PUBLIC SECTOR BANK INTEREST RATES

COMPARITIVE FD INTEREST RATES OF PUBLIC SECTOR BANKS

PLAN N PROGRESS compares    interest rates of various banks . 

 Interest rates   are  going down continuously   in recent years  and   the trend has continued in recent months also  .   

 1. We    have here selected   periods of 1 year and 5 years     for comparison of interest rates offered by   Public Sector banks  .  Below table  give information on interest  rates offered by various  government owned banks  . 

2 . The interest rates are  on retail term deposits  for public and senior citizens . 

3. Normally interest   rates quoted are valid  for  an amount of less than Rs 2 crore  . 

4. For actual terms and conditions  and the latest  rates  , you may visit  the websites of the banks listed at the end alphabetically . 

5. The rates taken by us are   updated  on or about  3rd , January  , 2021   and are subject to change  .   

6 . We have noted that interest rates are   going down steadily in recent periods . 

Which Public sector bank provides maximum interest on FD?

FOR ONE YEAR DEPOSITS 
  A.  The public sector banks  are offering interest rates between 4.90  % to 5.25 %  1 year deposits for public and  normally 0.5 % more  for senior citizens  .   

B.  The private  sector banks  are offering interest rates between  4.50   % to  6.50 %   %  1 year deposits for public and between 5.00  %  to 7.00 %      for senior citizens  .   Indusind Bank  , RBL Bank &  Yes Bank   is   paying highest interest rate of  6.50   % for the public and  at  7.00 % for the senior citizens . ​
 
C.  The highest yield on Bank Deposits come   generally  from Small Finance banks . Northeast SF  Bank  pays  7.00 %  for 1 year public deposit  and 7.50 % for senior citizens ​
​

FOR 5 YEAR DEPOSITS 

A.  Public sector banks pay between 4.90  % to  5.40  %  for 5 year term deposits ( 5.00 %  to 6.20  %  for senior citizens )   .    State Bank of India  is  paying highest interest rate  of 5. 40  %  for the public and   6.20 %  for the senior citizens  . 

B. Private  sector banks pay between 4.50  % to 6.75  %  for 5 year term deposits ( 5.00 %  to  7.50  %  for senior citizens )   .    Yes Bank   is paying highest interest rate  of  6.75 %  for the public  and   7.50  %  for the senior citizens  . 

 C. Small finance banks pay    between  6.50  % to  7.50 % for public and 7.00 % to  8.00   %  for senior  citizens  .  Suryuodaya SF Bank pays highest of  7.50 %  for the public and  8.00  % for the senior citizens . ​

There are NBFC companies , co-operative societies  and corporates who pay higher interest rates , but  have higher risk weight-ages . 

SPECIAL DEPOSITS  FOR SENIOR CITIZENS 

Some banks have  introduced special deposit schemes for senior citizens  and are offering additional interest rates dor deposits of period  above 5 years 
​
NOTE : 
1.  After budget announcement  by FM , DICGC cover   have  since been increased   to maximum of Rs 5.00 lakhs on  Bank Deposits as insurance . 
2. Mega Merger of public sector Banks have taken place on 01.04.2020  and 6 public sector banks have been merged with  other banks  .  ​

 

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INTEREST RATES FOR 1 YEAR AND INTEREST RATES FOR 5 YEARS

PUBLIC SECTOR BANKS INTEREST RATES

BANK NAME	INTEREST FOR 1 YEAR PUBLIC	INTEREST FOR 1 YEAR  SENIOR CITIZENS	INTEREST FOR 5 YEAR PUBLIC	INTEREST FOR 5 YEAR  SENIOR CITIZENS	SPECIAL RATES FOR SENIORS ABOVE 5 YEARS UP TO 10 YEARS
STATE BANK OF INDIA ​​	4.90	5.40	5.40	6.20	6.20
UCO BANK ​​	4.90	​5.15	5.00	​5.50	5.50
​BANK OF BARODA	4.90	5.40	5.25	5.75	5.75
BANK OF INDIA	5.25	5.75	5.30	6.05	6.05
BANK OF MAHARASHTRA	​4.90	5.40	4.90	5.40	5.40
UNION BANK OF INDIA ​	5.25	5.25	5.55	5.55	5.55
​CANARA BANK	5.25	5.75	5.50	6.00	6.00
CENTRAL BANK OF INDIA	4.90	​4.90	5.00	​5.00	5.00
​INDIAN BANK	5.00	5.50	5.15	5.65	5.65
​INDIAN OVERSEAS BANK	5.15	5.65	5.20	5.70	5.70
​​PUNJAB NATIONAL BANK ​	5.20	5.70	5.30	5.80	5.80
​PUNJAB & SIND BANK	5.25	5.75	5.25	5.75	5.75

 TAX PLANNING FOR FY 2020-21 ( AY 2021-22 ) 
Comprehensive   Article on Income tax changes in Rules, Rates , Slabs , Rebates  and Estimation 

CLICK HERE TO READ 
​

FOR THE FD  INTEREST RATES OF PRIVATE SECTOR BANKS  , FOREIGN BANKS AND SMALL FINANCE BANKS , CLICK HERE 

​UNION BUDGET 2020-21 AND SENIOR CITIZENS  
In our new blog article , we have explored what the new IT regime means to senior citizens and what extent senior citizens / retirees / pensioners are gaining / losing from the new regime .As the new regime is optional , one can take studied decisions before opting either of the new or old scheme .

​HEALTH INSURANCE PLANS FOR SENIOR CITIZENS    WITH OR WITHOUT AGE RESTRICTIONS 
TO  READ THE ARTICLE                                                         CLICK HERE 
​

If you have earned  from stock market  or  from sale of properties to  know tax liability  Read  the  NEW ARTICLE ON   
                                                         CAPITAL GAIN AND  TAX 
                                         CLICK HERE  TO READ 

To  know the latest interest rates  offered by individual banks  for  various maturities  , click  on the name of the bank to reach their websites    .  ( Banks listed alphabetically    )
              
                                                                                                                                                                 
 1. .BANK OF BARODA

02.BANK OF INDIA

03.BANK OF MAHARASHTRA

04. CANARA BANK

05.CENTRAL BANK OF INDIA

06.INDIAN BANK

07.INDIAN OVERSEAS BANK

08.PUNJAB & SIND BANK

09.PUNJAB NATIONAL BANK

10.STATE BANK OF INDIA

11.UCO BANK

12.UNION BANK OF INDIA

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