Fixed deposits: Over the past two months, several public sector (PSU) banks 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 is offering the highest interest rate of up to 7.40 per cent per annum on FDs with a tenor of 333 days. Additionally, senior citizens (aged 60 years and above) are given an additional 0.50 per cent interest, while senior citizens (aged 80 years and above) are given an additional 0.75 per cent on their FDs.
Interest rates available for fixed deposits (FD) in various banks
SBI Special Fire Department
State Bank of India (SBI) has introduced a new limited term fixed deposit scheme called ‘Amrit Vrishti’. This scheme offers an attractive interest rate of 7.25 per cent per annum on fixed deposits with a tenor of 444 days. Investments in this special fixed deposit can be made through SBI bank branches, internet banking and YONO app.
Bank of India Fixed Deposit
Under the Bank of India’s special deposit scheme, the general public gets 7.30% interest, senior citizens get 7.80% and non-citizens get 7.95% interest. Senior citizens can get 7.80% interest on a deposit of Rs 20 crore with a tenure of 666 days.
Bank of Baroda Monsoon Offer
Bank of Baroda has introduced the Monsoon Dhamaka Deposit Scheme, which offers an interest rate of 7.25 per cent per annum on fixed deposits with a tenor of 399 days and 7.15 per cent per annum on fixed deposits with a tenor of 333 days.
Also read: Banks urged to focus on core business, innovate to boost deposits: FM Sitharaman
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