2 Government Banks Offering FD Interest Rate Of More Than 8%

Updated: Friday, April 21, 2023, 13:41 [IST]

Leading public sector banks in India offer attractive interest rate on fixed deposit schemes. Many investors opt for government backed banks' fixed deposits. Fixed deposits have emerged a safe investment options offering special interest rates to senior citizens, consistent interest rates along with attractive schemes providing higher interest rates. Check the renowned PSU banks below offering more than 8% interest rates on fixed deposit schemes:

2 Government Banks Offering FD Interest Rate Of More Than 8%

Punjab National Bank: The government bank is offering interest rates on fixed deposits ranging between 3.50% to 7.75% to regular and senior citizens. Meawnwhile, super senior citizens are eligible to receive the maximum interest rate of 8.05% for FDs maturing in 666 days.

For the same tenor of 666 days FD, senior citizens can fetch the maximum interest rate of 7.75%. General public can get the highest interest rate of 7.25% for 666 days FD. The bank's minimum FD interest rate for general public is 3.50%, 4.00% for senior citizens, and 4.30% for super senior citizens for the tenure of 7 days to 45 days FD.

Check interest rates in detail on PNB FDs (below Rs 2 crore):

Period	Revised Rates For Public W.E.F. 20.02.2023	*Revised Rates For Senior Citizens W.E.F. 20.02.2023	#Revised Rates For Super Senior Citizens W.E.F. 20.02.2023
7 to 14 days	3.5	4	4.3
15 to 29days	3.5	4	4.3
30 to 45 days	3.5	4	4.3
46 to 90 days	4.5	5	5.3
91 to 179 days	4.5	5	5.3
180 days to 270 Days	5.5	6	6.3
271 days to less than 1 year	5.8	6.3	6.6
1 year	6.8	7.3	7.6
above 1 year to 665 days	6.8	7.3	7.6
666 days	7.25	7.75	8.05
667 days to 2 years	6.8	7.3	7.6
above 2 year & upto 3 years	7	7.5	7.8
above 3 year & upto 5 years	6.5	7	7.3
above 5 years & upto 10 years	6.5	7.3	7.3

2. Canara Bank: The bank is offering the highest interest rate of 7.25% to regular citizens and 7.75% to senior citizens for FDs below Rs 2 crore for the tenor of 444 days (callable deposits). Meanwhile, the bank is offering 7.40% interest rate to regular citizens and 7.90% interest rate to senior citizens for FDs maturing in 444 days (non-callable deposits).

According to the bank's official website, "Additional rate of interest 0.60% for Super Senior Citizen(80 years and above) is introduced under Canara-444 product only i.e. 7.85% for callable deposits and 8% for non-callable deposits."

Check in detail the FD interest rate of Canara Bank:

		Callable
Term Deposits (All Maturities)	General Public (Callable)		"Senior Citizen(Callable)"
	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.) **	Rate of Interest (% p.a.) #	Annualised Interest yield (% p.a.) **
7 Days to 45 Days	4	4.06%	4	4.06%
46 Days to 90 Days	5.25	5.35%	5.25	5.35%
91 Days to 179 Days	5.5	5.61%	5.5	5.61%
180 Days to 269 Days	6.25	6.40%	6.75	6.92%
270 Days to less than 1 Year	6.5	6.66%	7	7.19%
1 Year Only	7	7.19%	7.5	7.71%
444 Days	7.25	7.45%	7.75	7.98%
Above 1 Year to less than 2 Years	6.9	7.08%	7.4	7.61%
2 Years & above to less than 3 Years	6.85	7.03%	7.35	7.56%
3 Years & above to less than 5 Years	6.8	6.98%	7.3	7.50%
5 Years & above to 10 Years	6.7	6.87%	7.2	7.40%

		Non Callable
Term Deposits (All Maturities)	"General Public(Non Callable)"		"Senior Citizen(Non Callable)"
	Rate of Interest (% p.a.)	Annualised Interest yield (% p.a.) **	Rate of Interest (% p.a.) #	Annualised Interest yield (% p.a.) **
7 Days to 45 Days	NA	NA	NA	NA
46 Days to 90 Days	5.3	5.41%	5.3	5.41%
91 Days to 179 Days	5.55	5.67%	5.55	5.67%
180 Days to 269 Days	6.3	6.45%	6.8	6.98%
270 Days to less than 1 Year	6.55	6.71%	7.05	7.24%
1 Year Only	7.25	7.45%	7.75	7.98%
444 Days	7.4	7.61%	7.9	8.14%
Above 1 Year to less than 2 Years	7.15	7.34%	7.65	7.87%
2 Years & above to less than 3 Years	7.1	7.29%	7.6	7.82%
3 Years & above to less than 5 Years	NA	NA	NA	NA
5 Years & above to 10 Years	NA	NA	NA	NA

Story first published: Friday, April 21, 2023, 12:14 [IST]