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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 Early withdrawals and TDS rules Withdrawal: Fixed deposits can be withdrawn before maturity if they are booked under callable options.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.'
