Total bank deposits amounted to Rs 220.6 million and bank credit amounted to Rs 177.43 million. This resulted in a credit-to-deposit ratio of 80%, up from 79% a year ago.
Both credit and deposit growth have slowed this fiscal year.
IDBI Bank launched ‘IDBI Chiranjeevi-Super Senior Citizen FD’ program on January 13, 2025. This program offers higher interest rates for individuals age 80 and older. These interest rates are 0.65% higher than standard term deposit rates and 0.15% higher than senior citizen rates.
The scheme offers interest rates of 8.05% for 555 days, 7.9% for 375 days, 8% for 444 days and 7.85% for 700 days. Bank of Baroda has introduced a liquidity fixed deposit facility where customers can withdraw money in units of ₹1,000 after repayment. Initial deposit 5,000 yen. Subsequent deposits must also be in multiples of ₹1,000. The scheme offers different interest rates based on the deposit period from 12 months to 60 months.
Senior citizens will receive an additional interest of 0.5% for deposits up to 3 years and 0.6% for deposits between 3 and 5 years. Super seniors receive an additional 0.1% on deposits over one year. Deposits below Rs 300,000 are classified as retail and deposits above are considered bulk deposits.
Many banks offer special term deposits with high interest rates for a limited period of time. Customers who want to get more out of their savings can consider investing in these special deposits before the deadline. Some of the banks offering these special deposits include SBI, Indian Bank, IDBI Bank, and Punjab and Sindh Bank.
State Bank of India (SBI) offers various special fixed deposits such as SBI Amrit Kalash and SBI Amrit Vrishti. The ‘444 Days’ scheme offers an interest rate of 7.25% for residential customers and 7.75% for seniors. This scheme is available until March 31, 2025. The ‘400 Days’ scheme offers 7.10% for general customers and 7.60% for seniors, also valid until March 31, 2025.
Indian Bank has extended the expiry date of its special fixed deposit schemes IND Supreme 300 Days and IND Super 400 Days till March 31, 2025. These schemes offer interest rates of up to 8.05% for super senior citizens.
The Bundesbank has updated its interest rates and added a new 444-day tenure with a maximum interest rate of 7.50% for ordinary (non-elderly) citizens. The previous highest interest rate was 7.40% for 777 days and 50 months. The Bundesbank offers interest rates from 3% to 7.5% on term deposits for the general public, with terms ranging from 7 days to more than 5 years.
(With ToI input)
