Fixed Deposit (FD) has always been considered the easiest and preferred mode of investment. The biggest reason for this is that there is no risk of any kind in it. At present, many banks in India have increased the interest rate on FD.
Banks are also giving the benefit of extra interest on FD to senior citizens. Apart from this, in this budget also, the maximum deposit limit for Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh. In such a situation, let us know that how much interest rate are being offered by five big government banks of India on fixed deposits.
State Bank of India (SBI)
India’s largest bank State Bank of India (SBI) is offering 7.5 per cent annual interest rate on FDs to senior citizens. This interest rate is for a period of 5-10 years. On the other hand, for the rest of the people, this interest rate is 6.50 percent. At the same time, SBI has also started an FD scheme named Amrit Kalash with a tenure of 400 days. In which senior citizens will get an interest rate of 7.60 percent. This scheme is till 31 March 2023 only.
Punjab National Bank (PNB)
Punjab National Bank (PNB) is offering 5 years FD interest rate of 7% to senior citizens. At the same time, this bank is offering 7.3% interest to senior citizens for a period of 5 to 10 years. For the common people, the bank is offering 6.50% FD interest rate for 3 to 10 years. Recently, PNB has increased interest rates on several fixed deposit tenures by up to 30 basis points (bps). The new interest rates have come into effect from February 20.
Central Bank of India (CBI)
Central Bank of India has announced an interest rate of 6.92 per cent per annum to senior citizens on FDs of 5 years and above and up to 10 years. The same interest rate is applicable for FDs of 3 to 5 years.
Canara Bank
Leading public sector bank Canara Bank is offering an annual interest rate of 7 percent to senior citizens on FDs with a tenure of up to 5 years. This interest rate is applicable to FDs with a maturity of more than 3 years and less than five years. For deposits above Rs 15 lakh and less than Rs 2 crore, the bank is offering an interest rate of 7.45 per cent per annum.
Bank of India (BOI)
Bank of India is offering 6.75 per cent interest on fixed deposits of less than 5 to 8 years to senior citizens. The same rate is applicable for periods above 8 years and 10 years. The bank is offering 7.25% interest rate to senior citizens for FD scheme from 2 years to less than 5 years.
