If you’ve been thinking about locking in high fixed deposit (FD) interest rates, now is the time to act. Several Indian banks are offering special FD schemes with returns ranging from 7% to 8%, but here’s the catch – these limited-time offers will end by March 31, 2025.
FD Schemes with 7-8% Returns
| Details | Description |
|---|---|
| FD Schemes Ending | SBI Amrit Kalash, HDFC Special FDs, Punjab & Sind Bank 333/444/555 days, IDBI Utsav, Indian Bank IND Supreme, more |
| Interest Rates | 7% to 8% depending on tenure and bank |
| Last Date to Invest | March 31, 2025 |
| Best Rates for Seniors | Up to 8% (non-callable FDs, e.g., Punjab & Sind Bank 555 days) |
If you’re looking for a safe, high-return investment, these limited-period FD schemes offering 7-8% returns are a golden opportunity – especially if you’re a senior citizen. But remember, the clock is ticking. March 31, 2025 is the final date to make your move before these schemes disappear.
Why Are These High-Interest FDs Closing Soon?
Banks introduced these special FD schemes as part of deposit mobilization drives or during periods of high-interest rate cycles. With the Reserve Bank of India (RBI) expected to cut repo rates in the near future, banks may not be able to sustain these elevated interest rates. That’s why many of these schemes are set to close by March 31, 2025.
see also: You Will Get a Profit of Rs 1,40,000 if You Invest for 4 Years and 7 Months
List of FD Schemes Offering 7-8% Interest
1. SBI Amrit Kalash and Amrit Vrishti FDs
- Amrit Kalash (400 Days): 7.10% (general), 7.60% (senior citizens)
- Amrit Vrishti (444 Days): 7.25% (general), 7.75% (senior citizens)
- Last Date: March 31, 2025
2. HDFC Bank Special FDs
- Offers enhanced interest for select tenures.
- Up to 7.75% for seniors on select plans.
- Closing on March 31, 2025
3. Punjab & Sind Bank High-Return FDs
- 333 Days: 7.20% (general), 7.70% (seniors)
- 444 Days: 7.30% (general), 7.80% (seniors)
- 555 Days Callable: 7.45% (general), 7.95% (seniors)
- 555 Days Non-Callable: 7.50% (general), 8.00% (seniors)
- Last Date: March 31, 2025
4. IDBI Bank Utsav Callable FDs
- 300 Days: 7.05%
- 375 Days: 7.25%
- 444 Days: 7.35%
- 555 Days: 7.40%
- 700 Days: 7.20%
- Senior citizen rate: Additional 0.50%
- Last Date: March 31, 2025
5. Indian Bank IND Supreme and IND Super FDs
- 300 Days (IND Supreme): 7.05% (general), 7.55% (seniors)
- 400 Days (IND Super): 7.30% (general), 7.80% (seniors)
- Last Date: March 31, 2025
6. Other Banks Offering Limited Period High-Rate FDs
- ICICI Bank: Up to 7.85% (seniors), tenure-specific
- Axis Bank: Up to 7.75% (seniors), tenure-specific
- Confirm deadlines with respective banks as they may vary.
How to Invest in These High-Interest FD Schemes
Step 1: Choose the Right Bank and Tenure
Check which FD suits your liquidity needs and offers the best rate.
Step 2: Visit the Bank’s Official Website or Branch
Use the official link to open the FD online or visit a branch.
Step 3: Decide Investment Amount
Most banks have a minimum deposit amount (e.g., Rs 5,000 or Rs 10,000).
Step 4: Opt for Senior Citizen Rates (if eligible)
Seniors above 60 usually get an extra 0.50% on interest.
Step 5: Choose Callable or Non-Callable
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- Callable: You can break before maturity.
- Non-Callable: Higher interest, but cannot be withdrawn early.
Step 6: Submit PAN & KYC Documents
Essential for FD creation and income tax purposes.
Step 7: Get FD Receipt and Confirmation
Once booked, the bank will provide your FD number and maturity value.
Why Professionals and Retirees Should Consider These FDs
- Low Risk, Fixed Returns: Unlike mutual funds or stocks, FDs are safe and predictable.
- Great for Retirement Income: Monthly or quarterly interest payout options.
- Tax-Saver Options: 5-year tax-saving FDs can help under Sec 80C.
- Easy Liquidity (in Callable FDs): You can break your FD in emergencies.
Real-Life Example
Scenario: A senior citizen invests Rs 5 lakhs in Punjab & Sind Bank’s 555-day non-callable FD at 8%.
- Maturity Value: ~Rs 5,60,547
- Interest Earned: Rs 60,547
- Lock-In Period: 1 year 190 days
Compare that to a regular savings account earning 3% interest – the difference is nearly double!
Pro Tips Before You Invest
- Avoid breaking FDs early, especially non-callable ones.
- Ladder your investments to keep liquidity intact.
- Keep an eye on tax deducted at source (TDS) if interest exceeds Rs 40,000 (Rs 50,000 for seniors).
- Submit Form 15G/15H if you’re eligible to avoid TDS.
see also: Term Deposit: No Risk, Returns Are Also Guaranteed; Know All the Benefits of Term Deposit
FD Schemes with 7-8% Returns FAQs
Q1. What happens if I miss the March 31, 2025 deadline?
You may lose the chance to lock in the higher interest rates. The bank may revert to regular FD rates, which are usually lower.
Q2. Can I invest in these FDs online?
Yes, most banks allow online booking through net banking or mobile apps.
Q3. Is the interest taxable?
Yes, FD interest is fully taxable as per your income slab.
Q4. Are these FDs safe?
Yes. FDs with scheduled commercial banks are insured up to Rs 5 lakhs by DICGC, a subsidiary of the RBI.
Q5. Can NRIs invest in these special FDs?
Some banks allow NRE/NRO deposits with similar schemes. Check with the bank.
