How SBI, BoB and Axis Bank are trying to lure investors with higher FD rates | Rare Techy


Many lenders, including the country’s largest bank, State Bank of India (SBI), have hiked deposit rates to attract customers with higher fixed deposit (FD) interest rates. As the Reserve Bank of India (RBI) hikes repo rates to curb inflation, banks are expected to pass on the benefit to customers. Banks therefore increase rates on time deposits.

SBI has recently launched a special FD scheme that offers higher interest rate with 1,000 days. Bank of Baroda has also announced a similar offer. Private lender Axis Bank has come up with a similar plan.

SBI Utsav Deposit Scheme

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

SBI tweeted that “Let your finances do the hard work for you. Introducing ‘Utsav’ Deposit with high interest rates on your Fixed Deposits!.”

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

Baroda Tiranga Deposit Scheme

Bank of Baroda (the Bank), one of India’s leading public sector banks, today announced the launch of the Baroda Tiranga Deposit Scheme, a special time deposit product offering higher interest rates. Baroda Tiranga deposits are available in two tenor buckets – 5.75% pa for 444 days and 6.00% pa for 555 days. The program runs from August 16 to December 31, 2022 and is valid on the following retail stores 2 billion.

Senior citizens will earn an additional rate of 0.50% pa, while Non-Depositors will get an additional 0.15% pa.

Axis Bank Special FD Plan

Axis Bank is paying 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 get additional benefits. The bank charges an interest rate of 6.80% on 75 week FD.

A special rate for a special event! On our 75th Independence Day, senior citizens are invited to open FD with us at 6.80% for 75 weeks. If you want to avail this offer, then you have to open an FD account for 75 weeks by 25th August 2022. FD deposit should be less than 2 billion.

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