Several top banks have introduced limited-period fixed deposit schemes with attractive interest rates this week. Let’s explore these new offers from State Bank of India (SBI), Bank of Baroda, and Bank of Maharashtra.
SBI Amrit Vrishti FD Scheme
SBI has unveiled the ‘Amrit Vrishti’ FD scheme, offering higher interest rates for both domestic and non-resident Indian customers. General citizens can earn 7.25% per annum for a 444-day deposit, while senior citizens enjoy a 7.75% rate. This scheme, valid until March 31, 2025, became effective on July 15, 2024.
Bank of Baroda Monsoon Dhamaka Deposit Scheme
Bank of Baroda’s ‘bob Monsoon Dhamaka Deposit Scheme’ offers two tenor options with elevated interest rates: 7.25% per annum for 399 days and 7.15% for 333 days. This special scheme, applicable to retail deposits below ₹3 crore, started on July 15, 2024.
Bank of Maharashtra’s New FD Plans
The Bank of Maharashtra has introduced four unique FD plans:
- 200 days at 6.9%
- 400 days at 7.10%
- 666 days at 7.15%
- 777 days at 7.25%
These plans cater to various investor needs, providing increasing returns with longer tenures.
Other Notable FD Schemes
SBI Amrit Kalash
Previously, SBI launched ‘Amrit Kalash,’ offering 7.10% for general citizens and 7.60% for senior citizens on a 400-day term. This scheme is available until September 30, 2024.
Punjab & Sindh Bank
This bank offers special FDs with tenures of 222 days at 6.30%, 333 days at 7.15%, and 444 days at 7.25%. These rates are valid until September 30, 2024.
Indian Bank
Indian Bank’s ‘Ind Super 400’ and ‘Ind Supreme 300 days’ FDs provide up to 8.00% for super senior citizens. The 400-day FD offers 7.25% for the general public, 7.75% for seniors, and 8.00% for super seniors. The 300-day FD offers 7.05% for the general public, 7.55% for seniors, and 7.80% for super seniors. These schemes are valid until September 30, 2024.
IDBI Bank
IDBI Bank’s ‘Amrit Mahotsav FD’ offers 7.05% for general citizens and 7.55% for senior citizens on 300-day FDs. The 375-day FD offers 7.15% for general citizens and 7.65% for senior citizens. These rates are valid until September 30, 2024.
Expert Insight
Financial expert, Ravi Sharma, states, ‘These limited-period FD schemes are an excellent opportunity for investors to earn higher returns in a low-interest-rate environment.’
Investors should act quickly to take advantage of these lucrative FD schemes before the offers expire.
