Which public bank is giving highest interest rate on fixed deposits?
Currently, Punjab and Sind Bank is giving the highest interest rate on fixed deposits to both general and senior citizens as compared to other public lenders.
Public sector banks have revised interest rates on fixed deposits. Canara Bank, Punjab and Sind Bank and Indian Bank recently revised interest rates on fixed deposits in lieu of the Reserve Bank of India’s decision on repo rate during the three-day Monetary Policy Committee (MPC) meet that concluded on October 6, 2023. The apex bank maintained status quo on repo rate keeping it unchanged at 6.50 per cent. But public banks have revised fixed deposit rates in the current month. So, lets see which pubic sector bank is currently giving the highest interest rate on fixed deposits.
Highest RoI currently given by public banks on fixed deposits
| Bank | RoI (in %) General Citizens | RoI (in %) Senior Citizens | Tenure |
| Punjab & Sind Bank | 7.40 | 7.90 | 444 days |
| BOB | 7.25 | 7.75 | 399 days |
| Canara Bank | 7.25 | 7.75 | 444 days |
| IOB | 7.25 | 7.75 | 444 days |
| PNB | 7.25 | 7.75 | 444 days |
| BOI | 7.25 | 7.75 | 400 days |
| Indian Bank | 7.25 | 7.75 | 400 days |
| SBI | 7.10 | 7.60 | 400 days |
| UCO Bank | 7.05 | 7.55 | 444 days |
| BOM | 7.00 | 7.50 | 200 days |
| UBI | 7.00 | 7.50 | 399 days |
| CBI | 6.75 | 7.25 | 1 yr to less than 2 yrs |
Currently, Punjab and Sind Bank is giving the highest interest rate on fixed deposits to both general and senior citizens. No other public bank is giving as much interest rate on fixed deposits as the New Delhi-based public lender. If account holders open an FD with the state owned bank, then, they can get as high as 7.40 per cent RoI. But for this, they will have to open the FD for 444 days. Senior citizens too will get 0.50 per cent additional rate. They will get 7.90 per cent RoI on FD of this tenure.
Punjab National Bank, Bank of Baroda, Indian Bank, Bank of India, Canara Bank and Indian Overseas Bank are all giving maximum of 7.25 per cent interest rate on fixed deposits. These banks are also giving maximum of 7.75 per cent rate of interest to senior citizens.
Out of these public lenders, PNB, IOB and Canara Bank are giving the maximum interest rate of 7.25 per cent on FDs of 444 days to general citizens.
While, Indian Bank and BOI are giving such high interest rate of 7.25 per cent to general citizens on FDs of 400 days. While, one has to open an FD of only 399 days to get 7.25 per cent rate of interest with BOB.
On the other hand, SBI is giving as high as 7.10 per cent RoI on FDs of 400 days. Elderly will get 7.60 per cent interest rate on this FD.
With UCO Bank, depositors can get as high as 7.05 per cent rate. But for this, they will have to open an FD for 444 days. Senior citizens will get 0.50 per cent additional RoI here as well.
If account holders open FD with UBI, then, they can get as high as 7.00 per cent RoI. But for this, they will have to open the FD for 444 days. Elderly will get 7.50 per cent RoI on FD of this tenure.
Even with BOM, depositors can get as high as 7.00 per cent RoI. But for this, they will have to open FD of only 200 days.
On FDs of 1 year to less than 2 years with CBI, account holders can get highest of 6.75 per cent interest rate. Elderly will get 0.50 per cent additional RoI.