NewKerala.com

Key Points

Bank of Maharashtra is currently offering the highest FD rates among PSU banks at 7.15% for 366-day deposits. Indian Overseas Bank and Punjab & Sind Bank follow closely with competitive rates on special tenure FDs. The recent RBI repo rate cut has prompted these banks to revise their FD offerings. This presents an ideal opportunity for conservative investors to lock in higher returns.

Key Points: Bank of Maharashtra IOB Punjab & Sind Offer Top PSU Bank FD Rates

  • Bank of Maharashtra leads with 7.15% on 366-day FDs
  • IOB offers 7.10% on 444-day deposits
  • Punjab & Sind Bank provides 7.05% on 444-day FDs
  • RBI rate cuts drive PSU banks to revise FD rates
2 min read

Bank of Maharashtra, IOB, Punjab & Sind offering highest FD rates among PSU banks

Bank of Maharashtra leads with 7.15% FD rates among PSU banks, followed by IOB and Punjab & Sind Bank. Secure high returns now.

"Bank of Maharashtra offers 7.15% on 366-day FDs, the highest among PSU banks – Bank of Maharashtra"

New Delhi, June 22

If you're looking for the best returns on fixed deposits (FDs) from government banks, several public sector banks have recently revised their interest rates -- making this a great time for conservative investors to secure attractive returns.

The Bank of Maharashtra currently offers the highest interest rate among public sector banks, with 7.15 per cent on 366-day deposits.

For other tenures, it offers 6.25 per cent for one year, 6.3 per cent for three years, and 6.25 per cent for five years.

The Indian Overseas Bank follows closely, offering 7.10 per cent on 444-day FDs. The bank provides 6.70 per cent for one-year deposits and 6.30 per cent for both three-year and five-year terms.

The Punjab and Sind Bank is giving 7.05 per cent interest on 444-day FDs, while one-year deposits earn 6.10 per cent, three-year FDs offer 6 per cent, and five-year deposits fetch 6.35 per cent.

The Bank of India is offering a special 999-day Green FD at 7 per cent. Its regular FD rates include 6.50 per cent for one year, 6.25 per cent for two years, and 6 per cent for five years.

The Central Bank of India also offers 7 per cent on deposits ranging from two to three years. Additionally, the bank provides 7 per cent interest on special FDs of 1111 days, 2222 days, and 3333 days.

For other terms, it offers 6.7 per cent for one year, 6.75 per cent for three years, and 6.50 per cent for five years.

Fixed deposits remain a trusted investment tool due to their capital safety and guaranteed returns.

The recent repo rate cut by the Reserve Bank of India (RBI) has prompted these public sector banks to revise their FD rates, creating an ideal opportunity for risk-averse investors to lock in higher interest rates for the medium to long term.

- IANS

Share this article:

Reader Comments

R
Rahul K.
Finally some good news for FD investors! 🎉 Bank of Maharashtra's 7.15% is quite attractive. But why do these special tenure FDs (366 days, 444 days etc.) always have better rates? Seems like a marketing gimmick to me. Still better than private banks though!
P
Priya M.
As a retired person, I rely heavily on FD interest for monthly expenses. These revised rates are a blessing. Central Bank's 1111/2222/3333 day FDs seem interesting but too long-term for my needs. Wish they had better rates for senior citizens specifically.
A
Amit S.
Good to see PSU banks competing on rates! But we must remember - higher interest often means the bank needs deposits badly. Should we be concerned about their financial health? RBI should ensure these banks remain stable while offering good returns.
N
Neha T.
The Green FD from Bank of India at 7% is a great initiative! 👍 Finally seeing banks promote sustainable investments. Though I wish they'd explain more about how these funds will be used for green projects. Transparency would attract more investors.
S
Sanjay R.
After PPF and Sukanya Samriddhi, FDs remain my go-to investment. These rates beat inflation (just about!). Pro tip: Always check the compounding frequency - quarterly compounding gives better effective returns than annual compounding.
K
Kavita P.
Why do different banks have such different rates for similar tenures? Punjab & Sind's 5-year rate is higher than their 3-year rate - doesn't make sense! RBI should standardize this to help common investors make better decisions. Too confusing otherwise.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50