Amid liquidity shortage, top banks are changing fixed deposit rates using special tenures, senior citizen benefits, and bulk deposit schemes. Among all banks, IDBI Bank is the latest to launch higher rates for super senior citizens (aged 80 years or more). Bank of Baroda has initiated a liquidity fixed deposit scheme.
IDBI Bank’s ‘IDBI Chiranjeevi-Super Senior Citizens FD’ scheme offers an additional 65 basis points (BPS) on the fixed deposit rates and 15BPS on the senior citizen rates. The interest rates in this scheme are 7.85% for 700 days, 7.9% for 375 days, 8% for 444 days, and 8.05% for a 555-day tenure. IDBI’s exclusive scheme came into effect on Jan 13, 2025.
The Bank of Baroda’s customers can withdraw Rs 1,000 in units after an initial deposit of Rs 5,000, as per the bank’s liquidity FD rules. Deposits under Rs 3 crore are considered Retail deposits, while deposits exceeding this amount are treated as bulk deposits.
Top Rates From Small Finance Banks
- Unity Finance Bank: 9% for 1001 days
- North East Small Finance Bank: 9% for 546 days to 1111 days
- Suryoday Small Finance Bank: 8.6% for 2 to 3 years
- Utkarsh Small Finance Bank: 8.5% for 2 to 3 years
- Equitas Small Finance Bank: 8.25% for 888 days
- Jana Small Finance Bank: 8.25% for 1 to 3 years
- Ujjivan Small Finance Bank: 8.25% for 1 year
- AU Small Finance Bank: 8% for 18 months
Top Rates From Private Banks
- DCB Bank: 8.05% for 19 to 20 months
- Bandhan Bank: 8.05% for 1 year
- RBL Bank: 8% for 500 days
- IndusInd Bank: 7.99% for 17 months to 18 months
- IDFC First Bank: 7.90% for 400 to 500 days
- HDFC Bank: 7.40% for 55 months
- ICICI Bank: 7.25 for 15 to 24 months
Top Rates From Public Sector Banks
- Canara Bank: 7.40% for 3 to 5 years
- Bank of Maharashtra: 7.35% for 333 days
- Indian Bank: 7.30% for 400 days
- Bank of India: 7.30% for 400 days
- Bank of Baroda: 7.30% for 400 days
- State Bank of India: 7.25% for 445 days
- Punjab National Bank: 7.25% for 400 days
CEO of Bankbazaar, Adhil Shetty, said higher interest rates offered by banks make fixed deposits a better investment option without any risk. By opting for longer tenures with small finance banks, depositors can enjoy rates up to 9%.
