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SBI and HDFC Bank Discontinuing Special Fixed Deposit Schemes from March 31

Published on March 26, 2023

Current Context: Since the interest rate remains constant during the duration of the account, the fixed deposits are considered as a low-risk investment.

SBI and HDFC Bank Discontinuing Special Fixed Deposit Schemes from March 31
  • Fixed deposits provide higher interest rates compared to savings account. It is a better alternative for individuals to earn returns on their investments.
  • A special fixed deposit is a fixed deposit account with higher interest rates than regular fixed deposit accounts. The banks provide special fixed deposit for custumers to deposit money during special tenors.
  • To open an account in special fixed deposits one must have a minimum deposit amount, a longer period of deposit and a limited time period .The two special fixed deposit plans offered by SBI and HDFC but will be terminated on March 31, 2023.
  • SBI currently offers interest rates ranging from 3.00% to 6.50% for the general public and 3.50% to 7.50% for elderly individuals after SBI raised the interest rates on fixed deposits of less than ₹2 crore on February 15, 2023.
  • HDFC Bank will give an additional Premium of 0.25% will be given to Senior Citizens during special deposit offer commencing from 18th May'20 to 31st Mar’2023.

Question:

Q.1 SBI and HDFC Bank discontinuing special fixed deposit schemes from_______
a. 15th april
b. 1st april
c. 3rd april
d. 31st march
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