On the occasion of India’s 76th Independence Day, many banks have announced new fixed deposit schemes with attractive interest rates for a limited period to lure investors. Banks such as the State Bank of India (SBI), the Bank of Baroda (BoB), Axis Bank, and Karnataka Bank have launched new deposit interest rates in order to entice customers with higher fixed deposit (FD) interest rates.

SBI Utsav
SBI has launched a new term deposit scheme called the “Utsav Deposit.” This fixed deposit will pay 6.1 percent interest starting August 15, 2022. This offer is valid for 75 days, or until October 30, 2022.

According to an SBI tweet, “A delightful offer especially for our customers to celebrate 75 years or Azadi. With ‘Utsav’ Deposit, get higher interest rate on Fixed Deposits.”

Karnataka Bank KBL Amrit Samriddhi

In line with the celebration of the nation’s 75th anniversary of independence as Azadi Ka Amrit Mahotsav, Karnataka Bank has introduced a new Term Deposit Scheme, KBL Amrit Samriddhi under ACC and Fixed Deposit for a tenure of 75 weeks (525 days). The annual interest rate for this Deposit Scheme is 6.10%.

Baroda Tiranga Deposit Scheme

Bank of Baroda has launched the Baroda Tiranga Deposit Scheme, a one-of-a-kind term deposit product with higher interest rates.
The interest rates for the Baroda Tiranga Deposits’ two tenor buckets are 5.75 percent for 444 days and 6.00 percent for 555 days. The new scheme is effective August 16 and will last until December 31, 2022, and it applies to retail deposits of less than Rs 2 crore.

Axis Bank Special FD scheme
Axis Bank is now offering an interest rate of 6.05% on 75-week FDs which are FDs of 1 year, 5 months, and 7 days. The bank is offering them a 6.80% interest rate on a 75-week FD for senior citizens. This offer is valid from August 18 – 25.

Ujjivan Small Finance Bank
Ujjivan SFB said that it is offering a rate of 7.5% on three tenures—75 weeks, 75 months, and 990 days—in honor of India’s 75th anniversary of independence.