Ahead of the festive season, many top banks, including the country’s largest lender State Bank of India (SBI), have raised interest rates on fixed deposits (FDs). This follows the recent hike in the repo rates by Reserve Bank of India (RBI).
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Here’s a comparison of the interest rates offered by banks on the special FD schemes.
SBI Utsav Deposit Scheme
The State Bank of India (SBI) has introduced a unique term deposit scheme called ‘Utsav Deposit.’ This scheme offers higher interest rates compared to existing deposit plans and is available for a limited period.
Under the Utsav Fixed Deposit Scheme, the bank is offering an interest rate of 6.10 percent per annum on fixed deposits with a tenure of 1,000 days.
Senior citizens will get an additional interest rate of 0.50 percent over and above the regular rate. These rates are effective from August 15, and the scheme is valid for a period of 75 days.
Bank of Baroda Tiranga Deposit Scheme
Bank of Baroda introduced the Baroda Tiranga Deposit Scheme as a part of the Independence Day celebrations. This is a special term deposit product offering higher interest rates in two tenure buckets. The interest rates offered under this scheme are 5.75 percent per annum for term deposits 444 days and 6 percent per annum for term deposits of 555 days.
Senior citizens will earn an additional 0.5 percent interest per annum with the scheme.
The rates and the scheme is applicable from August 16 till December 31. The offer is applicable only on retail deposits below Rs 2 crore.
RBL Bank
RBL Bank has launched a special short-term FD scheme only for senior citizens. Under the new FD product, the bank is offering an additional interest rate of 0.75 percent on its 15-month FD scheme to senior citizens aged 80 years and above.
This takes the total return rate for super senior citizens to 7.75 percent per annum on the specified FDs. Apart from additional interest rates, senior citizens investing in FD schemes will also get a host of other benefits on their deposits. Both senior and super senior citizens are exempted from penalties on premature withdrawals of their FD savings.
