Banks Festive Season Offers: What Should Shoppers And Investors Look Out For?
With the bank festive season on the horizon, many banks and non-banking financial institutions (NBFCs) are expected to roll out special offers for their customers to make the happy times even better. During festivals like Ganesh Chathurthi, Navratri, Diwali, Christmas, and New Year’s Eve, between September and December, lenders ramp up their offers to attract customers.
The IDBI Bank and Bank of Baroda (BOB) have already rolled out a few. Let’s explore the offers in detail.
IDBI Bank Festive Offers
On September 21, 2023, the bank extended its popular “Amrit Mahotsav Fixed Deposit” scheme to October 31, 2023, as part of its festive offering. During this period, the IDBI Bank will offer an interest rate of 7.65 per cent per annum for senior citizens and 7.15 per cent for general citizens on its 444-day fixed deposit (FD) plan. Additionally, for its 375-day FD plan, the bank offers 7.10 per cent for the general public and 7.60 per cent for senior citizens.
The “non-callable” variant of its 444-day plan offers the highest rate of 7.75 per cent per annum for senior citizens and 7.25 per cent for general citizens. These deposits do not allow premature withdrawals. To avail of the non-callable FD, customers must deposit a minimum amount of Rs 15,00,001, while the maximum amount is less than Rs 2 crore.
Furthermore, on its five-year Suvidha Tax Saving FD schemes, customers can get an interest rate of 6.5 per cent, while senior citizens will get 7 per cent. These deposits come with tax benefits under Section 80C of the Income Tax Act.
BOB’s Festive Loan Offers
Bank of Baroda launched the “BOB Ke Sang Tyohaar Ki Umang” festive campaign from September 12 to December 31, 2023. Under this campaign, BoB will offer attractive interest rates on home, car, personal, and education loans.
BOB is offering interest rates starting at 8.40 per cent per annum on home loans, along with processing zero fees during this period. Women borrowers and salary, business, and family account holders can also avail of rate concessions.
For car loans, the rates start at 8.70 per cent per annum with a nil processing fee. Education loans start at 8.55 per cent per annum, a discount of up to 60 basis points, and without collateral for students who have secured admissions in the country’s selected premier institutions. An extra concession of 0.15 per cent in ROI is also available if they open a “BOB BRO Saving Account” between September 11 and December 31, 2023.
Personal loan rates start at 10.10 per cent per annum, a discount of up to 80 bps. Government employees and other categories of workforces can avail of zero processing fees.
Check Offers Directly From Sellers
Besides loans for big-ticket purchases like a home or a car, shoppers can keep an eye on online sellers for various other products and offers to avail of discounts and boost savings. Normally, car manufacturers and property developers announce a deluge of offers between October and December. So, do some research or visit their websites for offers.
Leverage Credit Card Offers
Credit cardholders should explore exclusive discounts and offers their credit card issuers provide. E-commerce platforms like Amazon and Flipkart often partner with credit card companies to offer special deals to cardholders. For instance, Bank of Baroda has announced exclusive offers and discounts on BOB debit and credit cards. For this, it has tied up with leading brands across categories such as electronics, consumer durables, travel, food, fashion, entertainment, lifestyle, grocery and health.
No-Cost EMI Options
Those planning to make high-value purchases, such as mobile phones or appliances, during the festive season can consider no-cost EMI options if they are short on cash. For example, the partnership between Flipkart and Bajaj Finserv, announced on September 8, 2023, offers a no-cost EMI option for mobile phone purchases during the festive season.
These schemes allow you to spread the cost of your purchase into interest-free instalments for up to 24 months, making it easier on your finances. However, keep an eye on interest rates, processing charges, and hidden fees when opting for these offers.
