444-Day Special FDs: How much will you earn by investing Rs 5 lakh and Rs 7 lakh in SBI, Indian Overseas Bank, and Federal Bank fixed deposit schemes?
444-day Special FDs: Special fixed deposit (FD) schemes are similar to regular term deposits but are offered by banks for a specific period, often with higher interest rates.
444-Day special FDs: Fixed deposits remain a preferred investment option for those seeking stable and low-risk returns. However, with the rising popularity of mutual funds and stock markets, FD investments have seen some decline. To encourage deposits, several banks have introduced limited-period special FDs with attractive interest rates and fixed tenures. Special fixed deposit (FD) schemes are similar to regular term deposits but are offered by banks for a specific period, often with higher interest rates.
Here’s an overview of the potential returns on investing Rs 5 lakh and Rs 7 lakh in the 444-day FD schemes offered by SBI, Indian Overseas Bank, and Federal Bank.
Image: Pixabay, Freepik
(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)
What are special FDs?
Special FDs are fixed deposit schemes available for a limited time, usually offering higher interest rates than regular FDs with similar or longer durations. They can be either callable, allowing premature withdrawal, or non-callable, restricting early withdrawal.
Difference between special and standard FD
Standard FDs offer fixed interest rates and flexible tenures, while special FDs provide higher rates for a limited period with fixed tenures. Special FDs may also have withdrawal restrictions, unlike standard FDs, which usually allow early withdrawal with a penalty.
Why to opt special FDs?
- Higher interest rates compared to regular FDs
- Fixed tenures, often available for a limited time
- Flexible options like callable or non-callable deposits
- Low-risk investment
SBI's Amrit Kalash 444-day FD
Launched in February 2023, SBI's Amrit Kalash FD offers a higher interest rate as a special benefit. Initially, the deadline for applying was set for September 30, 2024, but it has been extended multiple times. Both general customers and senior citizens can now invest in this scheme until March 31, 2025. It offers an interest rate of 7.25 per cent per annum for general citizens.
Indian Overseas Bank 444-day FD
Indian Overseas Bank (IOB), one of India's oldest banks, offers a 444-day fixed deposit scheme. The bank provides an interest rate of 7.30 per cent per annum for general citizens on this FD.
Federal Bank 444-day FD
Federal Bank has introduced a special fixed deposit scheme with a tenure of 444 days. As of January 10, 2025, the bank offers an attractive interest rate of 7.50 per cent per annum for the general public.
444-day FD: Interest rates compared
SBI Amrit Kalash FD offers 7.25 per cent interest for general citizens, while Indian Overseas Bank's 444-day FD provides 7.30 per cent. Federal Bank offers the highest rate among them, with 7.50 per cent interest for general citizens on its 444-day FD scheme.
SBI 444-day FD: Maturity Amount on Rs 5 lakh and Rs 7 lakh Investment
- On Rs 5 lakh investment, the estimated maturity amount is Rs 545,667.69
- On Rs 7 lakh investment, the approximate maturity amount is Rs 763,934.77
Indian Overseas Bank 444-day FD: Maturity Amount on Rs 5 lakh and Rs 7 lakh Investment
- On Rs 5 lakh investment, the estimated maturity amount is Rs 545,993.75
- On Rs 7 lakh investment, the estimated maturity amount is Rs 764,391.25
Federal Bank 444-day FD: Maturity Amount on Rs 5 lakh and Rs 7 lakh Investment
- On Rs 5 lakh investment, the estimated maturity amount is Rs 547,299.51
- On Rs 7 lakh investment, the estimated maturity amount is Rs 766,219.32