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. 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 has 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
Leading public sector bank State Bank of India is offering interest rate between 3.50% to 7.50% on its FDs to senior citizens. 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.
Bank of Baroda
Let us tell you that Bank of Baroda has 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
Leading public sector bank State Bank of India is offering interest rate between 3.50% to 7.50% on its FDs to senior citizens. 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 and Sind Bank
Punjab and Sind Bank offers interest rates ranging from 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%.
