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In an effort to entice investors, banks are rushing to raise the interest rates on fixed deposits, due to the rise in repo rates. However, on the occasion of India's 76th Independence Day, many banks, including State Bank of India (SBI), Bank of Baroda (BoB), Axis Bank, and Karnataka Bank, have recently unveiled special fixed deposit schemes with higher interest rates for a limited time. These schemes should be quickly discussed with anyone who is unaware of them before they expire.

SBI Utsav Deposit

The largest lender in the nation, State Bank of India (SBI), has introduced a unique "Utsav Deposit" programme in honour of India's 75th anniversary of Independence. This fixed deposit gives an interest rate of 6.10% annually, with an additional rate of 0.50% for elderly persons, and comes with a tenure of 1000 days.

The deal is valid for 75 days, or until October 30, 2022, and the interest rates go into effect on August 15, 2022. “Let your finances do the hard work for you. Introducing 'Utsav' Deposit with higher interest rates on your Fixed Deposits!," said SBI via a tweet.

“A delightful offer especially for our customers to celebrate 75 years or Azadi. With ‘Utsav’ Deposit, get higher interest rate on Fixed Deposits," said SBI via a Tweet.

Karnataka Bank

Karnataka Bank has launched a new term deposit programme called KBL Amrit Samriddhi under ACC and Fixed Deposit for a period of 75 weeks (525 days) to honour the 75th anniversary of Independence as Azadi Ka Amrit Mahotsav. This deposit scheme's interest rate is 6.10% yearly. Karnataka Bank has mentioned on its website that “New Deposit Scheme is introduced for a fixed period of 75 weeks (525 days) at an interest rate of 6.10% per annum w.e.f. 15.08.2022, valid for limited period only."

While launching this special fixed deposit scheme, Shri Mahabaleshwara M S, MD & CEO of the Bank said “India is celebrating the glorious history of its people, culture and achievements in a jubilant way. Karnataka Bank, portraying the rich patriotic tradition and values, has always been ready to meet the aspirations and dreams of its valued patrons. With the new product, KBL Amrit Samriddhi, Bank extends the benefit of increase in the interest rates to our customers. I request each one of you to make use of this opportunity, which will be available for a limited time."

Bank of Baroda

The Baroda Tiranga Deposit Scheme was introduced by Bank of Baroda to celebrate the nation's 75th anniversary of Independence. The interest rates are 5.75 per cent for 444 days and 6.00 per cent for 555 days applicable under the Baroda Tiranga Deposits. Senior citizens will get an additional rate of 0.50% and 0.15% additional on non-callable deposits. The scheme was launched on 16th August 2022 and will remain active till December 31, 2022.

“Banaye rakhein Independence day ka josh with Baroda Tiranga Deposits. Open bob World ki duniya and start an FD with some shaandaar interest rates!," said BOB via a Tweet.

Axis Bank

On the occasion of the country's 75th Independence Day, Axis Bank introduced a fixed deposit with a 75-week tenure. For the general public, this special fixed deposit plan offers interest at a rate of 6.05%, while elderly people receive a special rate of 6.80%. The scheme will only be available from August 11 until August 25, 2022.

“A special rate for a special occasion! On our 75th Independence Day, inviting the senior citizens to open an FD for 75 weeks at 6.80% with us," said Axis Bank via a tweet.

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