People prefer to invest in Fixed Deposits (FD) for safe returns. The Reserve Bank has kept the repo rate unchanged for the past few months, while banks have hiked interest rates on FDs.
Interest rates on some special term FDs are higher than normal FDs. This is the reason why special term FDs have attracted investors. However, now the special FD schemes are about to expire.
The last date to invest in special FD schemes of three major banks – State Bank of India (SBI), IDBI and Indian Bank – is September 30. Such schemes offer interest rates ranging from 7.05-7.35 percent per annum for tenures of 300-444 days.
If you are a risk averse person and want safe returns, you must invest in this scheme before the September 30 deadline.
IDBI Bank's Utsav FD Scheme offers special FDs with tenors of 300, 375, 444 and 700 days. In this scheme, senior citizens can get 7.55 to 7.85 percent interest per annum.
At the same time, investors in general, NRE and NRO (Non-Resident Ordinary) categories can earn 7.05 to 7.35 percent interest per annum.
Similarly, SBI's 400-day tenure Amrit Kalash FD scheme also offers interest rates of 7.10 and 7.60 percent to general and senior citizens respectively.
Apart from this, special FD schemes of Indian Bank are IND Supreme and IND Super. The IND Supreme Plan with a tenure of 300 days offers an interest rate of 7.05 percent, while the IND Super Plan with a tenure of 400 days offers an interest rate of 7.25 percent. These rates are applicable to both general and NRO investors.
Note: Do not invest without knowledge. Before investing in any shares you should talk to your financial advisor once. If you do not do so, you may suffer financial loss.
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