For Indians seeking a stable and steady return on their funds, fixed deposits (FDs) remain a well-liked option for investments till now. Long the preferred alternative, traditional bank FDs have seen a change in the market in recent years.
There are public sector banks taking the lead in providing the highest FD interest rates. Which financial institutions, banks, give the best yields on fixed-rate investments?
Here we have curated a return list one can get from the State Bank of India and Bank of Baroda.
Latest State Bank Of India (SBI) Fixed Deposit (FDs) Rates 2024
State Bank of India (SBI) offers fixed deposit interest rates varying by tenors for both the general public and senior citizens.
For deposits ranging from 7 days to 45 days, the interest rate is 3.5 percent for the general public and 4 percent for senior citizens.
Deposits maturing between 46 days to 179 days yield an interest rate of 4.75 percent for the general public and 5.25 percent for senior citizens.
Those investing for 180 days to 210 days enjoy interest rates of 5.75 percent and 6.25 per cent for general and senior citizens respectively.
For deposits maturing between 211 days to less than 1 year, the interest rates are 6 percent for the general public and 6.5 per cent for senior citizens.
Investments locked in for 1 year to less than 2 years earn interest at 6.8 per cent for the general public and 7.3 per cent for senior citizens.
Similarly, for tenors spanning 2 years to less than 3 years, the interest rates stand at 7 per cent for the general public and 7.5 per cent for senior citizens.
Deposits with maturities ranging from 3 years to less than 5 years accrue interest at 6.75 per cent for the general public and 7.25 per cent for senior citizens.
For longer-term investments spanning 5 years up to 10 years, the interest rates are set at 6.5 per cent for the general public and 7.5 per cent for senior citizens.
State Bank Of India (SBI) Special Fixed Deposit (FDs) Rate 2024
Apart from these FDs, there’s a special scheme termed “400 days (Amrit Kalash)” offering an interest rate of 7.1 per cent for the general public and 7.6 per cent for senior citizens.
Latest Bank of Baroda Fixed Deposit (FDs) Rates 2024
Bank of Baroda offers various Fixed Deposit (FD) interest rates for different tenures. The fixed deposits are designed for both regular citizens and senior citizens.
For tenures ranging from 7 days to 14 days, regular citizens can avail of an interest rate of 4.25 per cent per annum, while senior citizens are offered a higher rate of 4.75 per cent per annum.
In the duration of 15 days to 45 days, the interest rates are 4.5 per cent for regular citizens and 5 per cent for senior citizens.
For tenures extending from 46 days to 90 days, regular citizens receive an interest rate of 5.5 per cent per annum, with senior citizens enjoying a higher rate of 6 per cent per annum.
Moving on to the tenure of 91 days to 180 days, regular citizens can earn an interest rate of 5.6 per cent per annum, whereas senior citizens are offered a rate of 6.1 per cent per annum.
For a tenure of 181 days to 210 days, the interest rates are 5.75 per cent for regular citizens and 6.25 per cent for senior citizens.
In the duration of 211 days to 270 days, regular citizens can avail an interest rate of 6.15 per cent per annum, while senior citizens are offered a higher rate of 6.65 per cent per annum.
For tenures exceeding 271 days but less than 1 year, the interest rates stand at 6.25 per cent for regular citizens and 6.75 per cent for senior citizens.
For a specific tenure of 360 days (bob360), both regular citizens and senior citizens can earn an interest rate of 7.1 per cent and 7.6 per cent per annum, respectively.
For a standard tenure of 1 year, the interest rates are 6.85 per cent for regular citizens and 7.35 per cent for senior citizens.
For tenures exceeding 1 year to 400 days, as well as tenures above 400 days and up to 2 years, the interest rates remain consistent at 6.85 per cent for regular citizens and 7.35 per cent for senior citizens.
For tenures exceeding 2 years and up to 3 years, regular citizens can avail an interest rate of 7.25 per cent per annum, with senior citizens enjoying a higher rate of 7.75 per cent per annum.
For tenures exceeding 3 years and up to 5 years, regular citizens are offered an interest rate of 6.5 per cent per annum, while senior citizens can earn 7.15 per cent per annum.
For tenures exceeding 5 years and up to 10 years, the interest rates are 6.5 per cent for regular citizens and 7.5 per cent for senior citizens.
Read More: RD Interest Rates 2024: Know Recurring Deposit Rates In India
Bank of Baroda Special Fixed Deposit Scheme
Apart from the above-mentioned fixed deposits, there’s a special scheme called the Baroda Tiranga Plus Deposit Scheme.
Under this plan, regular customers can get an interest rate of 7.15 per cent and if you are a senior citizen, the return you will get is 7.65 per cent. The scheme is designed for a tenure of 399 days.
