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Sunday, March 27, 2016

Special Fixed Deposits

Fixed Deposits Invest Online
 

One after the another, banks have been slashing interest rates on fixed deposits. In the last year alone, fixed deposit rates for the two-three-year tenure have fallen by 1-1.15 percentage points. But, some banks offer special fixed deposits at higher rates. Here's taking a look at some such deposits.

What's on offer

The Kuber 400 days deposit from the State Bank of Hyderabad offers 7.85 per cent per annum. This is 10 basis points higher than the 7.75 per cent offered by the bank on its 1-year to less than 2-year deposit. You have to invest a minimum of ₹10,000 in the deposit. There is no penalty for premature withdrawal as long as the deposit has remained with the bank for at least 7 days.

Canara Bank has a 444-day and a 555-day deposit, both of which offer 7.85 per cent. This is higher than the 7.75 per cent rate on the bank's over one-year to less than five- year deposits for amounts less than ₹1 crore. You can put in as little as ₹1,000 in the deposit. But if you withdraw the deposit prematurely, you will be charged a penalty of 1 per cent on the applicable interest rate.

Likewise, Central Bank of India's Cent-777 deposit scheme gives 7.80 per cent, a wee bit more than the 7.75 per cent on the bank's two years to less than three-year deposits.

The minimum deposit size is ₹1,000. While there is no penalty for premature withdrawals of deposits of up to ₹5 lakh, a penal charge of 1 per cent is imposed on deposits exceeding ₹5 lakh.

In case of YES Bank and HDFC Bank, the interest differential between the regular and the special deposits is even wider. With YES Bank's special deposits, you can get rates that are 15-20 basis points higher than those on the banks' regular deposits. The bank's 12-month 10-day to 12-month 20-day deposit can fetch you 7.90 per cent as can its 18-month eight-day to 18 months 18-day deposit.

The 24-month 12-day to 24-month 24-day deposit can give you an even better 7.95 per cent. These rates are higher than the bank's 7.75 per cent on its usual 1-10-year deposits.

What's even better is that unlike most other banks, YES Bank does not penalise premature withdrawal of a fixed deposit. But, you need to invest a minimum of ₹10,000 in a deposit.

In case of HDFC Bank, while the nine-month deposit can earn you 7.25 per cent, its nine-month and 16-day deposit can get you a much better 7.50 per cent. You need to invest at least ₹5,000 in the deposit.

Premature withdrawals attract a penalty of 1 per cent on the applicable interest rate.

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