In the face of intense competition for deposits, many big banks such as State Bank of India (SI), IDBI Bank, Punjab National Bank, Bank of Baroda have introduced new schemes and enhanced fixed deposit (FD) products, offering higher returns, greater flexibility, and tailored options for specific customer segments in January 2025.Let us have a look at the new FD launches made by banks in January 2025 and how customers can invest in FD products
SBI: Two new deposit schemes for retail investors
SBI has introduced two deposit schemes for the general public and super senior citizens. The Har Ghar Lakhpati RD scheme is a pre-calculated recurring deposit scheme designed to help customers accumulate Rs1 lakh or its multiples, simplifying financial planning and goal planning. Notably, this scheme is also available to minors, promoting early savings and financial discipline among them.HDFC Bank customers won’t be able to use WhatApp, Phone Banking IVR, SMS Banking on January 24,25: Check details
Meanwhile, the SBI Patrons FD is a special fixed deposit scheme exclusively for super senior citizens aged 80 years and above. It offers an additional 0.10% interest rate over the standard senior citizen rate, benefiting both new and existing investors. Currently, the scheme is offering the highest interest rate of 7.6% on tenure of 2-3 years to super senior citizens.
| Bank | Scheme Name | Key Features | Interest Rate |
| State Bank of India (SBI) | Har Ghar Lakhpati RD Scheme | Pre-calculated recurring deposit to accumulate Rs 1 lakh or its multiples; Open to minors | Interest rate varies between 7% to 7.5% |
| SBI Patrons FD | Exclusive for super senior citizens (80+ years); Additional 0.10% interest over senior citizen rates | Up to 7.6% for a tenure of 2-3 years (super senior citizens) | |
| Punjab National Bank (PNB) | Two new tenures introduced | 303 days and 506 days tenure introduced | 303 days: 7% (general citizens); 506 days: 6.7% (general citizens); Senior citizens receive an additional 0.50%, with a maximum rate of 7.25% for a 400-day tenure |
| IDBI Bank | IDBI Chiranjeevi-Super Senior Citizen FD | Limited-period Utsav FD scheme for super senior citizens; Flexible tenures with attractive rates | 8.05% for 555 days; Other options: 375 days: 7.90%; 444 days: 8.00%; 700 days: 7.85% |
| Bank of Baroda (BoB) | BoB Liquid Fixed Deposit | Allows partial withdrawals without closing the entire deposit; Reduces premature withdrawal penalties; Ensures liquidity with competitive rates; Rates as per prevailing FD rates. | Highest rate: 7.30% for 400 days (Utsav Deposit Scheme); Senior citizens receive an additional 0.50%. |
PNB: Two additional FD tenures for higher interest rate
PNB has expanded its fixed deposit offerings by introducing two new tenures. Depositors can now opt for a 303-day FD at a 7% interest rate or a 506-day FD at 6.7% for general citizens. These new tenures came into effect on January 1, 2025. Currently, PNB offers FD interest rates ranging from 3.50% to 7.25% for tenures spanning 7 days to 10 years, with the highest rate of 7.25% available for a 400-day tenure. Similarly, senior citizens will get an additional 0.50% over the general public rate card on the above-mentioned tenures.PNB adds 2 new FD tenures: These citizens can get up to 8.05% on fixed deposits; check details
IDBI Bank: New FD scheme for super senior citizen
IDBI Bank has launched the IDBI Chiranjeevi-Super Senior Citizen FD as part of its limited-period Utsav FD scheme. The scheme is launched to address the financial needs of individuals aged 80 years and above. The new IDBI Bank FD scheme offers attractive interest rates, with the highest being 8.05% per annum for a tenure of 555 days. Additional options include 7.90% for 375 days, 8.00% for 444 days, and 7.85% for 700 days, ensuring flexibility for various investment horizons.
Interest Rates for Super Senior Citizens:
555 days: 8.05% p.a.
375 days: 7.90% p.a.
444 days: 8.00% p.a.
700 days: 7.85% p.a.
Bank of Baroda (BoB): Liquid fixed deposit scheme
Bank of Baroda introduced the Liquid Fixed Deposit for retail investors. This is a unique product combining assured returns, flexibility, and liquidity to fixed deposit investors. The BboBBob Liquid FD scheme allows partial withdrawals from the amount without closing the entire deposit. This enables the customers to meet their immediate financial needs while continuing to earn FD interest rate on the remaining balance. This scheme reduces premature withdrawal penalties, offers competitive FD returns, and ensures easy access to funds, catering to both short-term liquidity and long-term savings goals.
The interest rate on BoB Liquid Deposit Scheme will be the same as prevailing interest rates on term deposits. Bank of Baroda offers an interest rate between 4.25% and 7.15% on regular fixed deposits for general citizens. The bank offers the highest interest rate of 7.30% on BoB Utsav Deposit Scheme (400 Days). An additional interest rate of 0.50% is offered for senior citizens for deposits below Rs. 3 crores.
