Highest Interest Rates on Fixed Deposits offered by Government Banks in India

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The Reserve Bank of India officials are slated to meet in early Feb to decide on the Monetary policy. It is widely believed that interest rates would be cut for sure as WPI inflation has now reached zero. If you want to block money in high interest bearing deposits now is the right time. We have selected a few government deposits with the highest interest rates.

We have chosen a deposit amount of Rs 50,000 for a period of 1 year 6 months for a Resident Indian, where interest is compounded quarterly.

Interest Rate at 9.0 per cent

Central Bank of India, Dena Bank, Punjab National Bank and State Bank of Mysore are offering highest interest rate at 9.0 per cent. For an amount of Rs 50,000 for the period 1 year 6 months for a resident Indian. Where interest is compounded quarterly at 9 per cent interest. The maturity amount will be Rs 57,106.

Interest Rate offered at 8.95 per cent

Union Bank is offering interest at 8.95 per cent, which will be Rs 56,983 for the tenure of 1 year 6 months for the amount Rs 50,000.

Interest Rate Offered at 8.75 per cent

Allahabad Bank, Bank of India, Bank of Maharashtra, Corporation Bank, State bank of Tranvancore, UCO Bank are offering interest rate at 8.75 per cent. For amount Rs 50,000 for the period 1 year 6 months for a resident Indian. Where interest is compounded quarterly at 8.75 per cent interest. The maturity amount will be Rs 56,898.

Interest Rate offered at 9 per cent

Canara Bank is offering interest at 9 per cent which is compounded yearly. For amount Rs 50,000 for the period 1 year 6 months for a resident Indian. Where interest is compounded yearly at 9 per cent interest. The maturity amount will be Rs 56,866.

Interest Rates offered at 8.5 per cent

State Bank of India, Syndicate Bank are offering Interest rate at 8.5 per cent. For amount Rs 50,000 for the period 1 year 6 months for a resident Indian. Where interest is compounded yearly at 8.5 per cent interest. The maturity amount will be Rs 56,691.

Interest Rate offered at 8.5 per cent

Union Bank of India is offering Interest at 8.5 per cent which is compounded yearly. For amount Rs 50,000 for the period 1 year 6 months for a Resident Indian. Where interest is compounded yearly at 8.5 per cent interest. The maturity amount will be Rs 56,477.

Read more about: interest rates, fixed deposits
Story first published: Tuesday, January 6, 2015, 10:18 [IST]
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