Fri Sep 20 13:30:27 UTC 2024: ## Banks Roll Out New Deposit Schemes to Attract Customers

**New Delhi:** In a bid to attract both existing and new depositors, several banks have recently launched new deposit schemes. These schemes often feature minor tweaks to traditional options, offering greater flexibility and higher returns.

**Bank of Baroda** has introduced a new Recurring Deposit plan, similar to their existing offering. This plan allows depositors to make small, regular contributions over a period of 6 to 20 months. The minimum deposit amount is ₹50, and the scheme provides a loan/overdraft facility up to 95% of the deposited amount.

**Jana Small Finance Bank** has launched a new Fixed Deposit scheme called “Liquid Plus Fixed Deposit”. This scheme offers an attractive interest rate of 6.75% per annum across tenures ranging from 7 to 180 days. This means customers can earn this high interest rate on deposits for any period between one week and six months.

**Key Features of “Liquid Plus” Fixed Deposit:**

* **Higher Returns:** The term deposit offers higher returns than traditional short-term investments.
* **Same-Day Redemption:** Allows instant access to funds.
* **Partial Withdrawal Flexibility:** Customers can withdraw a portion of their deposit as needed.
* **No Exit Load:** Offers flexibility and risk-free early withdrawal.
* **Overdraft Facility:** Customers can obtain an overdraft against their fixed deposit to meet urgent cash needs.

**Partial withdrawals** are allowed as long as the remaining deposit value meets the minimum requirement of ₹10 lakh. The maximum deposit amount is capped at ₹3 crore. Interest payouts are calculated on a financial year basis, with monthly, quarterly, or half-yearly options available.

These new deposit schemes offer attractive features that could entice customers seeking higher returns, flexibility, and ease of access to their funds. As competition heats up in the banking sector, we can expect to see more innovative schemes emerge in the near future.

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