Special fixed deposits in Govt and private banks offer up to 7.8% interest even after repo rate cut

6 min read | Updated on May 19, 2025, 19:03 IST

SUMMARY

After the Monetary Policy Committee (MPC) led by the RBI Governor Sanjay Malhotra cut the repo rate by 25 bps in April 2025, many banks announced a reduction in fixed deposit (FD) interest rates. However, some banks also introduced special FD schemes with specific tenures, offering higher interest rates to citizens.

special fixed deposits 2025, high interest FD rates, government bank FD, private bank FD, 7.8% FD interest

Special FD schemes are time-bound deposit products offered by banks and financial institutions with unique tenors and higher interest rates. | Image source: Shutterstock

In recent months, many public sector banks and private banks have introduced special fixed deposits (FDs) with higher interest rates to maintain liquidity, boost deposits, and target specific customer segments. These banks have introduced specific tenor schemes for general and senior citizens, offering higher interest rates.

Let’s take a look at some special fixed deposits being offered by private and government banks even after the repo rate cut by the RBI.

Indian Bank

Indian Bank has introduced two new high-interest FD schemes, IND SECURE and IND GREEN, while it has discontinued its two popular schemes, IND SUPER 400 Days and IND SUPREME 300 Days, starting from May 8, 2025.

IND Secure

This is a new retail deposit scheme that came into effect from May 8, 2025, offering an interest rate of 7.15% for normal citizens with a minimum investment of ₹1,000 and capped at ₹3 crore. The maturity tenor for this is 444 days.

This scheme is valid until September 30, 2025.

IND SECURE: Key details

Feature	Details
Scheme Name	IND SECURE
Launch Date	08 May 2025
Deposit Amount Range	From ₹1,000 to less than ₹3 Crore
Deposit Type	Fixed Deposit (FD) / Money Multiplier Deposit (MMD) with callable options
Maturity Tenor	444 days
Validity	Up to 30 September 2025

Interest Rates for IND SECURE (444 days)

Customer Category	Rate of Interest (% p.a.)
Public	7.15%
Senior Citizen	7.65%
Super Senior Citizen	7.90%

IND Green

This scheme was launched on March 26, 2025, offering an interest rate of 6.8% for deposits ranging from ₹1,000 to ₹3 crore with a maturity tenor of 555 days.

Here are the key details:

IND GREEN: Key details

Feature	Details
Scheme Name	IND GREEN
Launch Date	26 March 2025
Purpose	To promote sustainable development with guaranteed returns
Deposit Amount Range	From ₹1,000 to less than ₹3 Crore
Deposit Type	Fixed Deposit (FD) / Money Multiplier Deposit (MMD) with callable options
Maturity Tenor	555 days

Interest Rates for IND GREEN (555 days)

Customer Category	Rate of Interest (% p.a.)
Public	6.80%
Senior Citizen	7.30%
Super Senior Citizen	7.55%

State Bank of India

While the State Bank of India had introduced interest rate cuts in FDs following the repo rate cut by the RBI, the major public sector bank also reintroduced its special fixed deposit scheme 'Amrit Vrishti' from April 15, 2025. SBI had previously discontinued the scheme on March 30, 2025, after extending it many times since its original launch on July 15, 2024.

Amrit Vrishti scheme

This specific tenor scheme of 444 days offers an interest rate of 7.05% for general citizens, 7.55% for senior citizens, and 7.65% for super senior citizens.

The bank has revised the rates to 6.85% for general citizens, 7.35% for senior citizens and 7.45% for super senior citizens with effect from May 16, 2025.

SBI Green Rupee Term Deposit (SGRTD)

SBI offers special FD schemes for specific tenors of 1111, 1777, and 2222 days at 10 bps below the card rate. For the 1111 and 1777-day tenors, the interest rate for the general public is 6.65%, and it is at 6.9% for senior citizens. For the 2222-day tenor, the rate is 6.40% for the general public and 6.65% for senior citizens.

SBI special FD schemes: Key details

SBI Special Fixed Deposit Schemes – Current Interest Rates (as of 16 May 2025)

Scheme / Tenor	General Public (% p.a.)	Senior Citizen (% p.a.)
Amrit Vrishti Scheme – 444 days	6.85%	7.35%
SGRTD – 1111 days	6.65%	6.90%
SGRTD – 1777 days	6.65%	6.90%
SGRTD – 2222 days	6.40%	6.65%

Punjab & Sindh Bank

Punjab & Sindh Bank also offers special FD schemes like PSB Green Earth and specific tenor schemes like 777 days, 999 days, etc.

Here are the details of the special FD schemes offered by PSB:

Special Tenor / Scheme	General Public (% p.a.)	Senior Citizen (% p.a.)
444 Days	7.10	7.60
777 Days	6.50	7.00
999 Days (Callable)	6.35	6.85
999 Days (Non-Callable)	6.40	6.90
22 Months (PSB Green Earth)	6.10	6.60
44 Months (PSB Green Earth)	6.10	6.60
66 Months (PSB Green Earth)	6.35	6.85
375 Days	7.25	7.75

Note: The schemes with tenors 444, 777 and 999 days are valid only up to June 30, 2025.

PSB offers an extra 0.15% for super senior citizens (age 80+) on specific tenors such as 333, 444, 555, 777, 999 days, and PSB Green Earth (22M, 44M and 66M).

IDBI Bank

The IDBI Bank offers Utsav FD tenures with special interest rates for general and senior citizens. Further, the bank has a special scheme for super senior citizens, the Chiranjeevi-Super Senior Citizen FD.

IDBI special FD interest rates:

Special Tenor / Scheme	General (% p.a.)	Senior Citizens (% p.a.)	Super Senior Citizens (% p.a.)
444 Days	7.10	7.60	7.75
555 Days	7.15	7.65	7.80
700 Days	7.00	7.50	7.65

Note: The interest rates for general and senior citizens are as per the IDBI Utsav Callable FD, and for super senior citizens, the rates are as per the IDBI Chiranjeevi-Super Senior Citizen FD.

Many other public banks have also announced special FDs after the repo rate cut, with increased interest rates for citizens, despite the repo rate cut announced by the RBI in April.