FD schemes: Three profitable fixed deposits ending soon, check details

To combat the persistent issue of inflation in the country, the Reserve Bank of India (RBI) took measures to increase the repo rate in recent months. Consequently, banks also raised the interest rates on Fixed Deposits (FDs). The interest rates on FDs have witnessed significant growth in the past. However, as inflation is now being brought under control, the Reserve Bank has refrained from further increasing the repo rate. This suggests that the possibility of interest rates rising further in the near future is minimal.

Several FD schemes have provided substantial profits to investors. However, it is important to note that certain FD schemes offering lucrative returns are set to close on June 30, 2023. This presents a time-sensitive opportunity for those seeking to maximize their gains. Additionally, some banks have already started reducing FD rates. For instance, Punjab National Bank recently announced a cut in its FD interest rates on June 1, 2023.

Let's explore the schemes that will be closing on June 30, 2023:

Indian Bank Special FD

Indian Bank offers a special FD scheme called "Ind Super 400 Days." This scheme provides an interest rate of 7.25% for the general public and 7.75% for senior citizens. Indian Bank has extended the availability of this special FD scheme until June 30, 2023. This means that interested individuals have a final opportunity to invest in this scheme.

SBI Amrit Kalash

State Bank of India (SBI), the largest bank in the country, offers the Amrit Kalash FD Retail Term Deposit Scheme. This scheme is set to close this month, specifically by the end of June. The special tenor of 400 days associated with the SBI Amrit Kalash FD scheme offers an interest rate of 7.10% for the general public and 7.60% for senior citizens. Investors should take note that this scheme will only be valid until June 30, 2023.

SBI V Care FD

SBI We Care FD scheme is exclusively designed for senior citizens. It offers a tenure ranging from 5 to 10 years. For a limited time period until June 30, 2023, SBI is providing senior citizens with an attractive interest rate of 7.50% in the V Care FD scheme.

These schemes provide opportunities for individuals to make profitable investments before they close at the end of June. It is advisable to seize these opportunities and carefully consider the terms and conditions of each scheme to make informed investment decisions.

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