The article discusses two special fixed deposit (FD) schemes offered by State Bank of India (SBI) and Canara Bank, which come with limited-time offers and higher interest rates compared to regular FDs. SBI’s Amrit Vrishti is a 444-day FD scheme that was launched on July 15, 2024, and later reintroduced on April 15, 2025. Canara Bank also offers a 444-day FD scheme with higher interest rates for a limited time.
The interest rates for these schemes vary for general citizens and senior citizens. For SBI, the interest rate for general citizens is 7.05%, while for senior citizens, it is 7.55%. Canara Bank offers interest rates of 7.25% and 7.75% for general citizens and senior citizens, respectively.
To illustrate the potential returns, the article calculates the maturity amounts for investments of Rs 4 lakh and Rs 8 lakh in these FD schemes. For SBI, the estimated maturity amount for a Rs 4 lakh investment for general citizens is Rs 4,35,492, with an estimated return of Rs 35,492. For senior citizens, the maturity amount is Rs 4,38,101, with an estimated return of Rs 38,101. For an Rs 8 lakh investment, the maturity amounts are Rs 8,70,984 and Rs 8,76,202 for general citizens and senior citizens, respectively.
Canara Bank’s FD scheme offers slightly higher returns, with estimated maturity amounts of Rs 4,36,534 and Rs 4,39,148 for general citizens and senior citizens, respectively, for a Rs 4 lakh investment. For an Rs 8 lakh investment, the maturity amounts are Rs 8,73,068 and Rs 8,78,296 for general citizens and senior citizens, respectively.
Overall, these special FD schemes offer higher interest rates and potentially higher returns compared to regular FDs, making them attractive options for investors. However, as with any investment, it is essential to consult an advisor before investing to ensure that the investment aligns with individual financial goals and risk tolerance.
In conclusion, the article highlights the benefits of the special FD schemes offered by SBI and Canara Bank, particularly for senior citizens who can earn higher interest rates. By providing detailed calculations of the maturity amounts and estimated returns for different investment amounts, the article helps investors make informed decisions about their investments. As always, it is crucial to consult an advisor before investing to ensure the best possible outcomes.