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News18
09-08-2025
- Business
- News18
Which Bank Wins The 444-Day FD Battle? Here's The SBI Vs Indian Bank Comparison
Last Updated: Indian Bank's 444-day special FD offers senior citizens an interest rate of 7.20 per cent. Public sector banks like State Bank of India (SBI), Bank of Baroda, Indian Bank, Canara Bank, and others offer special fixed deposit (FD) schemes for both general and senior citizens. These are limited-period schemes, and the interest rate you get at the time of deposit stays the same until maturity, meaning market fluctuations do not affect your returns. Here, we look at the 444-day special FD schemes of the State Bank of India and Indian Bank, comparing their interest rates and maturity amounts for deposits ranging from Rs 2 lakh to Rs 5 lakh. SBI Amrit Vrishti Scheme Under its 444-day 'Amrit Vrishti' special FD, SBI offers senior citizens an interest rate of 7.10 per cent and others 6.60 per cent, as per Zee Business. If a senior citizen invests Rs 2 lakh, they will receive Rs 2,17,876 at maturity, while others will get Rs 2,16,577. For a Rs 3 lakh deposit, the maturity amount is Rs 3,26,814 for senior citizens and Rs 3,24,866 for others. A Rs 4 lakh deposit will yield Rs 4,35,752 for senior citizens and Rs 4,33,154 for others. For a Rs 5 lakh investment, senior citizens will receive Rs 5,44,690, whereas others will get Rs 5,41,443 at the end of 444 days. Indian Bank 444-Day Special FD Indian Bank's 444-day special FD offers slightly higher rates, 7.20 per cent for senior citizens and 6.70 per cent for others, Zee Business also states. With a Rs 2 lakh investment, a senior citizen will get Rs 2,18,137 at maturity, while others will get Rs 2,16,837. For a Rs 3 lakh deposit, senior citizens will receive Rs 3,27,205 and others Rs 3,25,255. If Rs 4 lakh is deposited, the maturity amount will be Rs 4,36,273 for senior citizens and Rs 4,33,673 for others. For Rs 5 lakh, senior citizens will take home Rs 5,45,342, and general citizens will get Rs 5,42,091 at maturity. Which One Should You Choose? The comparison shows that Indian Bank offers a slightly better interest rate than SBI for both general and senior citizens. As a result, the maturity amounts for all investment sizes from Rs 2 lakh to Rs 5 lakh are higher with Indian Bank's 444-day scheme. For those looking for short-term but secure investment options, both schemes are reliable. However, if you want to maximise returns on a 444-day FD, Indian Bank edges ahead of SBI. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
10-07-2025
- Business
- Time of India
Investing in FDs? Banks now offer interest rates up to 8.10% on 444 day scheme; check list
Are you planning to invest in fixed deposits, but wondering which bank offers the best interest rate? While many banks have recently lowered their FD rates following the Reserve Bank of India's repo rate cut, several public, private, and small finance banks are still offering highly competitive returns, especially on special 444-day deposit schemes. Some of these rates go as high as 8.10% for senior citizens, as per an ET report, making it a golden opportunity for those looking to grow their savings securely. These special FD schemes present a timely opportunity for investors to lock in higher returns before rates fall further. Here's a look at some options available for both regular and senior citizen investors, offering the best FD rates on 444-day deposits: Special deposit schemes by leading banks State Bank of India: SBI, under its Amrit Vrishti scheme offers 6.60% for general depositors, 7.10% for senior citizens, and an extra 10 basis points for super senior citizens. Bank of Baroda: BoB, through its bob Square Drive Deposit Scheme, also offers 6.60% for regular customers and 7.10% for seniors. Indian Bank: It offers 6.90% for general investors and 7.40% for senior citizens under its IND SECURE plan. Super senior citizens can earn as much as 7.65%. These rates are valid until 30 September 2025. Canara Bank: It offers 6.60% to regular citizens and 7.10% to seniors. High-yield options from other banks ESAF Small Finance Bank leads with 7.60% for regular depositors and 8.10% for seniors, the highest on the market currently. Karur Vysya Bank offers 6.85% for general customers and 7.25% for seniors. Indian Overseas Bank gives 6.95% and 7.45%, respectively. Punjab & Sind Bank offers 7.05% for regular customers and 7.55% for seniors. Federal Bank provides 6.85% to regular customers and 7.35% to seniors, according to data provided by Paisabazaar. Early withdrawals and TDS rules Withdrawal: Fixed deposits can be withdrawn before maturity if they are booked under callable options. However, banks typically impose a penalty of 0.50% to 