Union Bank, Bank of India, Punjab National Bank, and other banks have revised their fixed deposit interest rates in August.Among the scheduled public sector banks, Union Bank of India provides the highest fixed deposit interest rates, offering up to 7.40% p.a. on a tenure of 333 days. Senior citizens (aged 60 years and above) can earn an additional 0.50% p.a., while super senior citizens can earn 0.75% higher rates, according to an ET report.
| 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 as quoted by ET
Bank of India has introduced a special deposit scheme where general citizens can earn 7.30% interest, senior citizens can get 7.80%, and super senior citizens can receive 7.95% for deposits up to Rs 2 crore with a tenure of 666 days.
Bank of Baroda has launched the “BoB Monsoon Dhamaka Deposit Scheme,” which offers interest rates of 7.25% per annum for 399 days and 7.15% for 333 days. This scheme, applicable to retail deposits below Rs 3 crore, commenced on July 15, 2024.
“Amrit Vrishti,” a new term limited-period deposit scheme, has been introduced by the State Bank of India (SBI). This FD scheme provides higher interest rates and is available to both domestic and non-resident Indian customers.
The scheme became effective on July 15, 2024, and can be booked through branches, internet banking, and YONO Channels.
