Bank Fixed Deposit Interest Rates: Banks across India have been hiking their interest rates on loans and deposits ever since the Reserve Bank of India increased its repo rates in an off-cycle Monetary Policy Committee (MPC) meeting last month. Bank FD is popular among those individuals who do not want to invest in risky assets and want a safe and secure return for their investments. FDs offer a stable and guaranteed rate of return. This also comes in as a better option when stock markets are not performing well and running on losses. Fixed deposits, even when their returns are lower than risk assets, do not incur losses to the investors.
Almost every bank in India, including PSUs, have the option of opening fixed deposit accounts for customers. Here are the fixed deposit interest rates of some PSUs, which offer best returns.
Punjab National Bank
Punjab National Bank, or PNB, has announced a hike in its fixed deposit interest rates from July 4. For deposits between tenures of over one year and up to two years, the PNB FD rates have been hiked by 10 bps to 5.30 per cent, up from the earlier 5.20 per cent. For deposits maturing in 2 years and up to three years, PNB FD interest rates have been hiked to 5.50 per cent, up by 20 bps. For senior citizens, the PNB FD interest rates are increased by an additional 50 bps.
Union Bank of India
Union Bank of India offers fixed deposit interest rate of 5.45 per cent for a tenure of 1 year to up to 2 years. For a tenure of 2 years and up to 3 three years, Union Bank of India FD interest rates are 5.50 per cent, for 3 years to up to 5 years, the interest rate is 5.75 per cent.
UCO Bank
Another PSU, UCO Bank, offers an interest rate of 5.30 per cent for tenures of over 1 year to less than 2 years, while for more than 2 years to up to three years, the interest rate is the same. UCO Bank FD interest rates for a tenure of more than 5 years to up to 5 years are 5.60 per cent. For tenures above 5 years, the UCO Bank FD rate is 5.30 per cent. Senior citizens get an additional 50 basis points return on these rates, with a deposit value of less than Rs 2 crore.
Punjab and Sind Bank
Punjab and Sind Bank fixed deposit interest rates for tenures of 1 year to 2 years is 5.35 per cent, while the same for tenures of more than 2 years to less than 2 years is 5.40 per cent. Punjab and Sind Bank FD rates for a 3-year to less than 5 years tenure is 5.60 per cent, while it is the same for a tenure of 5 years to up to 10 years tenures. These rates are applicable for deposits below Rs 2 crore.
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