Indian Bank has launched a new retail term deposit product called “IND SUPER 400 DAYS”. This special deposit is open for investment from March 6, 2023 and offers 0.05% higher interest rate to women investors. Senior citizen women can earn up to 7.65 % and super senior citizens can earn 7.90%.
|Public||7.15 %||7.10 %|
|Senior Citizen||7.65 %||7.60 %|
|Super Senior Citizen ( 80 yrs and above)||7.90 %||7.85%|
Punjab and Sindh Bank
Punjab and Sindh Bank has a special fixed deposit for women called “PSB GRIH LAKSHMI FIXED DEPOSIT SCHEME”. Interest rate offered on this scheme is 6.90% when FD is booked via the online route for women. For senior citizen women investors, the bank offers 7.40%.
|Rate of interest|
|Extra rate of interest-deposit scheme||Branch||Online mode|
|PSB GRIH LAKSHMI FIXED DEPOSIT SCHEME||Normal – 6.65 %||Normal – 6.90 %|
|Senior CTZ- 7.15 %||Senior CTZ- 7.40 %|
Sriram Finance Fixed Deposit
Sriram finance offers an additional interest rate of 0.10% higher interest rate for women depositors. Senior citizen women deposit will earn 0.50% plus 0.10% on regular deposits.
Mahila Savings scheme
Other than these FDs, there is one government small savings scheme for women that will be launched soon. A new small savings program specifically for women was unveiled by Finance Minister Nirmala Sitharaman in her Budget 2023 speech. The FM stated in her budget speech that the Mahila Samman Savings Certificate will have a two-year term and would have a 7.5% interest rate. This new scheme is yet to be launched and will be offered by India Post.
As mentioned above, most banks do not offer separate higher interest rates for women for FDs. For regular investors in SBI, the highest interest the bank offers on FDs is 7.10% on its special Amrit Kalash deposit, which is valid till Match 31, 2023. HDFC Bank and ICICI Bank offer a highest interest rate of 7.10% on its fixed deposit.