Special FD rates, loan offers, & more: Banks roll out festival offers

Lenders such as Union Bank of India, Bank of Baroda, Punjab & Sind Bank, and others are promoting special schemes across their loan and deposit products

As India gears up for the season of festivals, several banks have launched attractive offers to boost business in the retail segment, particularly in home loans, car loans, personal loans, and fixed deposits. With festivals like Dhanteras, Diwali, and Bhai Dooj around the corner, these lenders are offering concessions on interest rates and processing fees, hoping to draw in customers eager to make big purchases or secure deposits during the festive period.

 

“Banks such as Union Bank of India, Bank of Baroda, Punjab & Sind Bank, and others are already promoting special schemes across their loan and deposit products,” said Bankbazaar.

 

 

What are the offers?

 

Here’s a look at the key offers by different banks, compiled by Bankbazaar:

 

Bank of Baroda   

Home loan: Starting at 8.40 per cent, with no processing fees and a longer repayment tenure.  

Car loan: Interest rates from 8.95 per cent, with concessional processing charges. Customers can choose between fixed and floating rates, finance up to 90 per cent   of the on-road vehicle price, and benefit from a special rate on electric vehicles.  

Personal loan: Starting at 10.80 per cent, with a reduced rate of 10.55 per cent for women borrowers. No processing fees and repayment options extend up to 84 months.  

Fixed deposit: The ‘Bob Utsav Deposit Scheme’ offers 7.30 per cent   interest for the general public, 7.80 per cent for senior citizens, and 7.90 per cent   for super senior citizens on a 400-day deposit.

 

Bank of Maharashtra  

 

Home loan: Starting at 8.35 per cent, with zero processing fees and longer tenures.  

Car loan: Rates start from 8.70 per cent, with no processing fees.

 

LIC Housing Finance  

Home loan: 50 per cent concession on processing fees.

 

State Bank of India (SBI)  

 

Home loan: No processing fees.  

Personal loan: Processing fees waived.  

Car loan: Processing fees waived. Special interest rates apply across different loan products.

 

HDFC Bank  

 

Car loan: Rates starting at 9.25 per cent with no foreclosure charges.  

Fixed deposit: Interest rates for 2 years and 11 months are set at 7.35 per cent, and for 4 years and 7 months, it's 7.40 per cent. Senior citizens can enjoy an additional 0.50 per cent   interest.

 

Indian Bank  

 

Fixed deposit: The IND Super 300 Days scheme offers 7.05 per cent, while the IND Super 400 Days scheme gives 7.30 per cent. Senior citizens receive an additional 0.50 per cent  , and super senior citizens get an extra 0.75 per cent.

 

Punjab & Sind Bank  

 

Home loan: Rates starting from 8.45 per cent   per annum, with full processing charge waivers.  

Vehicle loan: Interest rates starting at 8.64 per cent   per annum, with processing charge waivers.

 

RBL Bank  

 

Home loan: Attractive interest rates with a repayment period extending up to 30 years.  

Digital fixed deposit: Offers 8.10 per cent   interest for 500 days, with an additional 0.50Per cent   for senior citizens.

 

Union Bank  

 

Home loan: Rates starting from 8.35 per cent, with no processing fees.   

"Festival season, especially around Diwali, is the ideal time for banks and financial institutions to introduce special offers on home loans, fixed deposits (FDs), and personal loans. For home loans, banks often reduce interest rates, waive processing fees, or remove documentation charges, making it more affordable for customers to secure financing for property purchases. These discounts, sometimes coupled with EMI waivers, help reduce the overall loan burden, making it a favourable time for homebuyers to explore their loan options," said Adhil Shetty, CEO of Bankbazaar.com.

 

He added, "Similarly, personal loans are offered with lower interest rates, reduced processing fees, or cashback incentives to attract consumers. For those with festival expenses or large purchases, these personal loan discounts provide a cost-effective way to manage expenses without overpaying on interest."