Several major banks in India have introduced new fixed deposit (FD) and recurring deposit schemes. These are designed to cater to the diverse needs of customers, offering competitive interest rates, added benefits, and tailored options for different investment horizons. Here’s a breakdown of the latest FD and RD offerings by SBI, IDBI Bank, PNB, and Bank of Baroda. SBI Lakhpati Recurring Deposit Scheme The SBI Lakhpati scheme, also known as the Har Ghar Lakhpati RD scheme, is designed to help individuals accumulate ₹1 lakh or multiples of it. This scheme […]
New Fixed Deposit Schemes By SBI, IDBI Bank, PNB, And Bank Of Baroda
Several major banks in India have introduced new fixed deposit (FD) and recurring deposit schemes. These are designed to cater to the diverse needs of customers, offering competitive interest rates, added benefits, and tailored options for different investment horizons. Here’s a breakdown of the latest FD and RD offerings by SBI, IDBI Bank, PNB, and Bank of Baroda.
The SBI Lakhpati scheme, also known as the Har Ghar Lakhpati RD scheme, is designed to help individuals accumulate ₹1 lakh or multiples of it. This scheme makes financial planning simple and effective, especially for those looking to set specific goals. It also benefits minors, encouraging early savings and financial discipline.
For a 3-year or 4-year tenure, the interest rate is 6.75% for regular depositors. Senior citizens earn 7.25%. For other tenures, the interest rate is 6.50% for general citizens and 7% for seniors. This scheme is a great way to build a steady financial foundation over time.
SBI has launched a Patrons FD scheme exclusively for super senior citizens (80 years and above). This scheme provides an additional 0.10% interest rate over the standard senior citizen rate. Super senior citizens will earn an attractive interest rate of 7.6% for FD tenures of 2 to 3 years. This initiative is aimed at helping older citizens secure higher returns on their investments.
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Punjab National Bank (PNB) has expanded its FD offerings by introducing two new tenures. Depositors can now invest in a 303-day FD at an interest rate of 7% or a 506-day FD at 6.7%. These FDs provide more options to cater to different investment timeframes. These new offerings were launched on January 1, 2025, giving depositors a chance to lock in higher interest rates.
IDBI Bank has launched a special Chiranjeevi-Super Senior Citizens FD under its limited-period Utsav FD scheme. This is specifically designed for individuals aged 80 years and above. The scheme offers the highest interest rate of 8.05% per annum for a tenure of 555 days. Other tenures include 7.90% for 375 days, 8.00% for 444 days, and 7.85% for 700 days. This FD scheme ensures flexibility and competitive returns for senior citizens.
Bank of Baroda has introduced the Liquid Fixed Deposit scheme. This unique product offers assured returns with the added flexibility of partial withdrawals, without closing the entire deposit. The scheme reduces penalties typically associated with premature withdrawals, making it a more liquid and accessible option for depositors. The interest rates for the Bank of Baroda Liquid FD are similar to those of regular term deposits, ranging from 4.25% to 7.15% for general citizens.
These newly launched FD and RD schemes from major banks offer great flexibility and attractive interest rates. From specific options for senior citizens to new tenures for FD depositors, these schemes cater to a broad range of financial needs. Whether you are looking for long-term growth or short-term liquidity, these offerings provide competitive returns and added benefits to help you meet your financial goals.
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