Many prominent banks, including the nation's largest lender State Bank of India (SBI), increased interest rates on fixed deposits (FDs) before the festive season. This comes after the Reserve Bank of India recently increased the repo rates (RBI).
Here is a comparison of the interest rates that banks are now offering on their unique FD schemes.
Bank of Baroda Tiranga Deposit Scheme
The Baroda Tiranga Deposit Scheme was launched by the Bank of Baroda as a part of the Independence Day festivities. In two tenure buckets, this unique term deposit product offers higher interest rates. For term deposits of 444 days or less, the interest rates offered under this scheme are 5.75 percent annually, and for term deposits of 555 days or more, they are 6 percent annually.
Senior citizens will benefit from the scheme by earning an additional 0.5 percent interest annually. Rates for the scheme is valid from August 16 through December 31. The promotion only applies to retail deposits under Rs 2 crore.
SBI Utsav Deposit Scheme
The State Bank of India (SBI) has launched a new term deposit scheme named the "Utsav Deposit," which is only accessible for a short time and offers greater interest rates than current deposit plans.
The bank is paying a 6.10 percent annual interest rate on fixed deposits having a duration of 1,000 days under the Utsav Fixed Deposit Scheme. Senior citizens will receive a 0.50 percent higher interest rate than the general rate. This pricing is in effect as of August 15 and the scheme is available for 75 days.
RBL Bank
For just older residents, RBL Bank has created a special short-term FD scheme. With the new FD product, the bank is providing elderly citizens 80 years of age and older with an additional 0.75 percent interest rate on its 15-month FD scheme.
The overall return rate for super elderly citizens on the mentioned FDs now stands at 7.75 percent annually. Seniors who invest in FD schemes will receive a variety of extra perks on their savings in addition to higher interest rates. The penalties for early withdrawals of FD deposits are waived for elderly and super senior individuals alike.
