With demand for deposits among banks increasing, Bank of India on Tuesday announced a special fixed deposit scheme — Star Super Triple Seven Fixed Deposit — where they are offering 7.25 percent interest rate (7.75 percent for citizens) on deposits for 777 day.
This is a limited-time offer by the bank, it said in a statement on Tuesday. “When compared to other investment options like public provident funds, senior citizen savings schemes, national savings certificates, or RBI Bonds, Bank of India’s 777 day FD scheme is the most profitable and smart investment option,” the bank said.
Apart from the special deposit scheme, Bank of India has raised the interest rate on the existing 555-day fixed deposit scheme to 6.30 per cent. And, on other maturities from 180 days to less than 5 years, it has raised interest rates by 25 basis points.
Another public sector lender, Bank of Baroda has also revised the interest rate on “Baroda Advantage Fixed Deposit”. The bank now offers interest rates ranging from 5.75 percent to 7 percent on this fixed savings scheme, depending on the maturity period. It has also revised the interest rates on the Tiranga deposit scheme and the Tiranaga plus deposit scheme.
Meanwhile, the newly established first digital Unity Small Finance Bank has launched “Shagun 366, a 1-year fixed savings scheme that will earn depositors an interest rate of 7.80 percent. This is a limited period offer and is available for deposits booked until 30 November.