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5 Major Govt Banks Hike Interest Rates on FD: Check Latest Rates Here
Recently the Reserve Bank of India announced a raise in the repo rate by 40 basis points in an unscheduled meeting on May 4 in its bid to check the surging inflation.
Recently the Reserve Bank of India announced a raise in the repo rate by 40 basis points in an unscheduled meeting on May 4 in its bid to check the surging inflation. Soon after the Central Bank's announcement of hike in repo rate, the banking sector immediately hiked interest rates on the fixed deposits.
The leading government banks like PNB, Bank of Baroda, SBI, Canara Bank, and Union Bank have decided to raise FD rates to make them attractive for citizens. Below are the latest FD rates offered by these government banks as on May 18, 2022.
1. PNB Bank
PNB decided to revise and update its FD rates for its customers soon after RBI's 40 basis points rise in repo rate. The bank has revised rate of interest on NRE deposit, single deposit, NRE Term Deposits (TD) up to Rs 10 crore (callable). For Single Domestic Term Deposit of less than Rs 2 crore (callable), the revised rate of interest for FDs maturing from 7-14 days, the new interest rate is 3% while senior citizen will get 3.50%. In the category, if you choose above 5 years and upto 10 years, you can fetch an interest rate of 5.25% while senior citizen can get the interest rate of 5.75%. Check the table below for detailed interest rates offered by PNB.
Rate Of Interest On Single Domestic / NRO / NRE Term Deposits (TD) Up To Rs.10 Cr. (Callable)
| Domestic/NRO $ TD Less Than Rs.2 Cr. | Domestic/NRO $ TD Rs. 2 Cr To Rs. 10 Cr.# | NRE TD $ Less Than Rs.2 Cr. | NRE TD $ Rs.2 Cr. To Rs. 10 Cr. | PNB Tax Saver FD | |||||
|---|---|---|---|---|---|---|---|---|---|
| W.E.F. 07.05.2022 | W.E.F. 07.05.2022 | W.E.F. 07.05.2022 | W.E.F. 07.05.2022 | ||||||
| Sl. No | Period | ROI (% p.a.) | A.Y.* | For Senior Citizen ROI (% p.a.)** | ROI (% p.a.) | A.Y.* | ROI (% p.a.) | ROI (% p.a.) | ROI (% p.a.) |
| 1 | 7 to 14 days | 3 | 3 | 3.5 | 3.5 | 3.5 | NA | NA | NA |
| 2 | 15 to 29days | 3 | 3 | 3.5 | 3.5 | 3.5 | NA | NA | NA |
| 3 | 30 to 45 days | 3 | 3 | 3.5 | 3.5 | 3.5 | NA | NA | NA |
| 4 | 46 to 90 days | 3.25 | 3.25 | 3.75 | 3.5 | 3.5 | NA | NA | NA |
| 5 | 91 to 179 days | 4 | 4 | 4.5 | 3.5 | 3.5 | NA | NA | NA |
| 6 | 180 days to 270 Days | 4.5 | 4.53 | 5 | 3.5 | 3.52 | NA | NA | NA |
| 7 | 271 days to less than 1 year | 4.5 | 4.55 | 5 | 3.5 | 3.53 | NA | NA | NA |
| 8 | 1 year | 5.1 | 5.2 | 5.6 | 4 | 4.06 | 5.1 | 4 | NA |
| 9 | above 1 year & upto 2 years | 5.1 | 5.2 | 5.6 | 4 | 4.06 | 5.1 | 4 | NA |
| 10 | above 2 year & upto 3 years | 5.1 | 5.33 | 5.6 | 4 | 4.14 | 5.1 | 4 | Public (General)- 5.25 (for 5 years) 5.25 ( for above 5years to 10 years) |
| Sr. Citizen (General)- 5.75 (for 5 years) 5.75 ( for above 5years to 10 years) | |||||||||
| 11 | above 3 year & upto 5 years | 5.25 | 5.65 | 5.75 | 4 | 4.23 | 5.25 | 4 | Staff member- 6.25 (for 5 years) 6.25 ( for above 5years to 10 years) |
| 12 | above 5 years & upto 10 years | 5.25 | 5.96 | 5.75 | 4 | 4.4 | 5.25 | Retired Staff (Sr. Citizen)- 6.25 (for 5 years) 6.25 ( for above 5years to 10 years) |
"PNB UTTAM FIXED DEPOSIT SCHEME" (Non-Callable) @ With Effect From 07.05.2022 (For Deposit Above 15 Lakh)
| Domestic TD More Than Rs 15 Lakh To Less Than Rs.2cr W.E.F. 07.05.2022 | Domestic TD Rs.2 Cr. To Rs 10 Cr. W.E.F. 07.05.2022 | |||
|---|---|---|---|---|
| Period | ROI (% p.a.) | A.Y.* | ROI (% p.a.) | A.Y.* |
| 91 to 179 days | 4.05 | 4.05 | 3.55 | 3.55 |
| 180 days to 270 Days | 4.55 | 4.58 | 3.55 | 3.57 |
