Special Fixed Deposit Schemes: Fixed deposits (FDs) are still one of the preferred investment options among Indian investors. Investors who are not willing to take risks and seek a fixed return in a fixed tenure. Over time the conventional saving and investment space has evolved a lot, Banks bring lucrative schemes for persons planning to collect funds for any specific reason. However, bank and post office fixed deposits are popular among investors, but in recent years, small finance banks (SFBs) and non-banking financial companies (NBFCs) have come out as frontrunners, surpassing the interest rate offerings of traditional banks.
Meanwhile, Four leading public sector banks – State Bank of India (SBI), Indian Overseas Bank, Bank of Baroda (BoB), and Bank of Maharashtra – have launched special fixed deposit (FD) schemes. These schemes provide lucrative returns.
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Below are the special Fd schemes, Interest rates, and other details
State Bank of India’s Amrit Vrishti scheme
Interest Rate – 7.25%
Tenure for the scheme will be 444 days
The scheme is valid till March 31, 2025
Bank of Baroda’s BoB Monsoon Dhamaka Deposit Scheme
Investors can get an interest rate of up to 7.25 percent. It has two sets of interest rates- 7.25% per annum and 7.15%
It has two tenure options – 399 days and 333 days
The deposit limit ranges from Rs 1 crore to less than Rs 3 crore.
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Bank of Maharashtra Fixed deposit plans
Bank of Maharashtra has come up with four fixed deposit plans, which have tenure ranging between 200 days and 777 days. For Fds of the mentioned tenors, the interest rates are in the range of 6.9% to 7.25%.
For 200 days Fd, the interest rate is 6.9 percent.
For 400 days, the interest rate is 7.10 percent
For 666 days FDS, the interest rate is 7.15 percent for 666-day
For 777-day deposit, the interest rate is 7.25%.
The above interest rates are effective from July 8, 2024.
Indian Overseas Bank
Indian Overseas Bank is currently offering lucrative fixed deposit interest rates on their fixed deposit schemes, ranging from 4.00-7.30% per. annum. The public sector bank is offering a 4.50-7.80% interest rate for senior citizens. It has also tax-saving FDs at a 6.50% interest rate for the general public and 7.00% for senior citizens.
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Indian Overseas Bank FD Rates
The highest interest rate is 7.30% for 444 days of tenure.
For 1 year, the interest rate is 7.10%
For 2 years, the interest rate is 6.80%
For 3 years, the interest rate is 6.50%
For 4 years, the interest rate is 6.50%
For 5 years, the interest rate is 6.50%
For tax-saving fd, the interest rate is 6.50%
