Special Fixed Deposit (FD) Schemes: Invest Now for Higher Returns and Tax Savings Before March 31

Fixed deposits (FDs) remain one of the safest and most reliable investment options, especially for conservative investors seeking stable returns. Several banks are offering special FD schemes with high interest rates and tax-saving benefits, but the deadline to invest is March 31, 2025.

Special Fixed Deposit (FD) Schemes

Feature	Details
Deadline	March 31, 2025
Best Interest Rate	Up to 8.05% (for senior citizens)
Best Special FDs	SBI Amrit Kalash, IDBI Utsav Callable FD, Indian Bank IND Supreme
Tax-Saving Option	5-Year Tax-Saving FD under Section 80C
Eligibility	General & Senior Citizens

Special FD schemes provide a great opportunity to earn higher interest rates, especially for senior citizens and risk-averse investors. If you have idle funds, consider locking them in before March 31, 2025, to take advantage of these limited-period offers.

For tax benefits, opt for 5-year Tax-Saving FDs under Section 80C to reduce your taxable income. However, if you seek higher returns, you may explore alternative tax-saving options like PPF, NPS, and ELSS mutual funds.

What Are Special FD Schemes?

Special FD schemes are limited-period deposit plans offered by banks, typically featuring higher interest rates than regular FDs. These schemes are often introduced during financial year-end periods to attract investors looking to park surplus funds before tax filing deadlines.

Example: If you invest ₹5 lakh in an SBI Amrit Kalash FD offering 7.10% interest, you’ll earn around ₹37,000 in interest within 400 days.

Best Special FD Schemes Available Until March 31, 2025

1. SBI Amrit Kalash FD

Tenure: 400 days
Interest Rate: 7.10% (General), 7.60% (Senior Citizens)
Minimum Investment: ₹1,000
Taxation: Regular FD tax rules apply

2. IDBI Utsav Callable FD

Tenure Options: 300, 375, 444, 555, and 700 days
Interest Rate: Up to 7.40% (General), 7.90% (Senior Citizens), 8.05% (Super Senior Citizens)
Minimum Investment: ₹10,000
Withdrawals: Allowed (Callable)

3. Indian Bank IND Supreme 300 FD

Tenure: 300 days
Interest Rate: 7.05% (General), 7.55% (Senior Citizens), 7.80% (Super Senior Citizens)
Taxation: Regular tax rules apply
Benefits: Competitive rates for short-term deposits

How to Invest in These Special FD Schemes

Investing in special FD schemes is easy. Follow these steps:

Step 1: Compare Interest Rates & Features

Use an online FD calculator to estimate returns before choosing a scheme.

Step 2: Choose a Bank & Open an FD Account

Visit the official bank website or the nearest branch. Some banks also allow opening FDs via mobile banking apps.

Step 3: Select Investment Amount & Tenure

Decide how much you want to invest and for how long based on your financial goals.

Step 4: Complete KYC & Fund Your FD

You need to submit PAN, Aadhaar, and bank details to open an FD account. Once done, deposit the amount.

Step 5: Get FD Receipt & Start Earning Interest

Upon completion, the bank issues an FD receipt with details of your investment and maturity date.

Tax Benefits of Fixed Deposits

If you’re looking to save on taxes, opt for a 5-Year Tax-Saving FD, which qualifies under Section 80C of the Income Tax Act.

Investment Limit: Up to ₹1.5 lakh per year
Lock-in Period: 5 years (no premature withdrawal)
Tax Deduction: Can claim up to ₹1.5 lakh deduction
Interest Taxability: Interest earned is taxable

Example Calculation:

If you invest ₹1.5 lakh in an HDFC Bank Tax-Saving FD at 6.50%, you’ll earn around ₹52,000 in 5 years.

Special Fixed Deposit FD Schemes FAQs

1. What is the last date to invest in special FD schemes?

The deadline for these limited-period FD schemes is March 31, 2025.

2. Are these FDs risk-free?

Yes, FDs are one of the safest investment options as they are insured up to ₹5 lakh by DICGC (Deposit Insurance and Credit Guarantee Corporation).

3. Can NRIs invest in these special FD schemes?

Yes, some banks offer NRE and NRO FDs for NRIs, but tax-saving benefits differ.

4. What happens if I withdraw before maturity?

Most banks allow premature withdrawal with a penalty of 0.5% to 1% lower interest rate.

5. Should I invest in a tax-saving FD or ELSS mutual fund for tax benefits?