OPEN APP
Home / Money / Personal Finance /  How SBI, BoB and Axis Bank are trying to lure investors with higher FD rates
Listen to this article

Several lenders, including the country’s largest bank, State Bank of India (SBI), have raised interest on deposit rates in order to woo customers with higher fixed deposit (FD) interest rates. As the Reserve Bank of India (RBI) is hiking the repo rates in order to tame the inflation, banks are expected to pass on the benefit to customers. The banks in turn are hiking the rates on term deposits.

SBI recently launched a special FD scheme offering higher interest rate with a tenor of 1,000 days. Bank of Baroda has also unveiled similar offer. Private lender Axis Bank also came up with similar scheme.

SBI Utsav Deposit Scheme

State Bank of India (SBI), introduced a unique term deposit programme called "Utsav Deposit." This fixed deposit scheme has higher interest rates and is only available for a limited time.

SBI has said via a tweet that “Let your finances do the hard work for you. Introducing 'Utsav' Deposit with higher interest rates on your Fixed Deposits!."

On Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. And senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate. These rates are effective as of 15th August 2022 and the scheme is valid for a period of 75 days.

 

Baroda Tiranga Deposit Scheme

Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Baroda Tiranga Deposit Scheme, a special term deposit product offering higher interest rates. The Baroda Tiranga Deposits are available in two tenor buckets – offering interest rates of 5.75% p.a. for 444 days and 6.00% p.a. for 555 days. The scheme opens on 16th August up till 31st December, 2022 and is applicable on retail deposits below 2 crore.

Senior citizens will earn an additional interest rate of 0.50% p.a., while Non-Callable Deposits will get 0.15% p.a. extra.

Axis Bank Special FD scheme

Axis Bank is offering an interest rate of 6.05% on FDs of 75 weeks (Axis Bank FD Rates) i.e. FDs of 1 year 5 months and 7 days. Also, senior citizens are getting extra benefits. The bank is getting them an interest rate of 6.80% on FD of 75 weeks.

 

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. If you want to take advantage of this offer, then you have to open an FD account for 75 weeks till 25 August 2022. The deposit of FD should be less than 2 crore.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Post your comment

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout