In the realm of fixed deposits (FDs), State Bank of India (SBI) and Indian Bank have both presented attractive options with their 444-day schemes. For investors seeking to maximize returns within this specific tenure, a detailed comparison is essential. Both banks have been offering special fixed deposit (FD) schemes to general and senior citizens.

SBI's Amrit Vrishti FD

SBI's 444-day FD scheme, known as the Amrit Vrishti FD scheme, is available from April 15, 2025, and the end date is currently not specified. It offers an interest rate of 6.60% per annum for the general public. For senior citizens, the interest rate is 7.35% per annum. Super senior citizens (those aged 80 years and above) were previously offered a higher rate, but recent data doesn't specify a separate rate for this category. The minimum investment amount is ₹1,000. This scheme is also commonly known as the SBI Amrit Vrishti FD scheme. Premature withdrawal is available with a penalty. A 0.50% penalty is applicable if the fixed deposit amount is less than ₹5 lakh, and 1% for deposits above ₹5 lakh to less than ₹3 crore.

Indian Bank's IND SECURE FD

Indian Bank has a 444-day FD scheme called IND SECURE FD, which is available until September 30, 2025. The interest rate offered to the general public is 6.70% per annum. Senior citizens (60 and above) can earn 7.20%, while super senior citizens (80 and above) can get 7.45%. The minimum deposit amount for this FD is Rs 1,000.

Interest Rate Comparison

| Category | SBI Amrit Vrishti (444 days) | Indian Bank IND SECURE (444 days) | |-------------------|-----------------------------|-----------------------------------| | General Public | 6.60% | 6.70% | | Senior Citizen | 7.35% | 7.20% | | Super Senior Citizen | Not Specified | 7.45% |

Maturity Value

On a deposit of ₹2 lakh, the maturity amount for senior citizens after 444 days would be ₹2,17,876 in SBI Amrit Vrishti scheme, while it would be ₹2,18,137 in Indian Bank's 444-day FD scheme.

Additional Considerations

• Other FD Options: Besides the 444-day schemes, both SBI and Indian Bank offer a range of other FD tenures with varying interest rates.
• Premature Withdrawal: Both banks allow premature withdrawal of the FD, but penalties might be applicable.
• Investment Window: Indian Bank's IND SECURE FD is valid up to September 30, 2025. The SBI 444 Days FD scheme is available from April 15, 2025, and the end date for this scheme is currently not specified.

Conclusion

For general public and senior citizens, Indian Bank offers a slightly better interest rate on its 444-day special FD scheme. For super senior citizens, Indian Bank's IND SECURE FD offers a higher return. Therefore, the maturity amount is also higher in Indian Bank. The choice between SBI and Indian Bank ultimately depends on the investor's specific category (general public, senior citizen, or super senior citizen) and individual preferences.