Bank fixed deposits (FD) are never going out of fashion. Despite some households pulling out their savings from banks and putting them into equities and mutual funds, there is a vast majority of Indians who feel comfortable in the smug assured returns that bank FDs provide.
Public Sector (PSU) banks hold a special place among the banks since a large number of Indians tend to believe a PSU bank more than a private sector bank. Let’s see what interest rate on retail FDs half a dozen major PSU banks are offering now.
State Bank of India (SBI), Bank of Baroda (BoB)
The highest interest that SBI pays is 7.75% to senior citizens in Amrit Vrishti FD (444 days) and 7.25% for general citizens. For 1 year FD, it pays 6.80% and 7.80% respectively. For 3-year FDs 6.75% and 7.25%, while for 5-year FDs the rates are 6.50% and 7.50% respectively.
The interest rates that Bank of Baroda (BoB) are offering range from a high of 7.80% for senior citizens in Monsoon Dhamaka scheme and 7.30% for general customers. It has a fixed tenure of 399 days. The rates for 1-year FD is 6.85% and 7.35% for general and senior citizens), 7.15% and 7.65% for 3-year tenure and 6.50% and 7.15% for 5-year FDs.
Bank of India, Indian Overseas Bank (IOB)
Bank of India revised rates from September 27. The new rates stand at 6.80% for general customers and 7.30% for senior citizens for 1-year deposits, 6.50% and 7% for 3-year FDs and 6% to 6.50% for 5-year deposits.
The minimum investment amount at Indian Overseas Bank is Rs 1 lakh. The interest offered on 1-year FD is 7.10% and for 3-year and 5-year FDs the rate is 6.50%. The highest rate is for FD of fixed tenure of 444 days – 7.30%.
Union Bank of India, Central Bank of India
Union Bank of India offers its highest rate of 7.40% on a fixed tenure FD of 333 days. The interest rate on 1-year deposits is 6.80%, that on 3-year FD is 6.70% while the interest for 5-year FD is 6.50%.
Central Bank of India offers its highest rate on FD of 44 days – 7.45%. The 1-year FD carries 6.85%, while the 3-year FD bears 6.75%. The FD-year FD carries 6.50% interest.
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