1% on early withdrawals. The exact penalty amount depends on the bank's policy. Some banks waive this penalty for senior citizens or under specific conditions, such as medical emergencies or if the deposit has been held for a minimum duration. TDS: Regarding tax, a Tax Deduction at Source (TDS) is applicable when the interest earned on FDs or recurring deposits exceeds Rs 50,000 in a financial year (Rs 1 lakh for senior citizens). A TDS certificate detailing the tax deducted during the quarter will be sent at the end of each quarter of the financial year. It's important to note that TDS can slightly impact your final maturity amount, especially in reinvestment deposits. According to the HDFC Bank website, in case of reinvestment deposits, interest is reinvested after TDS is deducted. As a result, the final maturity amount may vary depending on the amount of tax deducted and the impact of reduced compounding on that tax amount over the remaining tenure. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
10-07-2025
- Business
- Time of India
Get FD interest rate up to 8.1%: Check which bank is offering highest interest rate on FDs with 444 day tenure
Several public and private sector banks, including small finance banks, are offering attractive fixed deposit interest rates, particularly for a 444-day tenure. Senior citizens can earn up to 8.10%, despite many banks reducing FD rates after the RBI's repo rate cut. Investors should compare rates to secure the best returns, considering factors like premature withdrawal penalties and TDS implications. Tired of too many ads? Remove Ads Special deposits offered by top banks Tired of too many ads? Remove Ads Regular citizen Senior citizen ESAF Small Finance Bank 7.60 8.1 Karur Vysya Bank 6.85 7.25 Indian Bank 6.90 7.40 Indian Overseas Bank 6.95 7.45 Punjab & Sind Bank 7.05 7.55 Canara Bank 6.60 7.10 Bank of Baroda 6.60 7.10 Federal 6.85 7.35 SBI 6.6 7.10 Can FD be withdrawn before maturity? Tax Deduction at Source Can TDS influence the maturity of deposit? Several banks in the public sector and the private sector, including small finance banks, are offering attractive interest rates on fixed deposits with a specific tenure of 444 days. The highest rate currently goes up to 8.10% for senior citizens. This is despite the fact that many banks have been reducing fixed deposit (FD) interest rates after the Reserve Bank of India (RBI) reduced the repo rate at its bi-monthly Monetary Policy Committee meeting. So, FD investors should make sure to get the best rate on their us look at the banks that are offering the best FD rates for both regular and senior citizen investors on 444-day deposits. State Bank of India (SBI) on Amrit Vrishti offers 7.10% for senior citizens and 6.60% for regular depositors. For super senior citizens the bank offers 10 bps higher over the interest rate applicable for senior citizens. Bank of Baroda on bob Square Drive Deposit Scheme offers 7.10% for senior citizens and 6.60% for regular depositors. Indian Bank on IND SECURE special deposit offers 7.40% for senior citizens and 6.90% for regular citizens. For super senior Citizen the bank offers 7.65%This rate is applicable till September 30, read: No penalty on minimum balance: 6 banks that have removed savings accounts balance requirement ESAF Small Finance Bank offers the highest interest rate of 8.10% for senior citizens and 7.60% for regular depositors. Karur Vysya Bank provides 7.25% for senior citizens and 6.85% for regular citizens. Indian Overseas Bank gives 7.45% to senior citizens and 6.95% to regular citizens. Punjab & Sind Bank offers 7.55% for senior citizens and 7.05% for regular depositors. Federal Bank provides 7.35% for senior citizens and 6.85% for regular Paisabazaar dataYes, fixed deposits (FDs) can be withdrawn before maturity; however, banks may levy a penalty. Note that FDs can be withdrawn only if it is booked under a callable deposit. Most banks impose a penalty ranging from 0.50% to 1% for early withdrawal. The exact penalty depends on the bank's policy. In some cases, banks may waive the penalty if the deposit has been held for a specified minimum period, for some specified reason or for senior citizens .TDS will be deducted when interest payable or reinvested on Recurring Deposit and FD per customer across all branches, exceeds Rs.50,000 and Rs. 1,00,000/- for senior citizens)= in a financial year. TDS Certificate will be mailed to you after end of every quarter during the financial Year providing the details of TDS deducted during the per HDFC Bank website, 'Yes, in case of reinvestment deposits ,the interest reinvested is post TDS recovery & hence the maturity amount for re-investment deposits would very to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.'
