Interest rates in the economy are falling and banks have already begun cutting deposit rates. Here is a quick look at interest rates on government bank deposits for Oct 2014. Corporation Bank deposits tops the interest rates chart with 9.11% interest. We have taken only up to 5 years. Please note interest rates keep changing frequently.

Corporation Bank

3 years to 3 years & 3 months - 9.11%

1-5 years - 9%

Syndicate Bank

1 Year exact - 9.05% interest per annum

Above 1 year to 444 days - 8.9%

2-5 years - 8.75%

IDBI Bank

500 days - 9.05%

501 days - 5 years - 9%

5 years - 9.1%

State Bank of India

1-2 years - 8.75%

2-3 years - 8.75%

3-5 years - 8.75%

Allahabad Bank

1-2 years - 9.05%

2-5 years - 9.05%

Andhra Bank

1-3 years - 9.05%

3-5 years - 8.75%

Bank of Baroda

1-3 years - 8.75%

3-5 years - 8.5%

Bank of India

Interest rates stand at 9.05% across all tenures.

Canara Bank

1-3 years - 9.05%

3-5 years - 9%

Punjab National Bank

1-10 years - 9%

Union Bank of India

1-5 years - 9% only

Vijaya Bank

1 year deposit - 9.05%

2-5 years - 9%

Should you invest in bank deposits?

Interest rates have fallen in the last few months and bank deposits are no longer as attractive as they used to be. Interest rates in the economy are expected to fall further, given that inflation has been falling. Look at other options like company fixed deposits if you wish to earn higher amounts. Senior Citizens get an extra interest rate of 0.5%.

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