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State Bank of India has given a big gift to depositors ahead of New Year! The country's largest public lender has increased fixed deposit interest rates. Which other public banks are giving highest interest rates in the industry?
State Bank of India has hiked term deposit interest rates on different tenures. The public lender has hiked rates of FDs. SBI has hiked interest rates by up to 0.50 per cent. For shorter term deposits the hike is higher, whereas for longer term it is lower.
The country’s largest public lender gives as high as 7.10 per cent interest rate to general citizens on FDs of 400 days . Senor citizens get 7.60 per cent interest on this term deposit.
In the past one year or two, banks in India, had continuously hiked interest rates. Some public banks have even raised interest rates to as high as 7.40 per cent.
If you are looking for an FD with any of the public banks, then, you can check out here currently which public lenders are giving the best interest rates in the industry.
Public banks with highest interest rates 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 | 2 yrs > 3 yrs |
| 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 | 2 years |
| 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 as much as 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.
Whereas, 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 an FD with Kolkata based United Bank of India (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 Bank of Maharashtra, 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 Central Bank of India, account holders can get highest of 6.75 per cent interest rate. Elderly will get 0.50 per cent additional RoI.