This Independence Day Invest In Top 5 Govt. Banks FDs To Earn High Interest Rate

Fixed deposits (FDs) have a significant disadvantage, all you have to do is pick an FD with a high interest rate that matures when your objectives are met. Many banks are making appealing offers, such as offering over 9% interest on FDs for customers aged 60 and over. While many offer above 8% interest on FDs for customers below 60 age.

Here we have listed 5 Govt. Banks that offer high-interest rates on FDs. State Bank Of India, Bank Of India, Punjab National Bank, Bank of Baroda, and Canara Bank. Check below:

1. Bank of India (BOI)

Bank of India has recently revised their interest rates on FDs, new rates are effective from July 28, according to the Bank's official website. With the revision in FD rates, the bank has also introduced a new special FD tenure of 400 days (Monsoon Deposit) with a higher interest rate.

Following the revision, the bank offers interest rates on FDs in the range of 3% to 7.25% to general customers for deposits maturing between 7 days and 10 years. The bank offers the highest 7.35% on the newly introduced FD tenure of 400 days (Monsoon Deposit) to the general public. The rates are effective on Deposits below Rs 2 Crore.

Senior citizens will get an additional 0.50% interest on over and over the regular FD rates, while for all the tenors of 3 Years & above, senior citizens will get an additional 25 bps interest rate will over & above the existing 0.50% interest i.e. total additional 0.75% on FDs tenure more than 3 years.

2. Punjab National Bank (PNB)

Punjab National Bank offers general citizens FD interest rates ranging between 3.5% to 7.25% to General Public. The bank offers senior citizens in two categories Senior Citizens (up to 60 Years) & Super Senior Citizens (age 80 years and above). According to the bank, the above interest rates are effective from June 01, 2023.

For senior citizens, the bank offers interest rates from 4% to 7.75%, while for Super Senior Citizens it is 4.30% to 8.05%. The above interest rates are applicable on deposit amounts below Rs 2 Crore for a period ranging from 7 days to 10 years.

For the special deposit tenure of 444 days, the bank offers the highest interest rate of 7.25% to the General Public, 7.75% Senior Citizens, and 8.05% Super Senior Citizens. While the deposit period of above 2 years and up to 3 years, the bank offers the second highest interest rates of 7% to the general public, 7.50% to senior citizens, and 7.80% to super senior citizens.

3. Canara Bank

Canara Bank is 3rd PSU bank on the list that offers the highest interest rates on FDs of less than Rs 2 Crore. The bank offers two types of FD Callable & Non-Callable (above Rs 15 Lakh). The bank offers interest rates ranging from 4% to 7.25% to the general public for the deposit period of 7 days to 10 years under the Callable FD scheme. As per the official website of the bank, the interest rates are effective as of 05 April 2023.

Bank provides additional 0.50% interest rates over and above the general public FD rates to senior citizens ()above 60 years upto 80 years) for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with the tenor of 180 Days and above. While super senior citizens (80 years and above) will get an additional 0.60% interest under Canara-444 product only i.e. 7.85% for callable deposits and 8% for non-callable deposits.

4. Bank Of Baroda

Bank of Baroda is 4th Govt. bank on the list that offers high-interest rates on FD to its whether they are General Public or Senior Citizens. The Bank offers Interest rates on FDs from 3% to 7.25% to the General Public and 3.50% to 7.75% to Senior Citizens for a tenure of 7 days to 10 years on amounts below Rs 2 Crore. According to the official website of the Bank, the interest rates are effective from May 12, 2023.

Bank provides 6.75% to the General public and 7.25% interest to Senior Citizens for a deposit period of 1 year to 2 years. On a deposit period of above 2 Years and up to 3 years, the bank offers 7.05% interest to the General Public and 7.55% (including additional ROI of 0.50+0.15 ) to Senior Citizens.

Above 5 years and up to 10 years, the bank offers 6.50% interest to General Public and 7.50% (incl. additional ROI of 0.50%+0.50%) interest to senior citizens. For the special tenure of 399 Days (Baroda Tiranga Plus Deposit Scheme), the bank offers the highest 7.25% interest to the general public and 7.75% interest rate to Senior Citizens.

5. State Bank Of India

State Bank of India offers fixed deposit interest rates ranging from 3% to 7.10% (including 400 days (Special Scheme i.e. "Amrit Kalash") to the general public and 3.50% to 7.60% for senior citizens for amounts less than Rs 2 crore for general citizens.

For the deposit period of 2 years to less than 3 years, the bank offers 7% to the general public and 7.50% to senior citizens. While for the deposit period of 3 years to less than 5 years, the bank offers 6.50% to the general public and 7% to senior citizens. For the deposit period of 5 years and up to 10 years, the bank offers 6.50% to the general public and 7.50% ( Including an additional premium of 50 bps under "SBI We-care" deposit scheme ) to senior citizens.

The bank offers the highest interest rate of 7.10% for general residents and 7.60% for senior citizens on 400 days (Special Scheme i.e. "Amrit Kalash").

According to the bank, "The specific tenor scheme of "400 days" (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 15-August-2023."