Given the volatility of the stock market, there is nothing better than FD for guaranteed returns. If you also invest money in FD, then there is good news for you. State Bank of India and Bank of Baroda have launched special tenure deposit schemes on which they are offering higher interest rates than normal.
Bank of Baroda has launched Monsoon Dhamaka Deposit Scheme for 399 and 333 days. While SBI has introduced Amrit Vrishti Term Deposit Scheme for 444 days.
Bank of Baroda’s monsoon blast
Bank of Baroda’s Monsoon Dhamaka Deposit Scheme is for 399 and 333 days. The bank is offering 7.25 percent annual return for 399 days and 7.15 percent annual return for 333 days. This scheme is open on July 15.
Senior citizens will get half percent more interest in this scheme. According to this, the elderly will get 7.75 percent interest for 399 days and 7.65 percent interest for 333 days.
SBI’s Amrit Vrishti Scheme
State Bank is giving 7.25 percent interest on Amrit Vrishti FD scheme of 444 days. The bank started this scheme on 15 July. Senior citizens will get half percent more interest on FD of 444 days. In this way, senior citizens will get 7.75 percent guaranteed return annually on Amrit Vrishti FD of 444 days. Money can be invested in this FD till 31 March 2025.
Banks give higher returns than normal on special FDs. For example, Bank of Baroda is giving 6.85 percent interest to the general people on its normal FD. Whereas for special FD, this interest rate is 7.1 percent.
Who should invest in Special FD?
If you want guaranteed returns away from the fluctuations of the market, then you should invest in special FDs because it gives more returns than normal. This is the best way to avoid risk. Along with this, you can also invest in special FDs to diversify your investments. If you invest in the stock market, you should also choose FDs. Because after diversification, the risk of decline in your investment will be less. For example, you can invest a part of your assets in the market. While a part should also be invested in FDs so that you get guaranteed returns. Apart from this, a part should be invested in real estate and a part in gold so that your returns are safe in every way.
