PUBLIC SECTOR BANK INTEREST RATES
COMPARITIVE FD INTEREST RATES OF PUBLIC SECTOR BANKS
PLAN N PROGRESS compares interest rates of various banks .
1. We have selected periods of 1 year and 5 years for comparison of interest rates offered by Indian commercial banks including Public Sector banks , Private Sector Banks and Foreign banks with a network of branches and also Small Finance banks , new breed of banks in India . Below tables give information on interest rates offered by various 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 15th , May , 2022 and are subject to change .
6 . Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.-5 2022 . Subsequently , as a follow on effect , many banks have also raised their Deposit and Advance rates . Many of the banks have already hiked their deposit rates , but not as much as 0.40 % . Some banks may take more to decide up on the fresh rate they would like to offer .
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 15th , May , 2022 and are subject to change .
6 . Reserve Bank of India hiked its Repo Rate by 0.40 % on 04.-5 2022 . Subsequently , as a follow on effect , many banks have also raised their Deposit and Advance rates . Many of the banks have already hiked their deposit rates , but not as much as 0.40 % . Some banks may take more to decide up on the fresh rate they would like to offer .
Which Public sector bank provides maximum interest on FD?
. FOR ONE YEAR DEPOSITS
A. The public sector banks are offering interest rates between 5.00 % % to 5.30 % 1 year deposits for public (5.50 % 5.80 % to Senior Citizens ) Canara Bank & Uco Bank are paying the highest rates of 5.30 % to public and Canara bank @ 5.80 % for the senior citizens .
B. The private sector banks are offering interest rates between 4.90 % to 6.25 % % 1 year deposits for public and between 5.40 % to 6.75 % for senior citizens . RBL Bank is paying highest interest rate of 6.25 % for the public and at 6.75 % for the senior citizens .
C. The Small Finance banks are paying interest now in the range of 5% to 6.90 % for public and 5.50 % to 7.65 % for the senior citizens . Ujjivan SF Bank pays 6.90 % for 1 year public deposit 7.65 % for senior citizens
FOR 5 YEAR DEPOSITS
A. Public sector banks pay between 4.90 % to 5.75 % for 5 year term deposits ( 5.40 % to 6.30 % for senior citizens ) . Canara Bank is paying highest interest rate of 5.75 % for the public and State Bank of India is paying highest interest rate @ 6.30 % for the senior citizens
B. Private sector banks pay between 5.00 % to 6.50 % for 5 year term deposits ( 5.50 % to 7.00 % for senior citizens ) . Indusind Bank is paying highest interest rate of 6.50 % for the public and Yes Bank & Indusind Bank are paying @ 7. 00 % for the senior citizens
C. Small finance banks pay between 5.25 % to 6.75% for public and 5.75 % to 7.55 % for senior citizens . Suryoday SF Bank , Utkarsh SF Bank , Jana SF , AU SF Bank & Fincare SF Bank pay highest of 6.75 % for the public and Jana SF Bank pays 7.55 % 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 for deposits of period above 5 years
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
A. The public sector banks are offering interest rates between 5.00 % % to 5.30 % 1 year deposits for public (5.50 % 5.80 % to Senior Citizens ) Canara Bank & Uco Bank are paying the highest rates of 5.30 % to public and Canara bank @ 5.80 % for the senior citizens .
B. The private sector banks are offering interest rates between 4.90 % to 6.25 % % 1 year deposits for public and between 5.40 % to 6.75 % for senior citizens . RBL Bank is paying highest interest rate of 6.25 % for the public and at 6.75 % for the senior citizens .
C. The Small Finance banks are paying interest now in the range of 5% to 6.90 % for public and 5.50 % to 7.65 % for the senior citizens . Ujjivan SF Bank pays 6.90 % for 1 year public deposit 7.65 % for senior citizens
FOR 5 YEAR DEPOSITS
A. Public sector banks pay between 4.90 % to 5.75 % for 5 year term deposits ( 5.40 % to 6.30 % for senior citizens ) . Canara Bank is paying highest interest rate of 5.75 % for the public and State Bank of India is paying highest interest rate @ 6.30 % for the senior citizens
B. Private sector banks pay between 5.00 % to 6.50 % for 5 year term deposits ( 5.50 % to 7.00 % for senior citizens ) . Indusind Bank is paying highest interest rate of 6.50 % for the public and Yes Bank & Indusind Bank are paying @ 7. 00 % for the senior citizens
C. Small finance banks pay between 5.25 % to 6.75% for public and 5.75 % to 7.55 % for senior citizens . Suryoday SF Bank , Utkarsh SF Bank , Jana SF , AU SF Bank & Fincare SF Bank pay highest of 6.75 % for the public and Jana SF Bank pays 7.55 % 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 for deposits of period above 5 years
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
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 |
5.10 |
5.60 |
5.50 |
6.30 |
6.30 |
UCO BANK |
5.30 |
5.55 |
5.30 |
5.80 |
5.80 |
BANK OF BARODA |
5.00 |
5.50 |
5.35 |
6.00 |
6.35 |
BANK OF INDIA |
5.00 |
5.50 |
5.20 |
5.95 |
5.95 |
BANK OF MAHARASHTRA |
5.00 |
5.50 |
4.90 |
5.40 |
5.40 |
UNION BANK OF INDIA |
5.00 |
5.50 |
5.40 |
5.90 |
6.00 |
CANARA BANK |
5.30 |
5.80 |
5.75 |
6.25 |
6.25 |
CENTRAL BANK OF INDIA |
5.10 |
5.60 |
5.50 |
6.00 |
6.00 |
INDIAN BANK |
5.00 |
5.50 |
5.25 |
5.75 |
5.90 |
INDIAN OVERSEAS BANK |
5.15 |
5.65 |
5.45 |
5.95 |
5.95 |
PUNJAB NATIONAL BANK |
5.10 |
5.60 |
5.25 |
5.75 |
5.75 |
PUNJAB & SIND BANK |
5.15 |
5.65 |
5.40 |
5.90 |
5.90 |
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
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 .
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
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
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
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
