SBI, PNB, IDBI & BoB Unveil New Fixed Deposit Plans for 2025: Higher Rates & Tailored Options. Click for details

Amidst fierce competition for attracting deposits, several major banks like State Bank of India (SBI), IDBI Bank, Punjab National Bank, and Bank of Baroda have rolled out new plans and improved their fixed deposit (FD) offerings. These enhancements, introduced in January 2025, feature better returns, increased flexibility, and customized options designed for various customer groups.

Let’s explore the new fixed deposit products launched by these banks in January 2025 and how customers can invest in them.

SBI Launches Two New Deposit Schemes for Retail Investors:

SBI has launched two new deposit schemes aimed at retail investors and super senior citizens. The first is the Har Ghar Lakhpati RD scheme, which is a pre-calculated recurring deposit plan that helps customers save Rs 1 lakh or its multiples, making financial and goal planning easier. This scheme is also accessible to minors, encouraging early savings and financial responsibility.

The second scheme, the SBI Patrons FD, is specifically designed for super senior citizens aged 80 and above. It offers an additional 0.10% interest rate on top of the regular senior citizen rate, benefiting both new and existing investors. Currently, this scheme provides the highest interest rate of 7.6% for tenures of 2-3 years for super senior citizens.

PNB Introduces Two New FD Tenures with Enhanced Interest Rates:

PNB has enhanced its fixed deposit options by adding two new tenures. Depositors can now choose a 303-day FD with a 7% interest rate or a 506-day FD offering 6.7% for the general public. These new tenures became available on January 1, 2025. Currently, PNB’s FD interest rates range from 3.50% to 7.25% for tenures from 7 days to 10 years, with the highest rate of 7.25% applicable for a 400-day tenure. Additionally, senior citizens will receive an extra 0.50% interest over the rates offered to the general public for these new tenures.

IDBI Bank has launched a new fixed deposit scheme for super senior citizens:

IDBI Bank has introduced the IDBI Chiranjeevi-Super Senior Citizen FD as part of its limited-period Utsav FD scheme, specifically designed for individuals aged 80 years and above. This new FD scheme offers attractive interest rates, with the highest rate being 8.05% per annum for a tenure of 555 days. Other available options include:

– 375 days: 7.90% p.a.

– 444 days: 8.00% p.a.

– 700 days: 7.85% p.a.

These options provide flexibility for various investment horizons, addressing the financial needs of super senior citizens effectively.

Bank of Baroda (BoB) has introduced a liquid fixed deposit scheme:

Bank of Baroda has launched the Liquid Fixed Deposit for retail investors, offering a unique combination of assured returns, flexibility, and liquidity. The Liquid FD scheme allows customers to make partial withdrawals from their deposit without needing to close the entire account. This feature helps customers meet immediate financial needs while still earning interest on the remaining balance. 

The scheme reduces penalties for premature withdrawals, provides competitive FD returns, and ensures easy access to funds, making it suitable for both short-term liquidity and long-term savings goals. The interest rate for the BoB Liquid Deposit Scheme will align with the prevailing interest rates on term deposits, which range from 4.25% to 7.15% for general citizens. The highest interest rate of 7.30% is available through the BoB Utsav Deposit Scheme for a tenure of 400 days. Additionally, senior citizens can benefit from an extra 0.50% interest rate for deposits below Rs. 3 crores.