Indian banks launch interest rate FD schemes to attract investors
Business Business: To tackle falling deposits, many Indian banks have launched limited-term special fixed deposit schemes on fixed tenures with high interest rates. Many of these fixed deposit schemes, launched in the last two months, can be a good investment option for Indian investors who want a reliable and stable return on their savings. Here are the top recently launched special FD schemes that offer high interest rates.
Top 5 FD Schemes with High Interest Rates
SBI Amrut Vrishti Yojana
The government-owned bank launched a new retail term deposit scheme variant in July this year. The Amrut Vrishti FD scheme allows customers to deposit their money for a period of 444 days and earn an interest rate of up to 7.25%. Senior citizens can earn an interest rate of up to 7.75%. The scheme launched on July 15, 2024, and is open for investment till March 31, 2025. This means that investors will have enough time and opportunity to deposit and invest money in this particular bank FD scheme. Those interested in investing in SBI’s Amrut Vrishti Yojana can visit the nearest SBI branches, YONO SBI, YONO Lite and SBI Internet Banking (INB). There is also an option for premature withdrawal after paying a certain amount as penalty.
Bank of Baroda’s Monsoon Dhamaka Scheme
BOB’s Monsoon Dhamaka FD scheme was launched in July 2024. The scheme offers an interest rate of 7.15% on deposits for a period of 333 days, which goes up to 7.65% for senior citizens. Another option under the scheme offers general investors an interest rate of 7.25% for 399-day deposits, which goes up to 7.40% on non-callable deposits. Senior citizens can avail an interest rate of up to 7.75%.
IND Super 400 Days
Indian Bank has launched a special limited-term FD scheme for customers, ranging from 300 to 400 days. The Chennai-based public sector bank (PSB) has launched special FD schemes called “IND Super 400” and “IND Super 300 Days”. In IND Super 400 Days, PSB offers 7.25% interest rate to the general public and 7.75% interest rate to senior citizens for a period of 400 days. Under the IND Supreme 300-day FD scheme, senior citizens can get an interest rate of 7.55% for a 300-day period. The FD interest rate for the general public is limited to 7.05%. The scheme is available for deposits till September 30, 2024. IDBI Bank FD Scheme
IDBI Bank’s Amrit Mahotsav is another great option for investors who want to get the most out of their fixed deposits. The scheme, which is valid till September 30, 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 FDs maturing in 375 days, the bank offers an interest rate of 7.25% for general citizens and 7.75% for senior citizens. The interest rate drops to 7.35% for general citizens and 7.85% for senior citizens under a period of 444 days.
RBL Bank Vijay FD Scheme
RBL launched a special 500-day tenure Vijay Fixed Deposit Scheme for its customers on Independence Day. Under this scheme, RBL Bank offers a high interest rate of 8.6% per annum for a period of 500 days. This scheme offers an interest rate of 8.10% for general citizens and 8.6% for senior citizens for 500 days.
