Interest rates

Which PSU bank offers the highest return?

FD Interest Rates: Which PSU Bank Offers the Highest Yield?

Most banks have raised their term deposit interest rates significantly in recent months following multiple repo rate hikes by the Reserve Bank. Higher FD rates have proven to be a great relief for retirees and senior citizens who rely on investment instruments as they are risk-free and offer fixed returns.

Fixed deposits have once again become one of the most popular investment options thanks to the current high interest regime in the country. Fixed returns, good liquidity and comparatively higher security than other investment options such as stocks are the reasons for their immense popularity.

SBI FD rate

According to the bank’s official website, the new FD interest rates are effective from October 22, 2022. The increase in FD interest rates is between 25 and 80 basis points. For a term of 7 days to 10 years, the interest rates offered by the bank vary between 3% and 6.25%. The new interest rates will apply to fixed deposits under Rs 2 crore. The bank continues to offer an additional 0.50% interest to seniors.

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% per annum for 399 days. The scheme is applicable to retail term deposits below Rs 2 crore. The scheme is already in force from 1 November 2022. Older people will receive 0.50% more per year.

Bank of India (BoI) FD rate

The bank has set up a special fixed deposit system, which will offer higher interest rates. On Wednesday, BOI launched the “Star Super Triple Seven Fixed Deposit” program, which is available for a limited period. Under the new scheme, depositors can earn an interest rate of 7.25% and up to 7.75% for seniors on a deposit for 777 days.

Canara Bank FD rates

The public sector bank Canara Bank has set up a special fixed term deposit scheme which offers 7.50% interest for a period of 666 days. The bank under the program offers a rate of 7% for general investors. For seniors, it will offer 7.5% interest for any amount below Rs 2 crore.

GNP DF rates

The bank has raised FD rates below 2 Crore with effect from October 26, 2022, according to the bank’s official website. The bank’s interest rates on FDs start at 3.50% and go up to 6.50% per annum for the general public and up to 7% (additional 0.50%) for the elderly on a maturity period ranging from 7 days to 10 years. According to the bank, seniors continue to receive an additional 50 basis points.