Mint
17-06-2025
- Business
- Mint
After latest rate cut, SBI offers these interest rates on fixed deposits & savings account
SBI rate cut: After the latest RBI rate cut on June 6 after which the benchmark interest rate was slashed by 50 basis points to 5.5 percent, most banks revised their interest rates on loans as well as on fixed deposits (FDs). The banks which have already cut their interest rates include HDFC Bank, Bank of Baroda, Kotak Mahindra and Union Bank of India. Following this, the country's largest lender State Bank of India (SBI) also revised its interest rates on fixed deposits (FDs) as well as savings bank accounts starting June 15. After the latest interest rate revision, SBI offers 2.5 percent interest on savings accounts. On fixed deposits (FD), SBI now offers 6.25 percent when the tenure is between 1 to 2 years against 6.5 percent earlier. On tenure between 2-3 years, the bank now offers 6.45 percent against 6.70 percent. On tenure between 3-5 years, the bank now offers 6.30 percent against 6.55 percent earlier. And when the tenure is between 5-10 years, the bank now offers 6.05 percent against 6.30 percent earlier. The interest rate of the specific tenor scheme of 'Amrit Vrishti'(444 days) has also been revised from 6.85 per cent to 6.60 per cent with effect from June 15, 2025. As far as short tenure (7-45 days) is concerned, the bank - with effect from June 15 - will offer 3.05 percent instead of 3.30 percent earlier. Tenor General citizens(%) Senior citizens (%) 7-45 days 3.05 3.55 46-179 days 5.05 5.55 180-210 days 5.80 6.30 211 to 1 year 6.05 6.55 1-2 years 6.25 6.75 2-3 years 6.45 6.95 3-5 years 6.30 6.80 5-10 years 6.05 7.05* On tenure between 46 to 179 days, the bank now offers 5.05 per cent instead of 5.30 percent. The new rates on tenure between 180 to 210 days will be 5.80 percent instead of 6.05. And when the tenure is between 211 days to less than one year, the interest is 6.05 percent instead of 6.30 percent. Senior citizens are entitled to receive an extra 50 basis points. For all personal finance updates, visit here
Time of India
17-06-2025
- Business
- Time of India
SBI's highest FD rate now falls to 6.7%. Are debt funds more attractive than ever now?
