Bank FD Scheme Update: Banks are continuously increasing interest on FD. These include government banks as well. SBI and Bank of Baroda have also launched new schemes for FD. ICICI Bank and Axis Bank have also increased the FD rate.
Bank FD Scheme Update: Banks are continuously increasing interest on fixed deposits (FD). Even PSU banks are not behind in this. State Bank of India (SBI) has launched a new scheme called ‘Amrit Vrishti’. This scheme has come into effect from July 15, 2024. At the same time, Bank of Baroda has increased the deposit rate through a special monsoon scheme.
Earlier this month, two private banks ICICI and Axis Bank had increased their fixed deposit rates. According to the information given by SBI, you can get up to 7.25% annual interest on investment of 444 days. Not only this, senior citizens will also get 0.50% additional interest. Senior citizens will get 7.75 percent interest on this term deposit scheme.
This scheme is for both Indian and NRI customers. It can be opened from SBI branch, internet banking and YONO app. SBI’s Amrit Vrishti scheme will be available till March 31, 2025. In this, you have to deposit money for 444 days.
At the same time, according to the information given by Bank of Baroda, customers have been offered 7.25% on 399 days deposit and 7.15% on 333 days deposit. Senior citizens will get an additional interest rate of 0.50%. It will be 7.75% for 399 days and 7.65% for 333 days.
Banks should listen to customers
Meanwhile, RBI has issued new guidelines regarding declaring a defaulter as fraud. Anyone who takes a loan from the bank and does not repay it on time is declared a defaulter. According to the instructions of RBI, no bank can put a defaulter in the category of fraud without hearing.
RBI has issued a master direction regarding fraud risk management for banks, NBFCs. It said that they will have to send a 21-day show cause notice before declaring the person taking the loan as a defaulter.
RBI has clarified that no bank can put a person in the category of fraud without hearing. Before declaring someone as a defaulter, he should also be given a chance to present his point of view. His argument should be heard and only after finding out the reason, he can be categorized as fraud. According to the new circular, data analytics will also have to be used to detect fraud. Along with this, the principles of justice will have to be followed before declaring fraud related to a company or person. For this, instructions have been given to keep in mind the decision of the Supreme Court dated March 27, 2023.
