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SBI to IDBI Bank: 4 special fixed deposits with up to 7.9% interest for senior citizens are closing in March
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3 min read | Updated on February 28, 2025, 14:23 IST
SUMMARY
The RBI's repo rate cut decision has prompted several banks to reduce the interest rates offered on their fixed deposit schemes for various tenures. It is anticipated that other banks will soon follow suit, aligning their interest rate offerings with the prevailing market condition.
The IND Supreme 300 Days plan offers 7.55% interest to senior citizens. | Image source: Shutterstock
The recent repo-rate cut decision of the Reserve Bank of India (RBI) is likely to lead to a lower interest rate period for fixed deposits.
Meanwhile, as many as four special fixed deposit schemes that offer higher interest rates to senior citizens and other investors are due to expire on March 31, 2025.
SBI Amrit Kalash
The last date to apply for the SBI Amrit Kalash fixed deposit is March 31, 2025. It allows senior and general citizens to invest for 400 days.
The scheme offers 7.6% interest rate to senior citizens and 7.1% interest to general citizens. The SBI Amrit Kalash scheme was launched on April 12, 2023. And it has been extended many times since then.
However, in the wake of the low rate regime triggered by the RBI's repo rate cut decision, it is expected that SBI may not further extend this scheme.
SBI Amrit Vrishti
The last date to apply for the SBI Amrit Vrishti fixed deposit is March 31, 2025. It allows senior and general citizens to invest for 444 days.
The scheme offers 7.75% interest rate to senior citizens and 7.25% interest to general citizens.
The SBI Amrit Kalash scheme was launched on July 15, 2024.
IDBI Bank special fixed deposit
The deadline for IDBI Bank's Utsav Callable special fixed deposit scheme is March 31, 2025.
Callable FDs are term deposits in which you can make premature withdrawals.
The scheme allows deposits for specific tenures ranging from 300 days to 700 days and interest rate of up to 7.9% to senior citizens and 8.05% to super senior citizens.
| Special buckets | General/NRE/NRO (%) | Senior citizens (%) | Super senior citizens (%) |
|---|---|---|---|
| 300 Days | 7.05 | 7.55 | 7.55 |
| 375 Days | 7.25 | 7.75 | 7.90 |
| 444 Days | 7.35 | 7.85 | 8.00 |
| 555 Days | 7.40 | 7.90 | 8.05 |
| 700 Days | 7.20 | 7.70 | 7.85 |
Source: IDBI Bank website
Indian Bank special fixed deposit schemes
The last date to apply for Indian Bank's special fixed deposits IND Supreme 300 and IND Super 400 days is also ending on March 31, 2025.
The IND Supreme 300 offers 7.55% interest to senior citizens, 7.8% to super citizen citizens and 7.05% to the general public. These interest rates are available for deposits of 300 days.
| IND Supreme 300 Days | Rate of interest ( % p.a) | |
|---|---|---|
| Public | 7.05 % | |
| Senior Citizen | 7.55 % | |
| Super Senior Citizen | 7.80 % |
| IND SUPER 400 DAYS | Rate of Interest (% p.a) w.e.f 03.10.2024 |
|---|---|
| Public | 7.30% |
| Senior Citizen | 7.80% |
| Super Senior Citizen | 8.05% |
Source: Indian Bank website
The IND Super 400 Days FDs offer 7.8% interest to senior citizens, 8.05% interest to super senior citizens and 7.3% to the general public. These interest rates are available on deposits of 400 days.
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