Know the Indian Banks Offering Higher Interest Rates on FDs

With the frequent repo rate changes by the Reserve Bank of India, many Indian banks have increased the interest rates on FDs for their customers. If you too are interested in availing the attractive rates, we are here to assist you. Here is a list of some banks that have announced special FD or limited tenure FD schemes for their customers. You must remember that all these special and limited offers are ending on March 31, 2023.

State Bank of India (SBI) unveiled a new Fixed Deposit (FD) scheme for domestic and NRI customers with attractive interest rates and a tenure of 400 days. Senior customers will get 7.60 percent interest on their FD under SBI Amrit Kalash Deposit FD scheme. However, SBI Amrit Kalash Deposit is good only for short term investments.

Indian Bank introduced “IND SHAKTI 555 DAYS” special retail fixed deposit product. The scheme offers Rs 5,000 for 555 days and a higher interest rate for investments below Rs 2 crore.

Punjab and Sind Bank special FD schemes PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit and PSB-Utkarsh 222 Days are some examples of schemes expiring on March 31. These are the plans that the customer can do. Invest for higher than normal returns.

IDBI Bank has launched IDBI Bank Naman Senior Citizen Fixed Deposit programme. Senior citizens are eligible for an additional interest of up to 0.75 percent on this scheme. A minimum deposit of Rs 10,000 is required. The plan also allows premature withdrawal. IDBI Bank will levy a charge of 1% on any early withdrawal including sweep-in and partial withdrawals.

For senior citizens who want to take advantage of an attractive rate of interest on FDs, the HDFC Bank Senior Citizen Care FD offers an additional interest rate of 0.75%. HDFC Senior Citizen Care Scheme is offering an interest rate of 7.75 per cent per annum to senior citizens on FD. This FD is for a period of 5 years and 1 day to 10 years.

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