Over the course of the last week, several prominent banks, including State Bank of India (SBI), Bank of Baroda, and Bank of Maharashtra, have introduced special fixed deposit accounts with elevated interest rates. In addition to these recent offerings, there are several other special fixed deposit schemes that have been available for investment over an extended period. Let’s take a closer look at all of these special FD schemes to better understand the options available to investors.
SBI special FD is named as Amrit Vrishti
The State Bank of India (SBI) has launched a new term limited period deposit scheme known as “Amrit Vrishti”, an FD scheme offering higher interest rates and catering to both domestic and non-resident Indian customers. The “Amrit Vrishti” scheme comes with an interest rate of 7.25% per annum on deposit of 444 days for general citizens for senior citizens it offers 7.75% interest rates. The scheme is valid up to March 31, 2025. The new scheme is effective from July 15, 2024.
SBI FD interest rate up to 7.75%:
Bank of Baroda special FD- bob Monsoon Dhamaka Deposit Scheme
Bank of Baroda has launched a new special fixed deposit scheme with higher interest rates known as bob Monsoon Dhamaka Deposit Scheme. The bank has also revised its fixed deposit interest rates. The bob Monsoon Dhamaka Deposit Scheme is available in two tenor buckets – offering interest rates of 7.25% per annum for 399 days and 7.15% for 333 days. The scheme opens on 15th July, 2024 and is applicable on retail deposits below Rs 3 crore.
FD interest rate up to 7.9%:
Read More: HDFC Bank Vs ICICI Bank Vs Axis Bank: Check Detailed Comparison of FD Interest Rates
Bank of Maharashtra
The Bank of Maharashtra launched four unique plans with varying tenures: 200 days, 400 days, 666 days, and 777 days. The interest rate grows with tenure: 6.9 percent for a 200-day deposit, 7.10 percent for a 400-day deposit, 7.15 percent for a 666-day deposit, and 7.25 percent for a 777-day deposit.
Other bank special FD schemes available for investment
SBI Amrit Kalash
The bank has earlier launched a similar product dubbed as Amrit Kalash with 7.10% for general citizens and 7.60% for senior citizens on 400 days tenure. This scheme will end on September 30, 2024.
Punjab and Sindh
Punjab & Sindh offers special fixed deposit with limited period offer with tenures 222 Days offering 6.30%, 333 days offering 7.15% and 444 Days offering interest rate of 7.25%. These are valid for period upto September 30, 2024, according to the website.
Read More: Bank of Baroda, Bank of Maharashtra launch special fixed deposit schemes. Details here
Indian Bank
Indian Bank special FDs are called “Ind Super 400” and “Ind Supreme 300 days”, according to the Indian Bank website. Indian Bank will now offer 7.25% interest rates to the general public, 7.75% to seniors, and 8.00% to super senior citizens on 400 days tenure. Indian Bank will now offer 7.05% interest rates to the general public, 7.55% to seniors, and 7.80% to super senior citizens on 300 days tenure. The scheme is valid up to September 30, 2024.
IDBI Bank
IDBI Bank has extended the validity date for special FDs dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure, according to the bank website.
To general citizens, the bank offers 7.05% on Utsav FDs maturing in 300 days. Meanwhile, senior citizens get 7.55% on Utsav FDs of 300 days.
For Utsav FDs maturing in 375 days, the bank offers an interest rate of 7.15% (earlier 7.1%). Senior citizens can earn 7.65% for Utsav FDs maturing in 375 days (earlier 7.6%).
The scheme is valid up to September 30, 2024.
