Most banks have been increasing their interest rates on fixed deposits significantly in the last few months in the wake of multiple repo rate hikes by the Reserve Bank. Higher FD rates have turned out to be a big relief for pensioners and senior citizens who rely on investment instruments as they are risk-free and give fixed returns.
Fixed deposits have once again become one of the most popular investment options thanks to the high interest regime at present in the country. Fixed returns, good liquidity, and comparatively higher safety than the other investment options such as equity are the reasons for their immense popularity.
SBI FD rates
According to the bank’s official website, the new interest rates on FDs are effective from October 22, 2022. The increase in FD interest rates is between 25 and 80 basis points. For tenure between 7 days to 10 years, the interest rates offered by the bank ranges between 3 percent to 6.25 percent. The new interest rates will apply to fixed deposits under Rs 2 crore. The bank continues to offer an additional 0.50 percent interest to senior citizens.
Bank of Baroda FD rates
Bank of Baroda has launched the Baroda Tiranga Plus Deposit Scheme, which will offer higher interest rates of up to 7.50 percent a year for 399 days. The scheme is applicable on retail term deposits below Rs 2 crore. The scheme is already effective from November 1, 2022. Senior citizens will get an extra 0.50 percent a year.
Bank of India (BoI) FD rates
The bank has introduced a special fixed deposit scheme, which will offer higher interest rates. On Wednesday, BOI launched ‘Star Super Triple Seven Fixed Deposit’ scheme, which is available for a limited time period. Under the new scheme, depositors can earn an interest rate of 7.25 percent and up to 7.75 percent for senior citizens on a deposit for 777 days.
Canara Bank FD rates
Public sector bank Canara Bank has introduced a special fixed deposit scheme that provides 7.50 percent interest for a period of 666 days. The bank under the scheme is offering a 7 percent rate for general investors. For senior citizens, it will offer 7.5 percent interest for any amount under Rs 2 crore.
PNB FD rates
The bank hiked the FD rates below 2 Crore with effect from 26 October 2022, according to the bank’s official website. The bank’s interest rates on FD start from 3.50 percent and go up to 6.50 percent per annum for the general public and up to 7 per-cent (0.50 percent additional) for senior citizens on maturity period ranging from 7 days to 10 years. According to the bank, senior citizens continue to receive an additional 50 bps.
