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 % .
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 % .
Which bank pays maximum interest on FD?
HIGHER INTEREST RATE ON ON-LINE FDS :
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
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 .
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 )
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 )
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 % )
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 % ) .
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 % )
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
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 .
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
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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
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