If that sounds like exactly what you need right now, there’s good news. Bank of India has just launched a special fixed deposit (FD) scheme, and it’s not your usual savings option. It’s called the Star Vaibhav Fixed Deposit, and it’s tailor-made for people who want peace of mind and better returns.
What’s So Special About This FD?
Unlike traditional FDs that offer modest returns, this one is designed to reward you more. Whether you’re a young earner, a retiree, or somewhere in between, this scheme offers a boost to your savings.
Here’s the breakdown:
- Tenure: 450 days
- Interest Rate for General Citizens: 7.00%
- Senior Citizens: 7.50%
- Super Senior Citizens: 7.65%
- Minimum Investment: Up to ₹3 crore (non-corporate customers)
- Available for a limited time only
Yes, you read that right—7.65% return in just 450 days. That’s more than most banks are offering even for long-term FDs.
Callable vs Non-Callable: What’s the Difference?
You’ve got options under this scheme.
| FD Type | Interest Rate (General) | Senior Citizens | Super Seniors | Withdrawal Allowed? |
|---|---|---|---|---|
| Callable FD | 7.00% | 7.50% | 7.65% | Yes |
| Non-Callable FD | 7.15% | 7.65% | 7.80% | No |
If you’re okay locking in your money without early withdrawal, non-callable FDs offer even higher returns.
Latest Interest Rates on Regular FDs (as of June 1, 2025)
Here’s how this special scheme stacks up against regular Bank of India FD rates:
| Tenure | General Rate | Senior Citizen Rate |
|---|---|---|
| 7 to 45 days | 3% | 3.50% |
| 46 to 90 days | 4.50% | 5.00% |
| 91 to 179 days | 4.25% | 4.75% |
| 180 to 269 days | 5.75% | 6.25% |
| 270 days to <1 year | 5.75% | 6.25% |
| 1 year | 6.75% | 7.25% |
| >1 year to <2 years | 6.70% | 7.20% |
| 450 days (special FD) | 7.00% | 7.50% – 7.65% |
| 2 to <3 years | 6.65% | 7.15% |
| 3 to <5 years | 6.50% | 7.00% |
| 5 to 10 years | 6.00% | 6.50% |
So if you’re planning to lock in your savings for 1.5 years, why settle for 6.70% when you could earn up to 7.65%?
Who Should Consider This?
If any of these sound like you, this FD is worth a look:
- You’re tired of low savings account interest
- You want safe, fixed returns without market risk
- You’re a senior citizen or super senior looking for better retirement income
- You have idle funds and want to park them smartly for 450 days
How to Open This FD
Setting it up is easy. Just follow these steps:
- Visit your nearest Bank of India branch
- Ask for the Star Vaibhav Fixed Deposit form
- Choose between callable or non-callable
- Submit your KYC documents and make the deposit
You can also inquire through the official website or customer service if you want to open it online (availability may vary).
FAQs
Q1: Is this FD safe?
Yes, Bank of India is a government-backed bank. Your FD up to ₹5 lakh is insured under DICGC.
Q2: Can NRIs invest in this scheme?
This FD is primarily for resident Indians. Please check with the bank for NRI eligibility.
Q3: What happens if I need to withdraw early?
Only the callable FD allows early withdrawal. Non-callable FDs do not permit premature closure.
Q4: Is this better than a 1-year FD?
Absolutely. While the 1-year FD gives 6.75% for general citizens, this scheme offers 7.00%–7.65% depending on your age and type.
Q5: What’s the minimum deposit amount?
The bank hasn’t publicly specified a minimum, but typical FDs often start at ₹1,000. Check with your branch.
Q6: How long is this offer available?
This is a limited-time scheme, so it’s best to act quickly if you’re interested.