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FD Hacks No one will Tell!

1st: Special FDs

Many Banks introduce Special FDs with irregular tenors of days rather than months or years.

And these FDs have higher interest rates than traditional FDs.

For example, Kotak Bank’s 181 - 269 days FD rate is 6% p.a. but against that there is a Special FD of 180 Days with an interest rate of 6.50% p.a.!!

Similarly, there are:

SBI’s AMRIT KALASH Scheme - 400 Days Tenure - 7.10% p.a.

Indian Bank’s - IND SHAKTI 555 DAYS - 7.00% p.a.

City Union Bank’s - 444 days Special FD - 7.75% p.a.

2nd: Making an FD for a few days extra

Increasing the FD Tenure by a couple of days can push your FD into the next Tenor Bracket.

Generally while glancing at the FD Brochures or booking an instant FD online, we tend to miss out on the rates for other tenure brackets.

And it might be the case that with a few extra days, you can fall into another slot that might have a higher interest.

Keeping an eye out for the same will not only increase your Interest Rate but also help you match your Investment Horizon too!!

But, before adding a few days to your tenure do check the interest of the new tenor bracket, as there is a possibility that the interest rate of the new slab is lower than the previous one.

In that case, do not add extra days to your tenor!!

So, if you are planning to make an FD, Keep these Hacks in Mind!!

Source: SBI Bank Website, Kotak Banks Website, AU Small Finance Bank Website, Indian Bank Website, City Union Bank Website.

(For further details, consult the respective banks or your Relationship Manager)

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