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  31st , May   , 2023   and are subject to change  .   

6 .    Reserve  Bank of India  hiked its Repo Rate  by 0.40 % on 04.-5 2022  , by 0.50%   on 08.06.2022 , by 0.50 %   on 06.08.2022 ,  by 0.50 %   30.09.2022   ,by  0.35 % on 07.12.2022 and by 0.25 %  on 08.02.2023 .   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  2.50  %   . 
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Which bank pays maximum interest on FD?

  HIGHER  INTEREST RATE ON ON-LINE  FDS : 
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Dated 25.02.2023 :   Punjab & Sind Bank   is offering an additional interest of 0.25 % pa     if you open an on-line FD with them .  It  has introduced  an exclusive on-line FD scheme  called "  PSB e-advantage "   which pays   higher interest rate compared   with regular FD scheme .  The scheme offers  , for a 601 days   FD ,  interest rate  of  7.25 % for the  general public , 7.75 %  for the senior citizens   and 8.10 % for  the Super Senior Citizens  .  The interest rates   are higher by 0.25 %   offered to    the normal deposits for the same period .    

  In their other curated special deposits schemes   , bank is   paying  an higher interest rate of 0.25 %  for  various  categories of the depositors . Under the on-line scheme , senior citizens can get 8.5 % pa  interest for  222 days deposit  and super senior citizens 8.85 % pa . 

FOR FURTHER DETAILS , YOU MAY VISIT THE BANK'S   WEBSITE 

​FOR ONE YEAR DEPOSITS 

 A. The public sector banks  are offering interest rates between 6.30 %   % to 7.00  %  for public  ( 6.80  %  to  7.50   %  to Senior Citizens )   .  

​B.  The private  sector banks  are offering interest rates between  5.00  % to  7.50 %   %   for public and between 5.50  %  to  8.00  %      for senior citizens  .   

C.       The  Small Finance banks  are paying  interest  now  in the range of 6.00 % to 8.20 %   for public  and  6.50  % to 8.70 %  for the senior   citizens 
 

FOR 5 YEAR DEPOSITS 

​A.  Public sector banks pay between 5.75   % to  6.70   % ( 6.25   %  to 7.50  %  for senior citizens ) ​​

B. Private  sector banks pay between  5.75 % to 7.25  %  ( 6.25  %  to  7.75 %  for senior citizens )   . 
​​
 C. Small finance banks pay    between  6.00  % to  8.00   % for public  ( 6.70  % to  8.60   %  for 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 AND GENERAL PUBLIC

Some banks have  introduced special deposit schemes for senior citizens and general public   for special number of days  with  special interest rates  . Some also  are offering additional interest rates for deposits of period  above 5 years for the senior citizens . 
​
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

​​Interest Rates for 1year  for General public and Senior Citizens  : 
                                                                                                                                                                 
 1. .BANK OF BARODA      -                               6.75 % (    7.25 %  for the Senior Citizens )

02.BANK OF INDIA                                             7.00  % (    7.50 %  for the Senior Citizens )

03.BANK OF MAHARASHTRA                           6.35 % (    6.85 %  for the Senior Citizens )

04. CANARA BANK                                             7.00 % (    7.50 %  for the Senior Citizens )

05.CENTRAL BANK OF INDIA                            6.75 % (    7.25 %  for the Senior Citizens )

06.INDIAN BANK                                                 6.10 %  (    6.60 %  for the Senior Citizens )

07.INDIAN OVERSEAS BANK                              6.50 % (    7.00 %  for the Senior Citizens )

08.PUNJAB & SIND BANK                                  6.40  % (    6.90 %  for the Senior Citizens )

09.PUNJAB NATIONAL BANK                             6.80 % (    7.30 %  for the Senior Citizens & 7.60 % for Super Seniors )

10.STATE BANK OF INDIA                                  6.80 % (    7.30 %  for the Senior Citizens )

11.UCO BANK                                                      6.75 % (    7.00%  for the Senior Citizens )

12.UNION BANK OF INDIA                                6.30 % (    6.80 %  for the Senior Citizens )

