Public sector and private sector banks increased interest rates on Fixed Deposit Scheme. Banks are offering more interest on FD to senior citizens, due to which they have a great opportunity for investment.
Best Fixed Deposit: Earlier this year, the Reserve Bank of India increased the repo rate by 25 basis points in its Monetary Policy Committee (MPC) meeting on February 8, 2023. After this, many public sector and private sector banks increased the interest rates on fixed deposit schemes. Banks are offering more interest on FDs to senior citizens, due to which they have a great opportunity for investment.
Usually such good interest is not available on FD. But these days it is available. This is the reason why people are looking for the best FD. The best thing is that every bank has insurance up to Rs 5 lakh. Even if the bank sinks, there is a government guarantee that at least Rs 5 lakh will be received. Anyway, India’s banking system looks very strong.
Today, here we will know about some of the top public sector banks which are offering the highest interest rate on Fixed Deposits to senior citizens. Banks like State Bank of India, Punjab National Bank, Bank of Baroda are included in the list of these banks.
Bank of Baroda
Let us tell you that Bank of Baroda revised its FD interest rates on 17 March 2023. After the revision of interest rates, senior citizens will now be able to get a maximum interest rate of up to 7.55% on fixed deposits with Bank of Baroda. On the other hand, under Baroda Tricolor Plus Deposit Scheme, senior citizens can get 7.55% interest rate for deposits maturing in 399 days. Meanwhile, for deposits between 5 years and 10 years, the bank offers an interest rate of 7.5%.
State Bank Of India
State Bank of India, a leading public sector bank, is offering an interest rate ranging between 3.50% to 7.50% to senior citizens on its FDs. Senior citizens can now get the highest interest rate of 7.50 on FDs of 2 years to less than 3 years. Along with this, the bank has also started the Amrit Kalash scheme, in which senior citizens can get an interest rate of 7.60% on deposits of 400 days.
Punjab National Bank
Punjab National Bank offers an interest rate between 4.00% to 7.75% for FDs below Rs 2 crore. On the other hand, super senior citizens can get the highest interest rate of 8.05% on this. The highest interest rates offered by the bank are valid for deposits maturing in 666 days. This FD of 666 days offers 7.75% interest rate to senior citizens and 8.05% interest rate to super senior citizens.
Canara Bank
Canara Bank offers the highest interest rate of 7.65% for FDs maturing in 400 days. Whereas for senior citizens, the minimum interest rate for FDs maturing in 7 days to 45 days starts from 3.25%.
Punjab And Sind Bank
Punjab and Sind Bank offers interest rates between 3.30% to 7.25% to its senior citizens. Also, let us tell you that the bank also offers curated FDs to senior citizens where the maximum interest rate for senior citizens under PSB-Utkarsh 222 days fixed deposit scheme is 8.50%. And for very senior citizens, the highest interest rate under PSB-Utkarsh 222 days Fixed Deposit Scheme is 8.85%.
