In January 2025, major banks like SBI, PNB, IDBI, and Bank of Baroda launched new fixed deposit schemes and products with higher interest rates and added flexibility to attract customers

New fixed deposit schemes launched in January 2025: Interest rate of SBI, IDBI Bank, PNB, Bank of Baroda new FD schemes These include special offers for super senior citizens and innovative features like partial withdrawals to address both immediate and long-term financial needs

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.

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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.

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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.

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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.

Also read: Bank of Baroda Liquid Fixed Deposits: How you can get higher returns with easy partial withdrawal facility

This story originally appeared on: India Times - Author:Faqs of Insurances