Fixed deposits (FDs) are a preferred investment option among Indian investors seeking a reliable and steady return on their savings. Although conventional bank FDs have been the traditional choice, the investment landscape has evolved. Though bank and post office fixed deposits are popular among investors, especially senior citizens, in recent years, small finance banks (SFBs) and non-banking financial companies (NBFCs) have emerged as the frontrunners in providing competitive FD interest rates, surpassing the offerings of traditional banks.
Four leading banks in India - State Bank of India (SBI), Bank of Baroda (BoB), Indian Overseas Bank, and Bank of Maharashtra - have recently launched special fixed deposit (FD) schemes with attractive interest rates tailored to meet a variety of investor requirements.
Here's a closer look of the schemes, rates, tenures and validity
1. State Bank of India
Scheme: Amrit Vrishti
Interest Rate: 7.25%
Tenure: 444 days
Valid till: March 31, 2025
State Bank of India's 'Amrit Vrishti' scheme presents an enticing interest rate of 7.25% per annum for a 444-day deposit starting from July 15, 2024. Senior citizens are eligible to receive an additional 0.50% interest rate increment, thereby augmenting the returns for this particular customer segment. The scheme can be accessed through a range of convenient channels, comprising SBI branches, YONO SBI, YONO Lite (mobile banking apps), and SBI internet banking (INB), ensuring flexibility for both online and offline transactions.
This investment opportunity under the 'Amrit Vrishti' scheme will remain accessible until March 31, 2025, offering retail investors an extensive window to leverage the competitive interest rates provided by the scheme.
Dinesh Khara, chairman, SBI, said, "We are delighted to launch 'Amrit Vrishti,' a new variant of term deposit scheme, designed to meet the requirements of diverse range of customers. The scheme reflects SBI's commitment to providing our valued customers with avenues to grow their wealth."
2. Bank of Baroda
Scheme: BoB Monsoon Dhamaka Deposit Scheme
Interest rate: Two rates: 7.25% per annum
7.15%
Tenure: 399 days and 333 days
Bank of Baroda has introduced a new scheme called the 'BoB Monsoon Dhamaka Deposit Scheme.' The scheme is available for two tenors: Interest rate of 7.25 per cent per annum for 399 days and 7.15 per cent p.a. for 333 days.
Senior citizens are eligible for an additional interest rate of 0.50 per cent per annum, resulting in a total rate of 7.75 per cent annually for 399 days and 7.65 per cent annually for 333 days. BoB announced that Non-Callable Deposits will receive an extra 0.15% interest, applicable to deposits ranging from Rs 1 crore to less than Rs 3 crore.
Regarding the Monsoon Dhamaka Deposit Scheme, the maximum interest rate offered for 399 days is 7.90 per cent per annum. This rate comprises 0.50 per cent per annum for senior citizens and an additional 0.15 per cent per annum for non-callable deposits.
Bank of Maharashtra
Bank of Maharashtra has come up with four fixed deposit plans. The tenure is between 200 days and 777 days, for which, the interest rates will range from 6.9% to 7.25%. The rate of interest rises with tenure with 6.9 percent for 200-day deposit, 7.10 percent for 400-day deposit, 7.15 percent for 666-day deposit and 7.25 percent for 777-day deposit. The latest interest rates are effective from July 8, 2024.
200-day deposit-6.9%
400-day deposit-7.10%
666-day deposit 7.15%
777-day deposit 7.25%
Indian Overseas Bank
Indian Overseas Bank is offering competitive fixed deposit interest rates, ranging from 4.00-7.30% p.a. for the general public and 4.50-7.80% p.a. for senior citizens. The bank also provides tax-saving FDs at 6.50% p.a. for the public and 7.00% p.a. for senior citizens.
Indian Overseas Bank FD Rates (p.a.)
Highest slab rate 7.30% (for 444 days)
For 1 year 7.10%
For 2 years 6.80%
For 3 years 6.50%
For 4 years 6.50%
For 5 years 6.50%
Tax-Saving FD 6.50%