The Reserve Bank of India‘s recent interest rate hikes have impacted payment burdens, but they have also led to improved consumer loan rates. Banks have passed on better returns on mortgages to their customers after the central bank’s series of key interest rate hikes. Know about FD offers below.
Special Title Loan Programs and Deposit FD Schemes
Several banks, including SBI and HDFC Bank, have announced special title loan programs or time-limited title loan programs for their customers, all of which end on March 31, 2023. SBI has launched a special SBI Amrit Kalash Deposit FD Scheme of “400 days” with an interest rate of 7.10%, while older citizens are entitled to an interest rate of 7.60%. The program will be in effect until March 31, 2023.
SBI’s Special Deposit Offer
On February 15, 2023, SBI last increased interest rates on fixed deposits below Rs. 2 crores. After this change, the bank is now offering interest rates on deposits with terms between 7 days and 10 years, ranging from 3% to 6.5% for the general public and 3.5% to 7.5% for older people. For a short period, through March 31, 2023, SBI is offering a maximum interest rate of 7.1 per cent for non-seniors and 7.6 per cent for seniors for 400 days.
HDFC Bank’s Senior Citizen Care FD
India’s largest private sector lender, HDFC Bank, launched a unique program called “Senior Citizen Care FD” for seniors in May 2020 during the initial wave of the Covid-19 epidemic. The current validity period of the program extends to March 31, 2023, after numerous extensions. Senior citizens who wish to book a fixed deposit of fewer than 5 crores for a period of 5 (five) years, from one day to 10 years, during the special deposit offer starting on May 18, 20 and ending on March 31, 2023, will get an additional premium of 0.25% (in addition to the existing premium of 0.50%). Older citizens who subscribe to new fixed deposits or renew existing deposits during the above period are eligible for this special incentive.
Non-residents of India are not eligible for this offer. HDFC Bank’s Senior Citizen Care FD offers seniors an interest rate of 7.75%, which is 75 basis points higher than the regular rate, on a deposit term of 5 years, 1 day to 10 years.