State Bank of India (SBI), Bank of Baroda, and Bank of Maharashtra have introduced special fixed deposit schemes with increased interest rates. Apart from these special schemes, there are several other FD options that have been made available for investment over an extended period of time.

These special fixed deposit schemes were introduced after the Reserve Bank of India (RBI) pointed out the disparity between deposit and credit growth in a meeting with the leaders of public and private sector banks.

Previously, HDFC Bank also increased fixed deposit interest rates effective from 10 June 2024 and based on the tenure of deposit.

These special fixed deposit schemes are designed to attract investors by providing higher returns. Let us now see details of these schemes:

State Bank of India (SBI) – Amrit Vrishti

SBI has launched a limited-period deposit scheme called “Amrit Vrishti,” offering attractive interest rates. This scheme is available to both domestic and non-resident Indian customers.

Interest Rate: 7.25% per annum for general citizens, 7.75% for senior citizens

Tenure: 444 days

Effective Date: July 15, 2024

Validity: Up to March 31, 2025

Bank of Baroda – bob Monsoon Dhamaka Deposit Scheme

Bank of Baroda has introduced “bob Monsoon Dhamaka Deposit Scheme,” offering higher interest rates and revised FD interest rates.

Interest Rates:

• 7.25% per annum for 399 days
• 7.15% per annum for 333 days

Applicable: Retail deposits below Rs 3 crore

Effective Date: July 15, 2024

Bank of Maharashtra – Special FD Plans

Bank of Maharashtra has launched four special FD plans with varying tenures and interest rates.

Tenure and Interest Rates:

• 200 days: 6.9%
• 400 days: 7.10%
• 666 days: 7.15%
• 777 days: 7.25%

Effective Date: July 8, 2024

Also Read: Groww User Claims Money Debited but not Invested in Parag Parikh Mutual Fund; Company Responds

Regular FD Interest Rates for Bank of Maharashtra:

• 1-year FD: 6.75%
• 2-year FD: 6.5%
• 3 to 5-year FD: 6.5%

ICICI Bank

ICICI Bank revised its FD interest rates, effective from July 2, 2024.

Interest Rates for Regular Citizens: 3% to 7.20%

Interest Rates for Senior Citizens: 3.5% to 7.75%

Axis Bank

Axis Bank also revised its FD interest rates, effective from July 1, 2024.

Interest Rates for Regular Citizens: 3% to 7.2%

Interest Rates for Senior Citizens: 3.5% to 7.75%

Other Bank Special Fixed Deposit Schemes

SBI Amrit Kalash

A previously launched scheme by SBI, “Amrit Kalash,” offers the following interest rates:

Interest Rates:

• General Citizens: 7.10%
• Senior Citizens: 7.60%

Tenure: 400 days

Validity: Up to September 30, 2024

Punjab and Sind Bank

Punjab & Sind Bank offers special FDs with limited period offers:

Tenure and Interest Rates:

• 222 days: 6.30%
• 333 days: 7.15%
• 444 days: 7.25%

Validity: Up to September 30, 2024

Indian Bank

Indian Bank has two special FDs, “Ind Super 400” and “Ind Supreme 300 days”:

Interest Rates for 400 Days:

• General Public: 7.25%
• Seniors: 7.75%
• Super Senior Citizens: 8.00%

Interest Rates for 300 Days:

• General Public: 7.05%
• Seniors: 7.55%
• Super Senior Citizens: 7.80%

Validity: Up to September 30, 2024

Also Read: New SIP in HDFC Defence Fund Not Allowed From July 22

IDBI Bank

IDBI Bank has extended the validity for its “Amrit Mahotsav FD” for 375 and 444 days:

Interest Rates for 300 Days:

• General Citizens: 7.05%
• Senior Citizens: 7.55%

Interest Rates for 375 Days:

• General Citizens: 7.15%
• Senior Citizens: 7.65%

Validity: Up to September 30, 2024

These special fixed deposit schemes provide various attractive options for investors, especially for those who are looking for higher returns and certain investment durations.

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