In the month of April, when the Reserve Bank of India did not make any change in the repo rate and kept it at 6.5%, then the banks got the opportunity to reach out to the people with attractive schemes.
Whenever there is talk of saving money, only one idea comes in the mind of most of the people, that is ‘Fixed Deposit’. This is the reason why many banks in India come up with different schemes to attract customers. People also want to invest their money only where they get more interest. In the month of April, when the Reserve Bank of India did not make any change in the repo rate and kept it at 6.5%, then the banks got the opportunity to reach out to the people with attractive schemes.
Banks like SBI, Punjab National Bank (PNB), HDFC have come up with schemes offering higher interest in fixed deposits.
SBI MODS
The most special thing about this scheme is that customers can withdraw their money in multiples of Rs 1000 at any time without paying any charges. Also, there will be no deduction in interest on deposited money. There is a provision to deposit a minimum of Rs 10,000 under this scheme. However, the bank has not set a limit on the maximum amount. This account can be opened on the online portal of SBI.
Under this scheme, general customers will get 3% interest for a period of 7 days to 45 days, while senior citizens will get 3.50% interest. After this, on fixed deposits of 46 days to 179 days, senior citizens will get 5% interest and general citizens will get 4.50% interest.
Under this scheme, when investment is made between 180 to 210 days, senior citizens will get 5.7% interest and general citizens will get 5.25% interest. Similarly, for one year, senior citizen 7.30%, for general citizen 6.80%, for two years, senior citizen 7.50%, for general citizen 7%, for three years to less than five years, for senior citizen 7%, for general citizen 6.50%, for five years For 10 years, 7.50% for senior citizens, while 6.50% for general citizens.
Punjab National Bank has made some changes in the interest rate on fixed deposits from April 12, 2024.
– 6.8% for senior citizens for 180 to 210 days, 6.5% for general citizens.
– 7.55% for senior citizen and 7.25% for general citizen on one year.
– 8.5% for senior citizens and 7.3% for general citizens on 400 days
– 7.6% for senior citizens and 7.3% for general citizens on tenure from 400 days to 2 years.
– 3 years to 1205 days Senior Citizen 7% General Citizen 6.5%
HDFC is also giving 0.5% more on fixed deposits to senior citizens than to general citizens. 7.60% for tenure of less than 1 year and 15 months. It is offering only 7.50% interest on 2 years one month and 7.50% interest on 3 years one day period.
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