Amid increasing demand for deposits in banks, the Bank of India on Tuesday announced a special fixed deposit scheme – Star Super Triple Seven Fixed Deposit – in which they are offering an interest rate of 7.25 percent (7.75 percent for citizens) on a deposit 777 days.
It is a time-limited offer from the bank, it said in a statement on Tuesday. “Compared to other investment options such as public provident funds, senior savings plans, national savings certificates or RBI bonds, Bank of India’s 777-day FD program is the most lucrative and intelligent investment option,” the bank said.
In addition to the special deposit scheme, the Bank of India has raised the interest rate on its existing 555-day fixed-term deposit scheme to 6.30 percent. And for other maturities from 180 days to under 5 years, it has raised rates by 25 basis points.
Another public sector lender, the Bank of Baroda, also revised interest rates on Baroda Advantage Fixed Deposits. Depending on the term, the bank now offers interest rates of between 5.75 percent and 7 percent for these fixed-term deposits. It also revised the interest rate for the Tiranga deposit system and the Tiranaga plus deposit system.
Meanwhile, the newly formed Digital First Unity Small Finance Bank has launched “Shagun 366,” a 1-year fixed-term deposit scheme that will earn depositors an interest rate of 7.80 percent. This is a limited time offer and applies to deposits booked by November 30th.
