Fixed deposits (FDs) are a popular investment choice in India, known for their safety and guaranteed returns. Many banks offer special FD schemes for limited periods to attract investors with higher interest rates. Two such schemes that have been in the spotlight are the IDBI Utsav FD and the SBI Amrit Vrishti (previously Amrit Kalash). With the investment landscape constantly evolving, it's crucial to compare these options to make an informed decision.

Interest Rates and Tenures

SBI Amrit Vrishti: This scheme, launched on July 15, 2024, features a 444-day tenure. It offers an interest rate of 7.25% per annum for regular investors. Senior citizens (60 years and above) can earn 7.75%, while super senior citizens (80 years and above) can get 7.85%. It is important to note that SBI has discontinued its Amrit Kalash FD scheme. The Amrit Kalash scheme offered 7.10% to general customers and 7.60% to senior citizens for a 400-day tenure.

IDBI Utsav FD: IDBI Bank's Utsav Callable FD scheme offers varied tenures and interest rates. As of June 12, 2025, the Utsav Callable FD rates are as follows: * 444 Days: 6.85% * 555 Days: 6.90% * 700 Days: 6.75%

IDBI Bank had introduced a 555-day tenure for its Utsav Callable Fixed Deposit, offering 7.40% for general citizens and 7.90% for senior citizens, until February 15, 2025. For a 444-day tenure, the interest rates were 7.35% for general citizens and 7.85% for senior citizens. It is important to check the IDBI Bank's official website for the most up-to-date information.

Returns on Maturity

To illustrate the returns on a ₹5 lakh investment, let's consider a general citizen investing in each scheme.

• SBI Amrit Vrishti: At an interest rate of 7.25%, a ₹5 lakh investment would yield approximately ₹5,44,463 on maturity after 444 days.
• IDBI Utsav FD (555 days): At an interest rate of 7.40%, a ₹5 lakh investment would yield approximately ₹5,51,111 on maturity.

Other Factors to Consider

• Premature Withdrawal: Both schemes typically allow premature withdrawals, but penalties may apply. It's essential to check the specific terms and conditions of each bank.
• Callable vs. Non-Callable: The IDBI Utsav FD is a callable deposit, meaning that premature withdrawal is permitted.
• Senior Citizen Benefits: Both SBI and IDBI offer higher interest rates to senior citizens.
• Tax Implications: Interest earned on FDs is taxable as per income tax laws. Tax Deducted at Source (TDS) is applicable if the interest income exceeds a certain threshold.

Which Gives Better Returns?

Based on the rates mentioned previously, the IDBI Utsav FD (555 days) offers a slightly higher return for general citizens compared to the SBI Amrit Vrishti. However, the best choice depends on individual circumstances, including the investor's age, desired tenure, and risk appetite.

Latest Updates and Scheme Validity

It's important to note that special FD schemes are often available for a limited time. The SBI Amrit Kalash scheme was discontinued on April 1, 2025. IDBI Bank has extended its Utsav Callable FD scheme until April 30, 2025.

Disclaimer: Interest rates are subject to change. Please check with the respective banks for the most up-to-date rates and terms before making any investment decisions.