Image Source : FILE PHOTO Representative image
Fixed deposits: In the past two months, several public sector banks (PSUs) have adjusted their fixed deposit (FD) interest rates. In August, banks such as Union Bank, Bank of India, and Punjab National Bank updated their FD rates. Currently, Union Bank of India offers the highest interest rate of up to 7.40 per cent per annum on FDs with a tenure of 333 days. Additionally, senior citizens (aged 60 and above) receive an extra 0.50 per cent interest, while super senior citizens (above 80 years) are granted an additional 0.75 per cent on their FDs.
Interest rates available on fixed deposits (FDs) across various banks
Image Source : PAISABAZAARInterest rates on FD in government banks
SBI special FD
The State Bank of India (SBI) has introduced a new limited-term fixed deposit (FD) scheme called “Amrit Vrishti.” This scheme offers an attractive interest rate of 7.25 per cent per annum on FDs with a tenure of 444 days. Investments in this special FD can be made through SBI’s bank branches, internet banking, and the YONO app.
Bank of India FD
Under the Bank of India Special Deposit scheme, the general public receives an interest rate of 7.30 per cent, senior citizens receive 7.80 per cent and super senior citizens 7.95 per cent interest. Senior citizens can earn 7.80 per cent interest on a deposit of Rs 2 crore for a tenure of 666 days.
Bank of Baroda’s monsoon offer
Bank of Baroda has introduced the Monsoon Dhamaka Deposit Scheme, which offers an interest rate of 7.25 per cent per annum for fixed deposits with a tenure of 399 days and 7.15 per cent per annum for fixed deposits with a tenure of 333 days.
Also Read: Adani Group reacts to Hindenburg’s allegation against Sebi chief, calls it ‘a red herring’
Also Read: Banks urged to focus on core business, innovate for higher deposits: FM Sitharaman
