444-Day Special FDs: Know returns on Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh in SBI, Indian overseas Bank, and Federal Bank's fixed deposit schemes

444-Day Special FDs: In an age where mutual funds and stock markets are grabbing popular attention, fixed deposits (FDs) remain a popular investment choice for risk-averse individuals seeking relatively stable returns. To attract deposits, many banks periodically announce special FDs with significantly higher interest rates and fixed terms. Special FDs are just like regular term deposits but are offered for a limited period of time by banks, usually with a higher-than-normal interest rate. 

Callable: An FD that can be redeemed before maturity, subject to certain criteria or conditions. 
Non-Callable: An FD where withdrawal is restricted before maturity.

SBI, Indian Overseas Bank (IOB), and Federal Bank are offering attractive 444-day FD schemes with varying interest rates. Here's a look at the potential returns on investing in these schemes:

SBI Amrit Vrishti FD 

Launched in February 2023, SBI's 444-day Amrit Vrishit is a special scheme that offers an interest rate of 7.25 per cent per annum for general citizens. Initially, the deadline was set for September 30, 2024, but it has been extended multiple times. The scheme is now open for investment till March 31, 2025.

Estimated maturity value and interest earned for SBI's Amrit Vrishti FD: 
- Rs 3 lakh: Maturity value: Rs 3,27,400.62 (Interest earned – Rs 27,400.62)  
- Rs 6 lakh: Maturity value: Rs 6,54,801.23 (Interest earned – Rs 54,801.23)  
- Rs 9 lakh:Maturity value: Rs 9,82,201.85 (Interest earned – Rs 82,201.85)  

Indian Overseas Bank 444-Day FD  

Indian Overseas Bank offers an interest rate of 7.30 per cent per annum for its 444-day FD scheme, offering slightly better returns than SBI's Amrti Vrishit scheme.

Estimated maturity value and interest earned for IOB's 444-Day FD: 
- Rs 3 lakh: Maturity value: Rs 3,27,596.25 (Interest earned – Rs 27,596.25)  
- Rs 6 lakh: Maturity value: Rs 6,55,192.50 (Interest earned – Rs 55,192.50)  
- Rs 9 lakh: Maturity value: Rs 9,82,788.75 (Interest earned – Rs 82,788.75)  

Federal Bank 444-Day FD  

Federal Bank is offering the highest interest rate among the three, at 7.50 per cent per annum, making  its 444-day FD scheme a competitive option for investors looking for higher returns.

Estimated maturity value and interest earned for Federal Bank's 444-Day FD: 
- Rs 3 lakh: Maturity value: Rs 3,28,379.71 (Interest earned – Rs 28,379.71)  
- Rs 6 lakh: Maturity value: Rs 6,56,759.42 (Interest earned – Rs 56,759.42)  
- Rs 9 lakh: Maturity value: Rs 9,85,139.13 (Interest earned – Rs 85,139.13)  

How do special FDs differ from standard FDs?

Standard FDs come with fixed interest rates and tenures but do allow for early withdrawal with a penalty. On the other hand, special FDs have a time range which generally yields a higher interest rate. Nonetheless, these investments often carry certain limitations when it comes to early withdrawals, particularly in the case of non-callable FDs.

(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)