Fixed Deposits: There are indications that the Reserve Bank of India may soon cut interest rates. In such a situation, many banks are going to close their special FD scheme.
Fixed Deposits: Banks keep coming up with special schemes of fixed deposits for their customers from time to time. Some time ago, the country’s largest banks SBI, IDBI Bank and Indian Bank had come up with such special FD schemes. These schemes are very much liked by those customers who like to grow their money without any risk. In these, banks offer higher interest rates for senior citizens. However, now the deadline of these special FD schemes is 30 September. Today we give you complete information about them so that you can take advantage of them before the deadline ends.
SBI, IDBI and Indian Bank’s special FD schemes are ending
These special FD schemes of SBI, IDBI Bank and Indian Bank have a duration of 300 to 444 days. These are giving 7.05 to 7.35 percent interest. It is expected that the US Fed may cut interest rates by 0.25 percent. If this happens, it will be the first time in 4.5 years. After this decision, the Reserve Bank of India (RBI) can also announce a reduction in interest rates in its next monetary policy meeting. Due to this, banks will also cut interest rates. In such a situation, the interest rates of special FD schemes will also be reduced.
Banks are giving so much interest, senior citizens get more benefits
This is the reason why these three banks have also announced the closure of their special FD schemes. In SBI Amrit Kalash FD Scheme, the bank offers 7.10 percent interest rate per annum to all and 7.60 percent interest rate to senior citizens for 400 days. In IDBI Bank Utsav FD Scheme, you can deposit money for 300, 375, 444 and 700 days. In this, senior citizens are getting the benefit of 7.55 to 7.85 percent interest rate per annum. Apart from this, others are being given 7.05 to 7.35 percent interest rate per annum.
Also Read-Â FD rates: These 5 banks are offering up to 9% interest on 3-year FDs
RBI may reduce interest rate due to reduction in inflation
Indian Bank has launched special FD schemes named IND Supreme and IND Super. IND Supreme offers 7.05 percent interest rate on 300 days FD and IND Super offers 7.25 percent interest rate on 400 days FD. The inflation rate in India was 3.65 percent in August. The figure was 3.6 percent in July. RBI has kept the inflation target in the country at a maximum of 4 percent. In such a situation, an environment of reduction in interest rates is being created. In such a situation, if you want to take advantage of these schemes, then you have a chance now.
 Related Articles:-
FD rates: These 5 banks are offering up to 9% interest on 3-year FDs