With SBI , the largest public sector lender, highest fixed deposit rate falling to 6.7% post repo rate and CRR cut by RBI and around 260 debt mutual funds outperforming it, mutual fund experts mention that debt mutual funds are now relatively well-positioned versus traditional fixed deposits—especially as FD rates continue to reset lower and with the RBI recently shifting its stance from accommodative to neutral, the room for further aggressive easing may be limited. 'This makes it a good time for investors to consider short duration funds for stability, and dynamic bond funds for flexibility to capture any residual fall in yields or rate volatility. Banking & PSU funds, which invest in high-quality issuers, remain a strong choice for conservative investors seeking safety with better returns & high liquidity,' Sagar Shinde, VP of Research at Fisdom shared with ETMutualFunds. Also Read | Flexi cap mutual funds dominate inflows for third straight month. Are investors seeking all-cap advantage? Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo 'However, with FDs offering guaranteed returns, investors don't need to choose one over the other—it's entirely feasible to have a blend of FD and debt funds depending on time horizon, risk profile & liquidity preference,' he further adds. SBI has reduced the interest rates on its special fixed deposit 'Amrit Vrishti' scheme while keeping the other regular fixed deposit rates unchanged and this revised rate is effective from June 15. The rate for public under 2 years to less than 3 years has been revised to 6.7% which is the highest among all revised rates. Live Events Reserve Bank of India in its last policy meeting reduced the repo rate by another 50 basis points to 5.50% and a 100 basis point CRR cut, marking it the third consecutive rate cut in the current calendar year and the second one in the current financial year. ETMutualFunds analyzed the two-year performance of all debt mutual fund categories alongside the interest rates on fixed deposits offered by SBI, India's largest public sector bank, in the same period. Around 260 debt mutual funds outperformed the bank deposit rate of 6.7% offered by SBI over the past two years. Four schemes gave double-digit returns, of which the top three performers were from the credit risk fund category. DSP Credit Risk Fund delivered the highest return of 19.1% over the last two years, followed by HSBC Credit Risk Fund and Aditya Birla SL Credit Risk Fund, which provided 13.7% and 11.9% returns respectively during the same period. Also Read | Nifty stuck in narrow range. Here's the mutual fund move you need to make now Aditya Birla SL Medium Term Plan delivered a return of 10.4%, followed by Invesco India Credit Risk Fund and 360 ONE Dynamic Bond Fund which gave 9.3% and 9.1% respectively in the same period. Motilal Oswal Liquid Fund was the last one to offer 6.8% return in the said period. After the outperformance by debt mutual funds, the expert mentions that in the current context of a likely pause in rate cuts and a neutral policy stance, investors should consider a barbell strategy—allocating to both short and dynamic duration categories. As the short duration funds help manage reinvestment and interest rate risk for near-term needs, while dynamic bond funds offer the opportunity to benefit if yields continue to drift lower or if volatility creates short-term mispricing, Shinde believes. 'Investors should prefer funds with high-quality portfolios, moderate duration, and reasonable YTMs. Since the direction of rates may now be more data-driven, staggered entries via SIPs or STPs can help mitigate timing risk,' Shinde recommends. FD vs debt funds Now coming to the comparison between fixed deposits and debt mutual funds, fixed deposits are considered low risk investments as they offer a guaranteed return for the predetermined period whereas debt mutual funds have a slightly higher risk associated with them because of the interest rate movement. The second point of difference comes on the taxation part. The investment in tax-saving fixed deposits is exempted under Section 80 C of the Income Tax Act whereas for the debt mutual funds there is no such exemption. But both fixed deposits and debt mutual funds are classified under the same asset class. As the fixed deposits offer lower interest rates compared to debt mutual funds, Shinde advises that investors in higher tax brackets, with a 1–5-year horizon, can consider diversifying beyond FDs into mutual funds and while debt funds and FDs now have similar tax treatment, mutual funds offer added benefits like no TDS, liquidity, and potential capital gains. 'Arbitrage funds can be more efficient for holding periods of one year or more, while income-plus-arbitrage funds tend to become more tax-efficient when held for over two years,' he recommends. Also Read | HDFC Flexi Cap Fund exits IndusInd Bank and HAL, adds Swiggy in May 'However, mutual funds come with risks not present in FDs. Debt funds can face interest rate, credit, and liquidity risks, and arbitrage strategies depend on market conditions for return generation. Instead of a full switch, a blended allocation—combining FDs, debt funds, and arbitrage-oriented categories—can help investors strike the right balance between stability, flexibility, and post-tax efficiency,' he further added. We considered all debt categories such as gilt fund, long duration, medium to long duration, gilt fund - constant maturity 10 year, credit risk funds, liquid funds, money market funds, overnight funds, corporate bond fund, dynamic bond fund, floating rate bond, banking and PSU funds, medium duration, low duration, short duration funds. We excluded debt based target maturity funds. We considered regular and growth options. We calculated returns for the last two years. We calculated CAGR returns as in debt mutual funds, returns up to one year are annualised and above one year are CAGR. Note, one should not make investment or redemption decisions based on the above exercise. One should always consider risk profile, investment horizon and goal before making investment decisions. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@ alongwith your age, risk profile, and Twitter handle
