Public sector banks have adjusted their special deposit schemes in the new fiscal, replacing them with a lower rate. Some banks have though chosen to extend their special schemes for a month or a quarter, even as banking liquidity has improved in 2025.
On Monday, Bank of Baroda (BoB) introduced a new square drive deposit scheme for 444 days offering 7.15% interest replacing the BoB Utsav scheme which was offering 7.30% for 400 days deposits, while State Bank of India (SBI) has withdrawn its Amrit Kalash scheme which was offering 7.10% for a 400 day deposit. Though, India’s largest lender has continued its Amrit Vrishti scheme which offers an interest rate of 7.10% on a 400-day deposit.
Indian Bank and IDBI Bank have both extended their special deposit schemes till June and April end respectively as banks relook at the liability costs amid improvement in banking liquidity and after Reserve Bank of India (RBI) cut its benchmark repo rate for the first time since the 2020 Covid pandemic.
Indian Bank has extended its Ind Super 400 day scheme offering 7.30% and Ind Supreme 300 day scheme offering 7.05% interest till the end of June while IDBI Bank has extended its Utsav FD scheme offering 300 day deposits at 7.05%, 375 day deposits at 7.25% and 444 day deposits at 7.35% up to April 30.
On Monday, Bank of Baroda (BoB) introduced a new square drive deposit scheme for 444 days offering 7.15% interest replacing the BoB Utsav scheme which was offering 7.30% for 400 days deposits, while State Bank of India (SBI) has withdrawn its Amrit Kalash scheme which was offering 7.10% for a 400 day deposit. Though, India’s largest lender has continued its Amrit Vrishti scheme which offers an interest rate of 7.10% on a 400-day deposit.
Indian Bank and IDBI Bank have both extended their special deposit schemes till June and April end respectively as banks relook at the liability costs amid improvement in banking liquidity and after Reserve Bank of India (RBI) cut its benchmark repo rate for the first time since the 2020 Covid pandemic.
Indian Bank has extended its Ind Super 400 day scheme offering 7.30% and Ind Supreme 300 day scheme offering 7.05% interest till the end of June while IDBI Bank has extended its Utsav FD scheme offering 300 day deposits at 7.05%, 375 day deposits at 7.25% and 444 day deposits at 7.35% up to April 30.
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