Fixed deposit interest rates are rising, with some offering up to 8% returns. FDs are a safe option to park your money as they offer assured returns and are low-risk. FD interest rates rose after the Reserve Bank of India raised the key repo rate by 50 bps to 5.9. FDs come in multiple tenure options ranging from 7 days to 10 years. Most banks offer preferential rates of up to 0.5% p.a. (0.75% in some cases) to senior citizen depositors.
Also Read – India’s Q2 GDP Data To Be Out Tomorrow: Here Is What Various Estimates Say
If you are planning to open an FD account with a public sector bank, look at the latest interest rates of public sector banks for 2-3 years tenure.
| Bank Name | Highest Advertised Interest Rate For 2-3 years Regular FDs (in %) |
| Bank of Maharashtra | 6 |
| Bank of Baroda | 6.25 |
| Bank of India | 7.25 |
| Canara Bank | 6.5 |
| Central Bank of India | 6 |
| Indian Bank | 6.4 |
| Indian Overseas Bank | 6.4 |
| Punjab National Bank | 6.25 |
| Punjab & Sind Bank | 6.25 |
| State Bank of India | 6.25 |
| UCO Bank | 5.6 |
| Union Bank | 7.3 |
Source :
