Best FD Schemes – If you’ve got some extra savings lying around and don’t want to take the stock market risk, special Fixed Deposit (FD) schemes from government banks might be your best bet right now. These aren’t your regular long-term FDs – they come with unique tenures like 444 days, 390 days, or 290 days and often offer higher interest rates for a limited period.
Let’s break down what major public sector banks like SBI, Canara Bank, PNB, BoB, and Indian Bank are offering under their current special FD schemes, especially if you’re investing ₹1,00,000. We’ll also look at what senior citizens get – because spoiler alert: they get a little more!
What Are Special FDs?
Special FDs are limited-period fixed deposit options with odd tenures and better returns than normal FDs. These are great if you’re looking for short- to medium-term returns without locking in your money for 3–5 years. These plans usually come with no premature withdrawal penalty (in some cases) and higher rates, especially for seniors.
Now, let’s get into the numbers.
Canara Bank – 444 Days Special FD
- Interest Rate (Regular): 7.25%
- Interest Rate (Senior Citizens): 7.75%
- Maturity on ₹1,00,000:
- Regular: Around ₹1,08,800
- Seniors: Around ₹1,09,300
This is one of the most attractive offers right now. The 444-day FD from Canara is pulling attention due to its high rate and relatively short tenure.
State Bank of India (SBI) – Amrit Kalash FD (400 Days)
- Interest Rate (Regular): 7.10%
- Interest Rate (Senior Citizens): 7.60%
- Maturity on ₹1,00,000:
- Regular: Approx ₹1,07,800
- Seniors: Approx ₹1,08,300
SBI’s “Amrit Kalash” is their go-to limited-period FD plan. While the interest is slightly lower than Canara’s, it’s still much better than SBI’s standard FD rates.
Punjab National Bank (PNB) – 444-Day FD
- Interest Rate (Regular): 7.25%
- Interest Rate (Senior Citizens): 7.75%
- Maturity on ₹1,00,000:
- Regular: Around ₹1,08,800
- Seniors: Around ₹1,09,300
PNB matches Canara Bank’s offering in both tenure and rate, making it another solid choice if you prefer PNB.
Bank of Baroda (BoB) – 399-Day FD
- Interest Rate (Regular): 7.15%
- Interest Rate (Senior Citizens): 7.65%
- Maturity on ₹1,00,000:
- Regular: Approx ₹1,07,900
- Seniors: Approx ₹1,08,400
BoB’s 399-day FD is close to SBI’s in terms of interest rate but offers a slightly shorter lock-in period.
Indian Bank – 444-Day FD
- Interest Rate (Regular): 7.25%
- Interest Rate (Senior Citizens): 7.75%
- Maturity on ₹1,00,000:
- Regular: ₹1,08,800
- Seniors: ₹1,09,300
Just like PNB and Canara, Indian Bank is offering that sweet 7.25%-7.75% bracket. If you’re already banking with them, it’s a no-brainer.
What About Senior Citizens?
All these banks offer an extra 0.50% interest to senior citizens. That small bump adds up nicely, especially if you’re investing larger amounts or going for multiple FDs.
So, while a regular customer might walk away with ₹8,000–₹8,800 in gains on a ₹1 lakh investment, a senior could earn close to ₹9,300+ depending on the bank.
Quick Recap Table:
| Bank | Tenure | Reg. Rate | Sr. Rate | Maturity (₹1L – Reg/Sr) |
|---|---|---|---|---|
| Canara Bank | 444 Days | 7.25% | 7.75% | ₹1,08,800 / ₹1,09,300 |
| SBI | 400 Days | 7.10% | 7.60% | ₹1,07,800 / ₹1,08,300 |
| PNB | 444 Days | 7.25% | 7.75% | ₹1,08,800 / ₹1,09,300 |
| Bank of Baroda | 399 Days | 7.15% | 7.65% | ₹1,07,900 / ₹1,08,400 |
| Indian Bank | 444 Days | 7.25% | 7.75% | ₹1,08,800 / ₹1,09,300 |
Should You Invest?
If you’ve got ₹1 lakh (or more) that you want to park for just over a year, these special FDs are a smart way to beat inflation without stress. They’re safe, backed by reputable PSU banks, and the rates are actually competitive with some debt mutual funds.
Just remember:
- Always check if premature withdrawal is allowed
- Lock in before the bank changes or withdraws the scheme
- Go for the 444-day options if you’re chasing higher returns
