With just a few days left, let’s take a look at these FDs and whether you should invest in them now.
Main special FD regimes
OSE Amrit Kalash FD
SBI’s Amrit Kalash scheme offers an interest rate of 7.10% for general public and 7.60% for senior citizens. This fixed deposit has a tenure of 400 days.
The plan is available for both new and renewing deposits, and interest is paid on maturity or periodically, depending on the option chosen.
IDBI Bank Special FD
IDBI Bank Special FD offers an interest rate of 7.15% for regular customers and 7.65% for senior citizens for a tenure of 375 days.
This rate is one of the highest that the bank has offered in recent times.
Indian Bank Ind Super 400 Day Fixed Deposit
Indian Bank offers its Ind Super FD scheme at an interest rate of 7.25% for general public and 7.75% for senior citizens for a tenure of 400 days.
This scheme provides higher returns compared to standard bank FDs.
Should you invest?
The key question is whether it’s a good time to lock up your money. Interest rates are high at the moment, but there’s always the possibility of future rate cuts if inflation cools or economic conditions change.
If you are risk averse and prefer guaranteed returns, locking in these rates could be a smart move ahead of the Sept. 30 deadline.
However, consider your liquidity needs. Investments in FD They require you to lock your money for a fixed period and early withdrawals carry penalties.
If you can afford to part with your money for a while, these plans are a decent way to secure higher returns.
Senior citizens in particular will benefit from the additional interest rates.
Alternatives to consider
If you’re not sure whether you should lock up your money for more than a year, you might consider short-term fixed-term deposits or recurring deposits that provide greater flexibility.
In addition, debt mutual funds can offer comparable returns with better liquidity, although they carry market-related risks.
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