Several banks in India have introduced or extended special fixed deposit (FD) schemes, offering investors attractive interest rates for specific durations. These schemes are similar to regular term deposits but are available only for a limited time and often come with enhanced interest rates. Recently, the Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, prompting banks to adjust their interest rates downward.
Punjab & Sind Bank has extended its special tenure fixed deposit scheme until June 30, 2025, and has also revised its interest rates. IDBI Bank has revamped its Utsav Deposit Scheme, discontinuing certain tenures and implementing interest rate cuts across key tenures. The State Bank of India (SBI) has relaunched its Amrit Vrishti 444-day FD at a reduced interest rate, giving investors another opportunity to lock in returns on a medium-term deposit.
Bank of Baroda (BoB) has introduced a new deposit scheme called the bob Square Drive Deposit Scheme, replacing its earlier Utsav Deposit Scheme. The 444-day FD under this new plan offers revised interest rates for both general and senior citizens. These changes are effective from April 7, 2025. The interest rates offered by these banks are subject to change and may not be the same as those offered by other banks.
It’s essential for investors to do their due diligence and consult with a financial expert before making any investment decisions. The calculations provided are projections and not investment advice. Investors should carefully review the terms and conditions of each scheme, including the interest rates, tenure, and any applicable penalties for early withdrawal.
Overall, the special FD schemes offered by these banks provide investors with an opportunity to earn attractive interest rates on their deposits. However, investors should be aware of the risks and rewards associated with these schemes and make informed decisions based on their individual financial goals and risk tolerance. By doing so, investors can make the most of these special FD schemes and achieve their financial objectives.