Banks often introduce new schemes by offering higher interest rates to attract more deposits. This week, two leading banks have introduced new fixed deposit schemes with a maximum interest rate of 8.85%.
If someone deposits Rs. 1 lakh in this scheme, the amount after maturity can be calculated. Many banks revised their fixed deposit interest rates in August, and some even introduced special maturity tenure schemes. RBL Bank, Federal Bank, and IDBI Bank are among those making changes.
RBL Vijay FD Interest Rates
RBL Bank’s “Vijay Fixed Deposits” offers customers high interest rates. The bank says this limited-time offer honors the bravery and sacrifices of Indian soldiers.
Under this scheme, super senior citizens can get 8.85% interest, senior citizens can get 8.60%, and regular customers can get 8.10%. The tenure for this scheme is 500 days.
For a Rs. 1 lakh deposit, super senior citizens will receive up to Rs. 12,160 as interest after maturity, senior citizens will receive up to Rs. 11,800, and regular customers will receive up to Rs. 11,130.
Federal Bank Special Tenure FD Interest Rates
Federal Bank has introduced three special tenure fixed deposits with higher interest rates on Independence Day. They offer different interest rates for general customers and senior citizens for tenures of 400 days, 777 days, and 50 months.
Customers depositing over one crore receive an additional 15 basis points in interest. For example, a general customer depositing Rs. 1 lakh for 777 days would receive Rs. 15,750 as interest after maturity.
- 7.35% interest for general customers and 7.85% interest for senior citizens with a tenure of 400 days.
- The 777-day scheme also offers 7.40% interest for general customers and 7.90% interest for senior citizens.
- With a 50-month special scheme, 7.40% interest is charged for general customers and 7.90% for senior citizens.
- Those who have made deposits above Rs.1 crore will be given an additional interest of 15 basis points on the above-mentioned interest rates.
For instance, if a general customer deposits Rs. 1 lakh, choosing a tenure of 777 days, they can rest assured that they will receive a substantial interest of Rs. 15,750 upon maturity, providing a sense of financial security and confidence.
IDBI Utsav FD Scheme Interest Rates
IDBI Bank has increased interest rates on its “Utsav FD” scheme for tenures of 300 days, 375 days, 444 days, and 700 days. Different interest rates are offered for general customers and senior citizens. The new interest rates came into effect on August 15.
1) IDBI Bank Special Scheme Utsav FD has increased interest rates on a 300-day tenure. Currently, 7.05% interest is given to general customers, while 7.55% interest is given to senior citizens.
2) Our 700-day special scheme now offers a competitive 7.20% interest for general customers and an even more attractive 7.70% interest for senior citizens.
3) Interest has also increased from 7.15% to 7.25% for general customers through 375 days tenure scheme. The interest rate for senior citizens has been increased from 7.65% to 7.75%.
4) Through the 444-day scheme, the interest rate for general customers has been increased to 7.35% from the present 7.25%. For senior citizens, it has been increased from 7.75% to 7.85%. The new interest rates were implemented on August 15.