look news india
The year 2024 is nearing its end, and if you are thinking of investing in Fixed Deposit (FD), this could be the right time. IDBI Bank and Punjab and Sindh Bank have introduced special FD schemes, the last date for investment is 31 December 2024. By investing in these schemes, you can get attractive interest rates along with secure returns.
IDBI Bank’s ‘Utsav FD’ scheme
IDBI Bank has introduced FDs of four different tenures under its ‘Utsav FD’ scheme, which are 300, 375, 444 and 700 days. This scheme is a better option for those customers who want good returns in a short time.
IDBI Bank FD Rates
| Duration (in days) | Interest rates for general customers | Interest rate for senior citizens |
|---|---|---|
| 300 days | 7.05% | 7.55% |
| 375 days | 7.25% | 7.75% |
| 444 days | 7.35% | 7.85% |
| 700 days | 7.20% | 7.70% |
key benefits
- Flexibility: Facility to close FD prematurely or withdraw partial funds.
- Option of different tenures: Investors can choose the tenure as per their need.
- Higher interest rates: This scheme offers better interest rates compared to other regular FD schemes.
Special FD Scheme of Punjab and Sindh Bank
Punjab & Sindh Bank has also launched special FD schemes for customers. Their duration is 222, 333, 444, 555, 777 and 999 days. This scheme has been extended before, and there is a possibility that the deadline may be extended further also.
FD rates of Punjab and Sindh Bank
| Duration (in days) | interest rate (%) |
|---|---|
| 222 days | 6.30% |
| 333 days | 7.20% |
| 444 days | 7.30% |
| 555 days | 7.45% |
| 777 days | 7.25% |
| 999 days | 6.65% |
key benefits
- Long Term Option: The opportunity to invest over a period ranging from 222 to 999 days.
- Attractive Interest Rates: Competitive returns to customers as per their tenure.
- Flexibility of Deadline: This scheme can be extended from time to time.
Why is this the right time to invest in FD?
These schemes of both the banks are available for a limited time, and the last date for investment is December 31, 2024. If you want to get more returns in safe investment, then this can be a great opportunity for you.
Things to keep in mind before investing
- Assess your need: Choose the tenure based on your financial planning.
- Understand the rules for closing FD: There may be a penalty provision for premature closure of FD.
- Additional benefits for senior citizens: If you are a senior citizen, you can avail higher interest rates in these schemes.
