3.5% to 7% to elderly people. These rates are effective from July 14, 2023, as per the bank’s website.
Unity and Suryoday small finance banks are offering 9 per cent interest rate on FDs on select tenures.
Meanwhile, money experts believe that the peak in FD rates may be drawing to a close. Various macroeconomic indicators suggest that FD interest rates are approaching their peak in the current cycle of interest rate hikes. “FD rates in India have definitely peaked and have now only one way to go- downwards. All indicators point towards this,” said Dr Radhika Lobo, Program Chair and Professor of Economics, at Vidyashilp University, Bangalore.
Updated: 03 Aug 2023, 02:42 PM IST