Comparing SBI’s 'Amrit Vrishti Scheme' with other bank FDs offering similar interest in fewer days

If you are planning to invest in SBI’s new Amrit Vrishti Scheme, it's worth considering other banks’ FD options as well. The interest rate that SBI offers in 444 days can be matched by other banks in just 400 days. Additionally, special benefits are available for super senior citizens.

SBI's 'Amrit Vrishti Scheme'

SBI recently introduced the Amrit Vrishti Scheme, a 444-day FD scheme offering an attractive interest rate. The scheme provides a 7.25% annual interest rate for regular customers and an additional 0.50% for senior citizens, totaling 7.75%. Investments can be made in this scheme until March 31, 2025.

PNB's 400 Days FD

Punjab National Bank (PNB) offers a 400-day term deposit scheme with an interest rate of 7.25% for regular customers. Senior citizens receive an additional 0.50%, bringing their rate to 7.75%, while super senior citizens (aged 80 years and above) get 8.05%. The maximum deposit amount for this scheme is Rs 3 crore.

Indian Bank's 'IND SUPER 400 DAYS'

Indian Bank offers the IND SUPER 400 DAYS FD with a callable option, allowing premature withdrawal. This 400-day FD allows investments ranging from Rs 10,000 to Rs 3 crore. The interest rates are 7.25% for regular customers, 7.75% for senior citizens, and 8% for super senior citizens. Investments can be made until September 30, 2024.

Bank of Baroda's 'Monsoon Dhamaka Deposit Scheme'

Bank of Baroda (BOB) runs the 399-day Monsoon Dhamaka Deposit Scheme, offering a 7.25% interest rate for regular customers and an additional 0.50% for senior citizens, totaling 7.75%.

Canara Bank's 444 Days FD

Canara Bank also offers a 444-day term deposit scheme similar to SBI’s. This callable scheme allows deposits up to Rs 3 crore and provides the same interest rates as the Amrit Vrishti Scheme: 7.25% for regular customers and 7.75% for senior citizens.

Before investing in SBI's Amrit Vrishti Scheme, consider these alternative FDs from other banks that offer competitive interest rates in fewer days, with special benefits for senior and super senior citizens.