Actually, the new FD scheme of Bank of Baroda (BoB) can be a great opportunity for you. This bank has recently launched a special fixed deposit scheme, in which attractive interest rates are being offered to investors.

Launched under the name of ‘BoB Square Drive Deposit Scheme’, the duration of this scheme has been kept at 444 days, which is specially designed for those investors who are looking for fixed returns. Different interest rates have been fixed for common citizens, senior citizens and super senior citizens in this scheme.

-Where the interest rate for common citizens is 7.15% per annum.

-Senior citizens will get 7.65% and investors above 80 years (super senior citizens) will get 7.75% interest.

The special thing is that if you choose the option of non-callable deposit, the interest rates become even more attractive. In this option, common citizens will get 7.20%, senior citizens will get 7.70% and super senior citizens will get 7.80% annual interest.

Bank of Baroda has also made this scheme available on digital platforms, so that customers can open it through any branch or internet banking. Not only this, new customers can also open it online through video KYC, without any additional process. If you want to invest your savings in a scheme that gives stable and attractive returns, then definitely check out this new FD scheme of Bank of Baroda.

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According to the bank’s website, the last date for investing in Senior Citizen Care FD has been extended till November 7, 2023. HDFC Bank gives additional interest to customers falling in the senior citizen category. At the same time, the last date to invest in this scheme was July 7.

Get extra interest

HDFC’s Senior Citizen Care gives 0.25% additional interest on investing in FD. At the same time, the premium in this is 0.50 percent, which will be available on FDs of five years one day to 10 years. This interest rate is available on investments of less than five crore rupees. Senior Citizen Care FD holders will get interest at the rate of 7.75 per cent for a period of five years to 10 years. At the same time, the interest rate on deposits ranging from seven years to 10 years ranges from 3.35 percent to 7.75 percent.

Trying to make FD attractive

Apart from this, HDFC Bank has extended its special fixed deposit for senior citizens for investment till 30 September 2023. In the last financial year, the Reserve Bank had increased the repo rate continuously. After this, banks also increased the interest rates to make their FD schemes attractive. Along with this, many new FD schemes were also started. In the current financial year, the Reserve Bank has not yet increased the repo rate in any way. Repo rate is the rate at which the Reserve Bank lends to other banks.

FD scheme was launched

HDFC Bank calculates interest based on the actual number of days in a year. If the deposit is in a leap and a non-leap year, interest is calculated based on the number of days. That is, there are 366 days in a leap year and 365 days in a non-leap year. HDFC Bank had launched two special fixed deposit schemes in May for a limited period. The bank had launched two FD plans for a period of 35 months and 55 months.

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IDFC First Bank will get 6.50% interest for common man and 7.00% interest for senior citizens on FDs for 181 days to 1 year. These rates will be applicable from July 3.

If the common man makes an FD for 181 days to 364 days in Jana Small Finance Bank, then he will get an interest rate of 7 percent. While 7.50 percent interest rate will be available for senior citizens. These rates are applicable from 30 May.

The common man will get an interest rate of 6.25 per cent for FD for 181 days to 210 days in Euitas Small Finance Bank. Whereas for senior citizens this rate is 6.35 percent. These rates are applicable from June 5.

If you make an FD in AU Small Finance Bank for 6 months, 1 day to 12 months, then the common man will get an interest rate of 6.75 percent. Whereas for senior citizens it is 6.92 percent. These rates are applicable from June 5.

If a common man makes an FD in Unity Bank for less than 6 months, then the interest rate will be 8.75 percent while for senior citizens this rate is 9.25 percent. These rates are applicable from June 14.

If we talk about Utkarsh Small Finance Bank, then in this FD from 181 days to 364 days, the common man will get an interest rate of 6.50 percent, while in the case of senior citizens it is 7.10 percent. These rates are applicable from 22 May.

On getting EFI from 185 days to 210 days in ICICI Bank, the common man will get 5.75 percent interest. While this interest rate for senior citizens is 6.25 percent. These interest rates will be applicable from 24 February 2023.

Talking about HDFC Bank, the common man will get an interest of 5.75 percent on getting an FD for a period ranging from 6 months, 1 day to 9. While in the case of senior citizens, the interest rate is 6.25 percent. These interest rates are applicable from 29 May.

Talking about State Bank of India, if you get FD done for a period of 180 days to 210, then you will get interest at the rate of 5.25 percent while senior citizens will get 5.75 percent. These interest rates are applicable from 15 February.

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The bank is paying more than seven percent interest on fixed deposits of both these periods. Along with this, senior citizens will get an additional interest of 0.50 percent on the investment. However, this FD scheme is open for investment for a limited period of time.

Interest rate on Special FD

According to the bank, those investing in the Special Fixed Deposit Scheme with a tenure of 35 months or 2 years 11 months will get interest at the rate of 7.20 per cent. At the same time, the bank is offering interest at the rate of 7.25 percent on special FDs with a period of 55 months or 4 years and 7 months. HDFC Bank is offering interest ranging from three per cent to 7.25 per cent on its other term fixed deposits. The bank is offering a maximum interest rate of 7.25 per cent on fixed deposits with a tenure of 4 years, 7 months to 10 years.

FD interest calculation

According to the bank’s website, the current interest rates are applicable from May 29, 2023, on deposits of less than Rs 2 crore. Some time ago HDFC Bank has changed the interest rates of FDs of less than one year and 15 months and made it 6.6 percent. Usually, HDFC Bank gives between 3% and 7.10% on fixed deposits above Rs 2 crore for regular citizens.

