SPECIAL fixed deposit schemes: THESE plans are going to end in 2023-- Check return calculator, rates, other key details

Given the market volatility, fixed deposit (FD) schemes continue to be the most popular option for parked one's hard-earned money in secure investment vehicles. This year, the majority of banks have adjusted their fixed deposit interest rates a few times to correspond with the RBI repo rate. The RBI increased its repo rates four times this fiscal year, from 4.40 percent to 6.25 percent.

The biggest lender in India The State Bank of India introduced a unique term deposit interest-bearing FD programme, SBI Wecare, for senior citizens. The scheme aims to renew maturing accounts and accept new contributions. With an additional premium of 30 bps over and above the existing premium of 50 bps above the card rate for investors, which is 80 bps over the card rate for the general public, the bank is offering the programme for a minimum of 5 years and a maximum of 10 years. The programme expires on March 31, 2023.

Senior Citizen Care FD is a unique fixed deposit programme for senior citizens offered by private sector lender HDFC Bank. It has been in existence since May 18, 2020. On September 30, 2022, the bank first stopped offering the promotion, but then brought it back. For deposits less than Rs 5 crore for tenures of 5 years 1 day to 10 years, HDFC Bank is paying senior citizen FD depositors an additional premium of 25 bps (over and above the standard premium of 50 bps) under the programme. The programme is active through March 31, 2023.

The senior citizen fixed deposit programme offered by ICICI Bank gives senior citizens an additional interest rate of 10 basis points (bps) over and above the existing additional senior citizen FD rates of 50 bps. For schemes with a duration ranging from 5 years and 1 day to 10 years, the interest rate is applicable. The programme is available for contributions under Rs 2 crore and is active till April 7th, 2023.

On Christmas, regular investors and older persons were invited to participate in the 666 Days FD scheme offered by public lender Punjab National Bank. PNB is currently providing a maximum interest rate on deposits that mature in 666 days of 7.25 percent for the general public, 7.75 percent for the elderly, and 8.05 percent for super senior citizens under the special programme.