PUBLIC SECTOR BANK INTEREST RATES FOR 5 YEARS DEPOSITS

Interest Rates for 5 years  for General public and Senior Citizens  : 
                                                                                                                                                                 
 1. .BANK OF BARODA      -                               6.50% (    7.15 %  for the Senior Citizens )

02.BANK OF INDIA                                             6.00  % (    6.75 %  for the Senior Citizens )

03.BANK OF MAHARASHTRA                           5.75 % (   6.25 %  for the Senior Citizens )

04. CANARA BANK                                             6.70 % (    7.20 %  for the Senior Citizens )

05.CENTRAL BANK OF INDIA                            6.25 % (    6.75 %  for the Senior Citizens )

06.INDIAN BANK                                                 6.25 % (    6.75 %  for the Senior Citizens )

07.INDIAN OVERSEAS BANK                              6.50 % (    7.00 %  for the Senior Citizens )

08.PUNJAB & SIND BANK                                  6.25 % (    6.75%  for the Senior Citizens )

09.PUNJAB NATIONAL BANK                             6.50 % (    7.00  %  for the Senior Citizens   and 7.30 % super seniors )

10.STATE BANK OF INDIA                                  6.50 % (    7.50 %  for the Senior Citizens )

11.UCO BANK                                                      6.10% (    6.60 %  for the Senior Citizens )

12.UNION BANK OF INDIA                                 6.70 % (    7.20 %  for the Senior Citizens )

      SPECIAL SCHEMES OF BANKS    FOR SPECIAL PERIOD : 

​1.  Bank of Baroda    

a. offers  7.55 %    for 399  days   for the Senior Citizens   ( General public  7.05 % )

​2. Bank of Maharashtra   offers  7.50 %    for 200  days   for the Senior Citizens   ( General public  7.00  % )  and   7.25 %    for 400  days  , only for the Senior Citizens   ( General public  6.75   % )

3.  Canara Bank     offers  7.75 %    for 444 days   for the Senior Citizens   ( General public  7.25   % ) 
​.
 4.  Central Bank India  offers    
a.  1.    7.75 %    for 444   days   for the Senior Citizens   ( General public  7.25   % )

2.    7.00   %    for 999  days  for the Senior Citizens   ( General public  6.50   % )  for callable deposits 

b.   The deposits under non-callable scheme will attract additional rate of interest as below:  Senior Citizen – 0.15%

​5.  Indian   Bank   offers      7.75 %    for 400  days   for the Senior Citizens   ( General public  7.25 % )   and 8 % pa for super citizens 

​6. Indian  Overseas  Bank   offers   7.75 %    for 444  days   for the Senior Citizens   ( General public  7.25  % )   

​7. Punjab & Sind   Bank   offers    7.60  %  for 400   for the senior citizens (  General public  7.10 % )   ,    and pays   7.50  %    for 601  days  for the Senior Citizens   ( General public 7.00    % )  . The bank has also special schemes for 0n-line deposits  . 

8 .  Punjab National  Bank   offers   7.75 %    for 666 days   for the Senior Citizens   ( General public  7.25   % )  

9 .  UCO Bank offers  7.55 %    for 444  days   for the Senior Citizens   ( General public  7.05 % )   &  offers  7.70 %    for 666  days   for the Senior Citizens   ( General public  7.20 % )

10. State Bank of India  offers  7.60 %    for 400 days   for the Senior Citizens   ( General public  7.10    % )  
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11. Union  Bank  of India   offers 

1. 7.75 %    for   700 days   for the Senior Citizens   ( General public  7.25   % )   
2. 7.80 %    for   800 days   for the Senior Citizens   ( General public  7.30   % ) 
3.  7.50  %    for 599  days   for the Senior Citizens   ( General public  7.00     % )  . ​​

 TAX PLANNING FOR FY 2022-23 ( AY 2023-24 ) 
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 2023  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 

POPULAR WEB SEARCHES :   Many persons search for  interest rates   of SBI , BOB , BOI  and CBI   . We have given below links to the FD interest pages of all public sector banks including SBI , BOB , BOI and CBI 

FD RATES IN SBI

FD RATES IN BOB

FD RATES IN CBI

FD RATES IN BOB

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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