HDFC Bank calculates interest based on the actual number of days in a year. If the deposit is in a leap and a non-leap year, interest is calculated based on the number of days. That is, there are 366 days in a leap year and 365 days in a non-leap year.

Fixed repo rate

In the last financial year, the Reserve Bank had increased the repo rate continuously. After this, banks also increased the interest rates to make their FD schemes attractive. In the current financial year, the Reserve Bank has not yet increased the repo rate in any way. Repo rate is the rate at which the Reserve Bank lends to other banks.

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State Bank The name of this special FD scheme is Amrit Kalash Yojana. The bank has restarted this FD scheme. Earlier the bank had launched this retail term deposit scheme for a fixed period and it was available for investment from February 15, 2023 to March 31, 2023.

How much interest is being received?

According to SBI’s website, the bank will pay interest at the rate of 7.10 per cent on the 400-day special fixed deposit scheme ‘Amrit Kalash’. Apart from this, senior citizens will get interest at the rate of 7.60 percent under this. This scheme has been re-opened for investment from 12 April 2023 and this scheme is available for investment till 30 June.

Can take interest every month

Those investing in Amrit Kalash scheme can take interest on monthly, quarterly and half-yearly basis. Maturity interest on this special FD deposit will be deposited in the customer’s account after deducting TDS. TDS will be levied at the rate applicable under the Act of Income Tax. Premature and loan facility is also available in Amrit Kalash Yojana.

How much interest on investment of 1 lakh?

Suppose if a normal investor invests Rs 1 lakh under this scheme, then he will earn Rs 8,017 annually as interest. At the same time, senior citizens will get Rs 8,600 as interest. This scheme will mature in 400 days. That is, you have to invest under this scheme for 400 days. You can invest up to two crore rupees in Amrit Kalash Special FD. There is a provision for premature withdrawal of this scheme. Along with this, the facility of taking loan is also available.

Can invest online

According to the bank, there is no need for a separate product code to invest in the Amrit Kalash scheme. You can use SBI’s Yono banking app to invest in this scheme. Apart from this, you can also invest in this scheme by visiting the branch.

In the last financial year, the Reserve Bank had continuously increased the repo rate. After this, the banks of the country had increased the interest rates of their FD scheme. To make FD attractive, banks had also started a new scheme along with the increase in the interest rate.

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HDFC Bank is giving 7.75 percent interest to senior citizens on FDs maturing between 5 years 1 day to 10 years. For others, the interest rate for the same period has been fixed at 7 percent.

Fincare Small Finance Bank Senior citizens can get an interest rate of 9.01 percent on FDs maturing in 1000 days. For others, the interest rate has been fixed at 8.41 per cent for the same period.

Unity Small Finance Bank Senior citizens can get an interest rate of 9.50 percent on FDs maturing in 1001 days. For others, the interest rate is 9 per cent for the same tenure.

Utkarsh Small Finance Bank is giving 9% interest to senior citizens on FDs maturing in 700 days. For ordinary citizens, the interest rate for the same period is 8.25 percent.

Equitas Small Finance Bank is giving 9 percent interest to senior citizens on FDs maturing in 888 days. Others are getting 8.5 percent interest for the same period.

State Bank of India (SBI) has extended the validity of Amrit Kalash Special FD (FD) scheme till 30 June 2023. In this, 7.10 percent interest is being offered on 400 days FD. Apart from this, there is an interest rate of 7.60% for senior citizens.

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Indian Bank has also given good news to its customers. This state-run bank has increased the interest rates in a big way to attract its customers. If you want to earn good interest on FD, then this news is useful for you because Indian Bank has increased the rate of fixed deposits. Let us tell you that the new interest rates of the bank will be applicable on FDs less than Rs 2 crore. Which has been implemented from 29 October. This time this increase has been made 0.90 percent.    

Indian Bank has announced a hike in interest rates. These interest rates will be applicable only on FD interest rate hike of less than Rs 2 crore. These interest rates have come into effect from October 29.   

customers will benefit

It has been told by the bank that this facility will be given on FD of less than Rs 2 crore. The bank is paying higher interest on FDs ranging from 7 days to 10 years. Lakhs of customers are going to benefit from this decision of the bank. This increase in interest rates is high, so if you are getting more interest in this bank then you can earn good profits by getting FD here.    

Know the new interest rates

• The common customer will get 2.80 percent interest on FDs of 7 days to 29 days.
• On FDs of 30 days to 45 days, the common customer will get 3.00 percent interest.
• The common customer will get 3.25 percent interest on FDs of 46 days to 90 days.
• The common customer will get 3.50 percent interest on FDs of 91 days to 120 days.
• On FDs of 121 days to 180 days, the common customer will get 3.85 percent interest.
• The common customer will get 4.50 percent interest on FDs of 181 days to 9 months.
• The common customer will get 4.75 percent interest on FD for 9 months to 1 year.

• The common customer will get 6.10 percent interest on FD for 1 year.
• On FD for 1 year to 2 years, the common customer will get 6.30 percent interest.
• On FD for 2 years 1 day to 3 years, the common customer will get 6.50 percent interest.
• The common customer will get 6.40 percent interest on FD for 3 years 1 day to 5 years.
• On FD for more than 5 years, the common customer will get 6.30 percent interest.

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