Special fixed deposit (FD) schemes continue to attract investors as several banks offer higher interest rates on these deposits compared to regular FDs. Among the popular special-tenure deposits, the 555-day FD has gained attention as banks are offering interest rates of up to 7.25 per cent to general customers. Banks such as City Union Bank, Karnataka Bank, Indian Bank, Bank of Baroda, Union Bank of India and Canara Bank currently offer special 555-day FDs with competitive rates for general and senior citizens. According to the latest data, these special FDs come with different tenures, offering both callable and non-callable options for investors. The 555-day deposit has emerged as one of the stand-out options among special FD schemes, drawing significant investor attention for potentially better returns.
According to the comparison analysis, City Union Bank offers the highest interest rate of 7.25 per cent per annum to general citizens on a 555-day FD. Senior citizens can earn 7.50 per cent on the same tenure. For customers opting for the non-callable FD option, the interest rates are slightly higher - general customers can earn 6.80% per annum, senior citizens can get 7.30% per annum, and super senior citizens are eligible for 7.40% per annum on the 555-day deposit. At the 7.25 per cent rate, a ₹5 lakh deposit can generate an estimated interest of around ₹55,120 over 555 days, resulting in a maturity value of approximately ₹5.55 lakh. Karnataka Bank follows with an interest rate of 7 per cent for general citizens and 7.40 per cent for senior citizens, offering an estimated interest of around ₹53,219.
Indian Bank offers 6.80 per cent interest to general citizens and 7.30 per cent to senior citizens for the 555-day tenure, generating an estimated interest of nearly ₹51,699. Bank of Baroda recently launched its special 555-day retail term deposit scheme called the Bob Golden Goal Deposit Scheme, offering 6.75 per cent for general customers and 7.25 per cent for senior citizens under the callable option. Union Bank of India provides 6.65 per cent for general citizens and 7.15 per cent for senior citizens, while Canara Bank offers 6.60 per cent for general citizens and 7.10 per cent for senior citizens. The data shows that Bank of Baroda has introduced a new 555-day deposit scheme with attractive rates for all customer categories.
Based on the available rates, City Union Bank currently offers the highest interest rate among the listed banks for a 555-day FD. The comparison shows that a ₹5 lakh deposit across different banks can yield varying returns, with City Union Bank providing the maximum maturity value of approximately ₹5.55 lakh. For the non-callable option, City Union Bank offers 6.80% per annum for general customers, 7.30% per annum for senior citizens, and 7.40% per annum for super senior citizens. The analysis indicates that choice of bank can make a difference in overall earnings for investors looking to park ₹5 lakh for 555 days. These special FDs continue to be a hit with investors because banks usually provide higher interest rates on these compared to many regular FDs.
