Synopsis: State Bank of India (SBI) has introduced a special fixed deposit (FD) scheme, SBI Amrit Vrishti, offering elevated interest rates for a limited period. This article compares the interest rates of SBI Amrit Vrishti with those offered by other major banks such as PNB, Canara Bank, Bank of Baroda, Union Bank of India, Punjab & Sindh Bank, and Karur Vysya Bank for similar durations.
State Bank of India (SBI) has recently unveiled a special fixed deposit (FD) scheme known as SBI Amrit Vrishti, which offers elevated interest rates for a limited time.
This initiative aims to attract more investors by providing competitive returns.
Below is a comparison of the interest rates offered by SBI Amrit Vrishti with those of other leading banks for similar durations.
SBI Amrit Vrishti - 444 Days:
SBI's new FD scheme, SBI Amrit Vrishti, provides an interest rate of 7.25% for general citizens and 7.75% for senior citizens for a tenure of 444 days. This scheme is available for investments made from July 15, 2024, to March 31, 2025.
PNB (Punjab National Bank):
Punjab National Bank offers a 7.30% interest rate for general citizens and 7.80% for senior citizens on a 400-day tenure.
Canara Bank:
Canara Bank provides an interest rate of 7.25% for general citizens and 7.75% for senior citizens on a 444-day tenure.
Union Bank of India:
Union Bank of India offers an interest rate of 7.25% for general citizens and 7.75% for senior citizens on a 399-day tenure.
Bank of Baroda:
Bank of Baroda’s Monsoon Dhamaka Deposit Scheme offers a 7.25% interest rate for general citizens and 7.75% for senior citizens on a 399-day tenure.
Punjab & Sindh Bank:
Punjab & Sindh Bank provides an interest rate of 7.25% for general citizens and 7.75% for senior citizens on a 444-day tenure. This FD scheme is valid until September 30, 2024.
Karur Vysya Bank:
Karur Vysya Bank offers the highest interest rate among the compared banks, with 7.50% for general citizens and 8% for senior citizens on a 444-day tenure.
In conclusion, the comparison indicates that while SBI Amrit Vrishti offers competitive rates, other banks like PNB and Karur Vysya Bank provide slightly higher rates for certain tenures.
Investors should consider these options based on their investment goals and preferences.
Each scheme has its unique benefits, and the right choice will depend on individual financial needs.
Disclaimer: The interest rates mentioned in this article are based on the latest available data and are subject to change. Investors are advised to check the latest rates with the respective banks before making any investment decisions. This article does not constitute financial advice.
