444-day special fixed deposits: Here's a comparison of returns in SBI, Indian Overseas Bank, Federal Bank

Many banks have introduced special fixed deposit (FD) schemes with competitive interest rates in recent years to attract investors. These limited-time schemes provide depositors, particularly senior citizens, with the chance to increase their returns compared to traditional FDs. Special FDs operate like regular term deposits but offer higher interest rates for a specific period. Leading banks such as SBI, Indian Overseas Bank (IOB), and Federal Bank are currently offering appealing 444-day FD options with different interest rates.

SBI Amrit Vrishti scheme

SBI's Amrit Vrishti is a 444-day fixed deposit scheme offering higher interest rates, with 7.25% p.a. for general customers and 7.75% p.a. for senior citizens, available until March 31, 2025. Originally scheduled to end on September 30, 2024, the deadline has been extended several times, with the current deadline set for March 31, 2025.

Key features of the SBI Amrit Vrishti FD scheme:

Tenure: 444 days.

Interest Rate:

7.25% p.a. for general customers.

7.75% p.a. for senior citizens.

Availability: The scheme was launched on July 15, 2024 and is available for investment until March 31, 2025.

Minimum Deposit: The minimum deposit amount is Rs 1,000.

Eligibility: Open to domestic and NRI customers with retail deposits below Rs 3 crore.

Interest Payment: You can choose to receive interest payments monthly, quarterly, or half-yearly.

Premature Withdrawal: Penalties apply for premature withdrawals.

Loan against FD: Loan facilities are available against the fixed deposit.

The estimated maturity values and interest earned for various investment amounts in SBI's Amrit Vrishti fixed deposit are as follows:

For an investment of Rs 3 lakh: Maturity value – Rs 3,27,400.62 (Interest earned – Rs 27,400.62)

For an investment of Rs 6 lakh: Maturity value – Rs 6,54,801.23 (Interest earned – Rs 54,801.23)

For an investment of Rs 9 lakh: Maturity value – Rs 9,82,201.85 (Interest earned – Rs 82,201.85)

Indian Overseas Bank (IOB)

Indian Overseas Bank (IOB), one of the oldest banks of India, provides a variety of retail banking products and services to its customers. Among these offerings is the fixed deposit (FD) account, which comes with a guaranteed capital and a fixed interest rate.

Tenure: 5 months to 10 years

Senior Citizen Interest Rates: 4.50-7.80% p.a.

Public Interest Rates: 4.00% to 7.10%

Highest Interest Rates for Public: 7.3% p.a.

Highest Interest Rates for Senior Citizens: 7.80% p.a.

Premature Withdrawal: No penalty for deposits up to Rs 5 lakhs. For deposits exceeding Rs 5 lakhs, a penalty of 1% of the applicable IOB FD rate applies.

Minimum Deposit Amount: Rs 1,00,000

Experience the reliability and stability of an IOB FD account.

Other Tenures:

1 year to

2 years to

3 years and above: 6.50% for general, 7.00% for senior citizens.

For example, for an investment of Rs 3 lakh in IOB's 444-Day FD, the estimated maturity value would be Rs 3,27,596.25 with an interest earned of Rs 27,596.25. Similarly, for investments of Rs 6 lakh and Rs 9 lakh, the estimated maturity values would be Rs 6,55,192.50 and Rs 9,82,788.75, respectively, with interest earned amounts of Rs 55,192.50 and Rs 82,788.75, respectively.

Overall, choosing Indian Overseas Bank's 444-Day FD scheme could provide investors with attractive returns on their investments.

Federal Bank 444-Day FD

Federal Bank offers a 444-day fixed deposit (FD) scheme with a competitive interest rate of 7.50% per annum for general public and 8.00% for senior citizens, making it a good option for investors seeking higher returns.

Here's a breakdown of the Federal Bank 444-day FD scheme:

Interest Rate:

General Public: 7.50% per annum

Senior Citizens: 8.00% per annum

Tenure: 444 days

Deposit Limit: Less than Rs 300 Lakhs

Other Tenures:

445 days to less than 2 years: 7.25% (General), 7.75% (Senior Citizens)

2 years to 776 days: 7.15% (General), 7.65% (Senior Citizens)

777 days: 7.40% (General), 7.90% (Senior Citizens)

Federal Bank's 444-Day Fixed Deposit returns:

For a deposit of Rs 3 lakh, the maturity value is Rs 3,28,379.71, with an interest earned of Rs 28,379.71.

For a deposit of Rs 6 lakh, the maturity value is Rs 6,56,759.42, with an interest earned of Rs 56,759.42.

For a deposit of Rs 9 lakh, the maturity value is Rs 9,85,139.13, with an interest earned of Rs 85,139.13.