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Banks have been raising interest rates on fixed deposits (FDs) following consecutive repo rate hikes by the Reserve Bank of India (RBI). Among the lenders that have recently raised interest rates on term deposits are the State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India, IDFC First Bank,Â
Here are 4 govt banks offering more than 7% on fixed deposit (FD)
Bank of Baroda FD rates
Bank of Baroda (BoB) has launched “Baroda Tiranga Plus Deposit Scheme”, with higher standard interest rates of up to 7.50% p.a. for 399 days with effect from 1st November 2022, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits. On Baroda Tiranga Plus Deposit Scheme of 399 Days, BoB will offer an interest rate of 6.75% for the general public, 7.25% for senior citizens under the callable option, whereas under the non-callable option, the general public, NRE/NRO depositors will get an interest rate of 7% and senior citizens will get an interest rate of 7.50%.
Bank of India FD rates
Bank of India (BOI) has come up with a special fixed deposit scheme offering higher interest rates. BOI today annonced ‘Star Super Triple Seven Fixed Deposit’ scheme, it is a limited-time offer. As the name implies, under the newly launched Fixed Deposit Scheme depositors can earn an interest rate of 7.25% and up to 7.75% for senior citizens on a deposit for 777 days.
Union Bank Of India FD rates
Union Bank of India offers interest ranging from 3% to 7% on FDs with maturities ranging from 7 days to 10 years. on the maturity period of 599 days.
Canara Bank FD rates
Canara Bank has launched a special fixed deposit plan for a tenure of 666 days. According to this plan, the lender is offering an interest rate of 7% to its general customers, while senior citizens will receive 7.5% on these deposits.
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