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3 Top Govt. Banks That Offer High-Interest Rates On FDs
Interest rates of fixed deposits (FDs) have jumped significantly in the last few months. In recent times, even after the Reserve Bank of India (RBI) maintained the repo rates steady, some banks, including the Bank of Baroda, Punjab National Bank, Axis Bank, and others, amended their fixed deposit interest rates.
Here we have compared 3 top Government banks that offer high-interest rates on Fixed Deposits (FD). These 3 banks are the State Bank of India (SBI), Bank of Baroda (BoB), and Punjab National Bank (PNB). Recently PNB and BoB have revised their bank FD rates.
State Bank Of India (SBI) FD Rates
SBI offers Fixed Deposit interest rates ranging from 3% to 7.10% (including Amrit Kalash scheme) for the general public. If you are a Senior Citizen, you will get interest rates ranging between 3.50% to 7.60% on your deposit (Including Amrit Kalash Scheme).
These rates are applicable on deposits below Rs 2 crore for the deposit period ranging between 7 days to 10 years. The interest rates are applicable from 15 February 2023, according to the Bank's official website.
Recently, the bank has reintroduced the "Amrit Kalash" Scheme, a 400 days Special FD scheme that offers high-interest rates of 71.0% to the General Public and 7.60% to Senior Citizens. This scheme is valid from 12 April 2023 to 30 June 2023. The interest is compounded on a quarterly basis.
Interest Rates On Retail Domestic Deposits Below Rs. 2 Crore w.e.f. 15/02/23
| Tenors | General Public FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 days to 45 days | 3 | 3.5 |
| 46 days to 179 days | 4.5 | 5 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 Year to less than 2 years | 6.8 | 7.3 |
| 2 years to less than 3 years | 7 | 7.5 |
| 3 years to less than 5 years | 6.5 | 7 |
| 5 years and up to 10 years | 6.5 | 7.50@ |
@Including additional premium of 50 bps under "SBI We-care" deposit scheme.
Source - sbi.co.in
Bank Of Baroda (BoB) FD rates
BoB has recently altered interest rates on FDs. Following the revision, the bank now offers high-interest rates up to 7.25% to the general public and 7.75% to senior citizens. According to the Bank's official website, the revised rates are effective from 12 May 2023.
The bank offers Fixed Deposit interest rates ranging between 3% to 7.25% to the general public and 3.50% to 7.75% to senior citizens on a deposit period that ranges from 7 days to 10 years including 399 days (Baroda Tiranga Plus Deposit Scheme). These interest rates are applicable on deposits below Rs. 2 crore.
Domestic Term Deposits including NRO Deposits below Rs 2 Crore - w.e.f 12/05/2023
| Tenors | Residents / General Public | Resident Indian Sr. Citizen |
|---|---|---|
| 7 days to 14 days | 3 | 3.50* |
| 15 days to 45 days | 3 | 3.50* |
| 46 days to 90 days | 4.5 | 5.00* |
| 91 days to 180 days | 4.5 | 5.00* |
| 181 days to 210 days | 5.25 | 5.75* |
| 211 days to 270 days | 5.75 | 6.25* |
| 271 days & above and less than 1 year | 5.75 | 6.25* |
| 1 year | 6.75 | 7.25* |
| Above 1 year to 400 days | 6.75 | 7.25* |
| Above 400 days and upto 2 Years | 6.75 | 7.25* |
| Above 2 Years and upto 3 Years | 7.05 | 7.55* |
| Above 3 Years and upto 5 Years | 6.5 | 7.15 # |
| Above 5 Years and upto 10 Years | 6.5 | 7.50*** |
| "Above 10 years (MACT/MACAD | ||
| Court Order schemes only)" | 6.25 | 6.75* |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.25 | 7.75* |
Source - Bankofbaroda.in
Punjab National Bank (PNB) FD rates
PNB is 3rd govt. bank that is providing high-interest rates on Fixed Deposits. The bank has recently altered the interest rates on various tenure fixed deposits for the general public, senior citizens and super senior citizens on deposits below Rs 2 crore. According to the bank, the revised rates are applicable from 18 May 2023.
Following the modification, the bank now offers the highest 7.25% to the general public, 7.75% to senior citizens, and 8.05% to super senior citizens on the special deposit period of 444 days.
On 666 days of special Fixed Deposit tenure, the bank offers interest rates of 7.05% to the general public,7.55% to Senior Citizens and 7.85% to Super Senior Citizens, respectively.
Domestic Term Deposits Interest Rates Revised (Below Rs. 2 Crore) w.e.f. 18/05/2023
| Period | Revised Rates For Public | *Revised Rates For Senior Citizens | #Revised Rates For Super Senior Citizens |
|---|---|---|---|
| 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 443 days | 6.8 | 7.3 | 7.6 |
| 444 days | 7.25 | 7.75 | 8.05 |
| 445 days to 665 days | 6.8 | 7.3 | 7.6 |
| 666 days | 7.05 | 7.55 | 7.85 |
| 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 |
*Senior Citizens - Age 60 Years and Upto 80 Years, Super Senior Citizens - Age 80 Years and Above
Source - pnbindia.in
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