Special FD regimes: To tackle the fall in deposits, several Indian banks have launched special fixed deposit schemes of limited duration with higher interest rates. Many of these fixed deposit schemes, launched in the last two months, can be a good investment option for Indian investors looking for a stable and reliable return on their savings. Below are the top recently launched special fixed deposit schemes that offer higher interest rates.
Top 5 FD Plans with Highest Interest Rates
Amrit Vrishti SBI Scheme
The state-owned bank launched a new variant of the Retail Term Deposit Scheme in July this year. Amrit Vristhi The FD scheme allows customers to deposit their money for a period of 444 days and get an interest rate of up to 7.25%. Senior citizens can get an interest rate of up to 7.75%. The scheme started on 15 July 2024 and is open for investments till 31 March 2025. This means that investors will have enough time and opportunity to accumulate money and invest in this special bank FD scheme.
Those interested in investing in SBI Amrit Vrishti scheme can visit nearby SBI branches, YONO SBI, YONO Lite and SBI Internet Banking (INB). There is also an option to make an early withdrawal after paying a certain amount as penalty.
Bank of Baroda Dhamaka Monsoon Scheme
BOB’s Monsoon Dhamaka The FD scheme was launched in July 2024. The scheme offers an interest rate of 7.15% on deposits with a tenure of 333 days, which is 7.65% for senior citizens. Another option of the scheme offers an interest rate of 7.25% for general investors for a deposit of 399 days, which increases to 7.40% on non-redeemable deposits. Senior citizens can avail an interest rate of up to 7.75%.
IND Super 400 days
Bank of India Chennai-based Public Sector Bank (PSB) has launched a special FD scheme for a limited period for customers, lasting for 300 to 400 days. Chennai-based Public Sector Bank (PSB) has launched special FD schemes called “Ind Super 400” and “Ind Super 300 Days”. Under IND Super 400 Days, PSB is offering 7.25% interest rate to the general public and 7.75% interest rate to senior citizens for a period of 400 days. Under IND Supreme 300 Days FD scheme, senior citizens can get 7.55% interest rate for a period of 300 days. The FD interest rate is capped at 7.05% for the general public. The scheme is available for deposits till September 30, 2024.
IDBI Bank Fixed Deposit Scheme
IDBI Bank Amrit Mahotsav is another great option for investors who want to make the most of their fixed deposits. The scheme, which is valid till 30 September 2024, offers fixed deposits for 375 days and 445 days. The bank offers an interest rate of 7.05% to general citizens and 7.55% to senior citizens for a period of 300 days.
For Utsav fixed deposits with a maturity of 375 days, the bank offers interest rates of 7.25% for general citizens and 7.75% for senior citizens. The interest rate increases to 7.35% for general citizens and 7.85% for senior citizens with a tenor of less than 444 days.
RBL Bank Vijay’s FD Plan
On Independence Day, RBL Bank launched a special Vijay Fixed Deposit Scheme with a tenure of 500 days for its customers. Under the scheme, RBL Bank is offering a higher interest rate of 8.6% per annum for a tenure of 500 days. The scheme offers an interest rate of 8.10% for general citizens and 8.6% for senior citizens for 500 days.
“RBL Bank is proud to honour the brave men of India who shape our nation every day. Introducing Vijay Deposit, a special fixed deposit offering a higher interest rate of 8.6%* per annum for a tenor of 500 days. Open now: https://bit.ly/3YIIOE3,” RBL Bank wrote in a post on social media platform X.
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