Best FD Rates: SBI Vs Bank Of Baroda Vs PNB Vs Canara Bank Vs Union Bank; Which PSU Bank Offers Better Rates?

State Bank of India (SBI), Bank of Baroda, Punjab National Bank (PNB), Canara Bank and Union Bank of India are the top five PSU banks in India as per market share. Some of these PSU banks have revised their FD rates in recent times, offering as high as 8% returns on deposits. Fixed deposits are risk-free and packed with guaranteed returns, making it one of the safest investment option for individuals. It is usually meant for those who are not comfortable with taking risks in capital markets-related instruments. Senior citizens earn higher rates in FDs than compared to individuals below the age group of 60 years. Let's check out the latest FD rates on less than Rs 2 crore deposits!

The FD rates are for a minimum tenure of 7 days to a maximum up to 10 years. Some of these PSU banks also have special FD rates available for depositors.

SBI FD rates:

Under its 400 days (Special Scheme i.e. " Amrit Kalash") scheme, SBI which is the largest PSU in terms of market share is offering 7.10% to normal individuals and 7.60% to senior citizens. The tenure for this special FD scheme is 444 days. The scheme has come into effect from April 12, 2023, and is valid till December 31, 2023.

Apart from this, with effect from February 15, 2023, to senior citizens, SBI offers a 7.50% rate on 2 years to less than 3 years; and 5 years and up to 10 years tenures, while it offers 7.30% on 1 Year to less than 2 years, and 7% rate on 3 years to less than 5 years tenure. For tenures from 7 days to less than 1 year, the rates range from 3.50% to 6.25%.

To normal individuals (both males and females), the bank is offering 7.19% on 2 years to less than 3 years tenure, and 6.98% on 1-year to less than 2 years tenure. An interest rate of 6.66% is offered on tenures from 3 years to 10 years. On tenures below 1 year, the rates vary from 3% to 5.88%.

Bank of Baroda FD rates:

This PSU bank revised its FD rates with effect from May 12, 2023. It is offering the highest rate of 7.75% to senior citizens and 7.25% to normal individuals for 399 days tenure under its Baroda Tiranga Plus Deposit Scheme.

Apart from this, senior citizens can earn 7.55% on above 2 years to 3 years tenure, 7.50% on above 5 years to 10 years tenure, and 7.15% on above 3 years to 5 years. Further, elderlies can earn 7.25% from 1 year to 2 years. On tenures from 7 days to less than 1 year, the ranges are between 3.50% to 6.25%. The bank is offering 6.75% on above 10 years tenure however meant for only MACT/MACAD Court Order schemes.

For normal individuals, there is 7.05% offered on above 2 Years and upto 3 Years; 6.50% on above 3 years to 5 years, and 6.75% on 1 year to 2 years tenures. The bank is also offering 6.25% on the above 10 years tenure on the special schemes. On tenures below 1 year, the ranges range from 3% to 5.75%.

Punjab National Bank (PNB) FD Rates:

On its 444-day tenure, PNB is offering 8.05% to super seniors (above 80 years of age), 7.75% to senior citizens, and 7.25% to normal individuals. These rates are in effect from June 1, 2023.

Super senior citizens:

The bank offers a 7.80% rate for above 2 years & up to 3 years; 7.60% for above 1 year to 443 days and 445 Days to 2 Years; and a 7.55% rate is given on 1-year tenure. The bank offers 7.30% on above 3 years to 10 years tenure. On other tenures, the rate ranges from 4.30% to 6.60%.

Senior citizens:

The bank is offering 7.50% on above 2 years & up to 3 years; 7.30% on above 1 year to 443 days, 445 Days to 2 Years, and above 5 years & up to 10 years tenure. Also, the bank is offering 7.25% for 1 year.

From 7 days to less than 1-year tenures, the bank is offering 4% to 6.30%.

Normal individuals:

The next high rate is 7% offered on above 2 years & up to 3 years tenure; 6.80% on over 1 year to 443 days, and 445 Days to 2 Years tenure. The bank is also offering a 6.50% rate on the above 3 years to 10 years tenure. An interest rate of 6.75% is offered on a 1-year tenure.

On tenures below 1 year, the interest rates vary from 3.50% to 5.80%.

Canara Bank FD Rates:

Here, senior citizens can earn up to 7.75% on 444 days tenure, and normal individuals can earn up to 7.25% on the same. Canara Bank is the latest to revise FD rates with effect from August 12, 2023.

To senior citizens, the bank is also offering 7.40% on 1 year and above 1 year to less than 2 years tenures. Also, the bank is offering 7.35% for 2 Years & above to less than 3 Years; 7.30% for 3 Years & above to less than 5 Years; and 7.20% for 5 Years & above to 10 Years. There is also an interest rate of 7% offered on 270 Days to less than 1 Year. Below 270 days, interest rate ranges from 4% to 6.75% on tenures.

For normal individuals, the interest rates range from 4% to 6.90%.

Union Bank of India FD Rates:

The highest rate at Union Bank is 7% offered on 399 Days, followed by 6.70% over 3 years to 10 years, and 6.50% on 3 years tenure. While 6.30% is offered on 400 days to less than 3 years tenure, and also from 1 year to 398 days tenure.

On the tenures below 1 year, the rates range from 3% to 5.25%. These rates have been effective since May 23, 2023.

Further, Union Bank is offering an additional rate component to resident senior and super senior citizens on term deposits up to Rs 5 crore in all of its domestic term deposits scheme. Also, the additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates displayed above.

The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above the rate applicable to resident senior citizens).