Many public sector banks (PSU) have revised their fixed deposit interest rates in the last two months. PSU banks, also known as Public Sector Banks, are Indian banking in which the government holds more than 50% of the capital.
Banks that have revised fixed deposit interest rates in August include Union Bank, Bank of India, Punjab National Bank and more.
Which PSU bank has the highest FD rate?
Among scheduled public sector banks, Union Bank of India offers the highest fixed deposit interest rates of up to 7.40% p.a. on tenure 333 days. Senior citizens (of age 60 years and above) can earn fixed deposit rates of up to 0.50% p.a. higher and super senior citizens can earn 0.75% higher.
| Bank Fixed Deposit Rates | |||||
| Bank Name | Interest Rates (p.a.) | ||||
| Highest slab | 1-year tenure (%) | 3-year tenure (%) | 5-year tenure (%) | ||
| % | Tenure | ||||
| Bank of Baroda | 7.25 | 399 days | 6.85 | 7.15 | 6.5 |
| Bank of India | 7.3 | 666 days | 6.8 | 6.5 | 6 |
| Bank of Maharashtra | 7.25 | 777 days | 6.75 | 6.5 | 6.5 |
| Canara Bank | 7.25 | 444 days | 6.85 | 6.8 | 6.7 |
| Central Bank of India | 7.3 | 444 days | 6.85 | 6.5 | 6.5 |
| Indian Bank | 7.25 | 400 days – IND SUPER | 6.1 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.3 | 444 days | 6.9 | 6.5 | 6.5 |
| Punjab National Bank | 7.25 | 400 days | 6.75 | 7 | 6.5 |
| Punjab & Sind Bank | 7.3 | 666 days | 6.3 | 6 | 6 |
| State Bank of India | 7.25 | 444 days | 6.8 | 6.75 | 6.5 |
| Union Bank of India | 7.4 | 333 days | 6.8 | 6.7 | 6.5 |
Source: Paisabazaar; interest rates as on August 7, 2024
Bank of India special FD
Under the special deposit, general citizens will earn 7.30 percent senior citizen will get 7.80 percent and 7.95 percent for super Senior Citizens for deposits will Rs 2 crore 666 days.
Bank of Baroda special FD
The bob Monsoon Dhamaka Deposit Scheme is available in two tenor buckets – offering interest rates of 7.25% per annum for 399 days and 7.15% for 333 days. The scheme opens on 15th July, 2024 and is applicable on retail deposits below Rs 3 crore.
SBI special FD
The State Bank of India (SBI) has launched a new term limited-period deposit scheme known as “Amrit Vrishti.” This FD scheme offers higher interest rates and caters to both domestic and non-resident Indian customers. The new scheme is effective July 15, 2024. This special FD can be booked through branch, internet banking, and YONO Channels.
