Nowadays you must have heard about FD as well as special FD. Many banks have launched special FD schemes to give more interest. But do you know what is the difference between special FD and normal FD.
New Delhi. If you have also made a Fixed Deposit in the bank, then surely you must have heard about Special FD as well. Many banks have launched special FD schemes to give more interest on FDs. Bank FD has always been the safest investment option. Due to the bumper increase in FD interest rates in the last few days, once again FD is becoming the first choice of every age person.
In such a situation, if you are also planning to invest in Fixed Deposit i.e. FD, then you should have all the information related to it. Like what is a special FD, what is the difference between a special FD and a normal FD, in which it is more profitable to invest money.
What is Bank Fixed Deposit?
The money deposited under Fixed Deposit ie FD has to be left for a certain time. During this period, the bank pays interest on the deposited amount. Actually, the purpose of FD is to save to deal with a particular situation. However, premature withdrawal of FD money is not allowed, but it can be withdrawn under special circumstances. This is also called breaking FD. Bank may charge penalty for this.
What is special FD
The terms of special FD are different from normal FD. Such FDs may be subject to additional limitations, such as minimum deposit amount, longer tenure and limited time for opening the account. This type of FD is very popular among investors due to high returns. Many banks have launched special FD schemes at this time.
How much interest is being received in which bank
HDFC Bank’s Special FD Senior Citizen Care is getting 7.75% interest for a period ranging from five years to ten years. In SBI’s 400-day special FD scheme Amrit Kalash, general investors are getting 7.10% interest while senior citizens are getting 7.60% interest rate. Indian Bank is offering an interest rate of 7.25% on investment to the general public on Ind Super 400 Days Special Fixed Deposit Scheme for its customers. Whereas, an interest rate of 7.75 per cent has been offered to senior citizens. On the other hand, if very senior citizens invest in Ind Super 400 Days Special Fixed Deposit Scheme, then they will be given 8.00% interest rate.
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