Home/ Money / Personal Finance/  SBI and HDFC Bank discontinuing special fixed deposit schemes from March 31

Fixed deposits are a low-risk investment choice since the interest rate remains constant during the duration of the account. Fixed deposits often provide higher interest rates than regular savings accounts and also are inflation-beating, making them an appealing alternative for individuals looking to earn a better return on their investments. A special fixed deposit is a fixed deposit account with higher interest rates than regular fixed deposit accounts. 

Banks typically provide these accounts to entice customers to deposit money over special tenors that generally come in days. Special fixed deposits may be subject to additional limitations, such as a minimum deposit amount, a longer period of deposit and a limited time period to open an account. Today we are discussing two special fixed deposit plans that are not only offered by the two largest banks, SBI and HDFC but will also expire shortly on March 31, 2023, which fixed deposit investors should be aware of.

SBI Amrit Kalash FD 

SBI has mentioned on its website that “Bank has also introduced specific tenor scheme of “400 days" (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f 15- Feb- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31-Mar-2023."

SBI last raised interest rates on fixed deposits of less than 2 crore on February 15, 2023. After the change, the bank currently offers interest rates ranging from 3.00% to 6.50% for the general public and 3.50% to 7.50% for elderly individuals on deposit terms ranging from 7 days to 10 years. SBI is giving a maximum interest rate of 7.10% for non-senior citizens and 7.60% for senior citizens for 400 days (Special Scheme i.e. "Amrit Kalash") for a limited time period until 31-March-2023.


During the initial wave of the Covid-19 epidemic, the largest private sector lender in India, HDFC Bank, established a special scheme “Senior Citizen Care FD" for older folks in May 2020. The programme has been extended many times and is now valid through March 31, 2023. 

HDFC Bank has mentioned on its website that “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) 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."

HDFC Bank offers a regular rate of 7.00% on a deposit tenor of 5 years 1 day - 10 years, but senior citizens will receive an interest rate of 7.75%, which is 75 basis points higher than the standard rate under the Senior Citizen Care FD. 

Against premature withdrawal of Senior Citizen Care FD, HDFC Bank has said on its website for senior citizens that “​​​​​​​In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) on or before 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. ​​In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower."



Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 26 Mar 2023, 02:47 PM IST
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