Diwali 2024 Deals: Top Bank Offers On Loans, Fixed Deposits, & More This Deepawali

The Diwali season is traditionally a time for celebration, and this year, it brings a variety of exclusive banking offers on loans, fixed deposits (FDs), and other financial products. In order to capitalize on gains, banks have rolled out these impressive discounts and deals to lure customers this festive season to make it easier and more affordable to finance major purchases, secure loans, or earn higher returns on savings. Several banks, including HDFC, SBI, Bank of Baroda, and others, are rolling out special schemes across loan and deposit products. Here's a peek at some of the exciting deals as per Bank Bazaar's data:

Larger interest rates On FDs

Fixed deposits (FDs) continue to be a popular choice for securing stable returns, and during Diwali, banks often raise interest rates to attract new customers. These elevated rates can provide an even greater return on deposits, benefiting individuals looking for low-risk investments, especially senior citizens who rely on FDs as a steady income source. Some banks are also adding extra interest benefits specifically tailored for senior citizens and super senior citizens.

Bank of Baroda has come up with the Bob Utsav Deposit Scheme, which offers competitive interest rates of 7.30% for the general public and 7.80% for senior citizens, while 7.90 for super senior citizens.

HDFC Bank is providing a 0.50% extra interest rate for senior citizens.

Indian Bank offers IND Super FDs with 300 and 400-day tenures, paying 7.05% and 7.30% interest, with additional bonuses for senior citizens.

Union Bank provides a digital FD option with up to 8.10% interest on a 500-day tenure, with extra perks for seniors.

Attractive Loan Rates

This Diwali, several banks are offering special loan packages with reduced interest rates on home, car, and personal loans. These rates are often lower than usual, making it an ideal time to secure financing for big-ticket items like homes or cars. Processing fees are often waived, adding to potential savings, and some banks even provide instant loan approvals with minimal documentation for a more convenient loan application process.

The State Bank of India (SBI) is offering home loans, personal loans, and car loans with no processing fees along with special interest rates across various loan products.

Bank of Baroda is offering home loans starting at 8.40% interest, with no processing fees and the flexibility of a longer repayment period.

The Bank of Maharashtra is presenting home loans starting at an appealing 8.35% without any processing fees. Their car loans are equally attractive, with interest rates beginning at 8.70% and zero processing fees.

LIC Housing Finance is also on the similar line, giving out a 50% discount on home loan processing fees.

HDFC Bank is offering car loans at rates starting at 9.25% with no foreclosure charges.

Punjab & Sind Bank has announced the zero processing fee for both home loans and car loans, with rates starting from 8.45% and 8.64%, respectively.

Exciting Cashback, Discounts, and Rewards on Cards

Diwali's shopping spirit also brings many offers on credit and debit cards. Banks have partnered with top retail brands to offer cashback, discounts, and extra reward points on card transactions. Some of the cards offering rewards and cashback to users are Amazon Pay ICICI Credit Card, Flipkart Axis Bank Credit Card, Tata Neu Infinity HDFC Bank Credit Card, SBI Cashback Card, ets. This is a golden opportunity for shoppers to maximize savings on their festive spending.