Special deposit schemes offered by banks have made a comeback to attract small savers. Moreover, these schemes help banks to correct the asset-liability mismatch over a period of time. Under these schemes, the tenure for each bank differs from the other and carry somewhat higher interest rates.
400 day deposit at 9.5%
The interest rate offered by South Indian Bank under the SIB 400 term-deposit scheme for 400 days is 9.5% for general deposits and 10% for senior citizens.
UCO Double Century at 9.5% for 400 days
UCO Bank's "UCO Double Century" offers an interest rate of 9.5% for a tenure of 200 days. Minimum deposit is Rs.5,000 and maximum deposit is Rs 500 lakhs. Senior Citizens are entitled to extra interest of 0.5 per cent.
Karnataka Bank offers 8.5% for 181 days to 364 days
Karnataka Bank offers 8.5% interest rate for a tenure of 181 days to 364 days. The rate for senior citizens are 9% for deposits up to Rs.3 Crores.
ICICI offers 7.75% interest for 290 days to less than a year.
For a tenure of 290 days to less than 1 year ICICI Bank offers an interest rate of 7.75% for general deposits and 8.25% for senior citizens.
HDFC offers 8.75% rate for 9 moth 5 days to less than a year
HDFC Bank offers an interest rate of 8.75% for general deposits and 9.25% for senior citizens for a tenure of 9 months 5 days to 1 year.