SBI, HDFC Bank and Punjab & Sind Bank are discontinuing these FD schemes from March 31

This financial year has proved to be a good year for fixed-income investors on the back of a series of repo rate hikes by the Central Bank. However, as the financial year comes to an end, many special fixed deposit or FD schemes launched by banks for the financial year 2022-2023 will discontinue. Here are the details of some of the special schemes that will discontinue from March 31st, 2023.

State Bank of India (SBI) Amrit Kalash Deposit 
The State Bank of India (SBI) retail term deposit scheme called the Amrit Kalash Deposit will close on March 31st, 2023. The scheme offers an interest rate of 7.6 per cent to senior citizens and 7.1 per cent to others for a period of 400 days and is available to investors from February 15 to March 31, 2023. This means that the total interest earned on a deposit of Rs 1 lakh will be Rs 8,017 for general investors and Rs 8,600 for senior citizens. 

In case of other FDs, the interest rates offered by the bank now range from 3 to 7 per cent for regular citizens and 3.5 to 7.5 per cent for senior citizens.

HDFC Bank Senior Citizen Care 
HDFC Bank offers a special fixed deposit called the Senior Citizen Care FD, which provides 7.75 per cent interest rate for tenures ranging from more than a year to up to ten years and is available for deposits opened or renewed during the scheme period, which ends on March 31, 2023.

HDFC Bank has mentioned on its website that “An Additional Premium of 0.25 per cent (over and above the existing premium of 0.50 per cent) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 31st Mar’2023. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian."

Punjab & Sind Bank FDs
Punjab & Sind Bank is offering four special fixed deposit options, including PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days. All of these FD schemes will end on March 31, 2023, according to the bank's official website. To give you an idea PSB e-Advantage Fixed Deposit gives 7 per cent for the general public, 7.50 per cent for senior citizens, and 7.85 per cent for super senior citizens under the scheme. The term is 601 days and is valid until March 31, 2023. 

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