| 271 days to less than 1 year | 4.55 | 4.6 | 3.55 | 3.58 |
| 1 year | 5.15 | 5.25 | 4.05 | 4.11 |
| above 1 year & upto 2 years | 5.15 | 5.25 | 4.05 | 4.11 |
| above 2 year & upto 3 years | 5.15 | 5.39 | 4.05 | 4.2 |
| above 3 year & upto 5 years | 5.3 | 5.7 | 4.05 | 4.28 |
| above 5 years & upto 10 years | 5.3 | 6.02 | 4.05 | 4.46 |
2. Canara Bank
The bank also increased interest rates on its fixed deposits. The bank has increased interest rates for both general public and senior citizens. Now general public can fetch an interest rate of 2.90 for FDs maturing from 7- 45 days. For FDs maturing in 270 days to less than 1 year, customers can get 4.55% interest rates while senior citizens can get 5.05% interest rates. FDs in the bucket of 5 years and above to 10 years will offer an interest rate of 5.75% to citizens and 6.25% to senior citizens. Check the table below for detailed report:
For deposits less than Rs 2 crore as on May 18, 2022:
| Term Deposits (All Maturities) | General Public | Senior Citizen | ||
|---|---|---|---|---|
| Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) ** | Rate of Interest (% p.a.) # | Annualised Interest yield (% p.a.) ** | |
| 7 days to 45 days* | 2.9 | 2.93% | 2.9 | 2.93% |
| 46 days to 90 days | 4 | 4.06% | 4 | 4.06% |
| 91 days to 179 days | 4.05 | 4.11% | 4.05 | 4.11% |
| 180 days to 269 days | 4.5 | 4.58% | 5 | 5.09% |
| 270 days to less than 1 Year | 4.55 | 4.63% | 5.05 | 5.15% |
| 1 year only | 5.3 | 5.41% | 5.8 | 5.93% |
| Above 1 year to less than 2 years | 5.4 | 5.51% | 5.9 | 6.03% |
| 2 years & above to less than 3 years | 5.45 | 5.56% | 5.95 | 6.08% |
| 3 years & above to less than 5 years | 5.7 | 5.82% | 6.2 | 6.35% |
| 5 years & above to 10 Years | 5.75 | 5.88% | 6.25 | 6.40% |
For Deposits Rs. 2 Crore & above to less than Rs. 10 Crore *as on May 18, 2022
| Term Deposits (All Maturities) | Callable | Non-Callable ++ | ||
|---|---|---|---|---|
| Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.)** | Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.)** | |
| 7 days to 45 days | 2.9 | 2.93% | - NA - @ | |
| 46 days to 90 days | 3.1 | 3.14% | 3.1 | 3.14% |
| 91 days to 179 days | 3.35 | 3.39% | 3.35 | 3.39% |
| 180 days to 269 Days | 3.35 | 3.39% | 3.35 | 3.39% |
| 270 days to less than 1 Year | 3.35 | 3.39% | 3.35 | 3.39% |
| 1 year only | 3.75 | 3.80% | 3.75 | 3.80% |
| Above 1 year to less than 2 years | 3.75 | 3.80% | 3.75 | 3.80% |
| 2 years & above to less than 3 years | 3.65 | 3.70% | 3.65 | 3.70% |
| 3 years & above to less than 5 years | 3.4 | 3.44% | 3.4 | 3.44% |
| 5 years & above to 10 Years | 3.4 | 3.44% | No Quotes @ |
3. SBI Bank
The bank has also decided to hike its interest rates soon after RBI's decision to raise repo rate. It has increased interest rates of its Domestic Bulk Term Deposit of Rs 2 crore and more. SBI's FD for the period of 7 days to 45 days offers 3% interest rates and the rate remains unchanged. FDs maturing in 46 days to 149 days will offer a new interest rate of 3.5%, a hike of 50bps. Meanwhile, deposits for the period of 211 days to below 1 year will now give citizens an interest rate of 3.75% and deposits for the duration of 1 year to less than 2 years can fetch 4% interest rates. The leading bank has also hiked the rates of interest for FDs maturing in 1 year to below two years to 4%, a hike of 40 bps. And, FDs maturing in 2 years to below 3 years can offer 4.25% interest rate. Senior citizens will be eligible to receive a hike of 50bps on their FDs.
SBI Domestic Term Deposits of 2 crore and above will fetch the given below interest rates
| Time Period | Interest Rates |
|---|---|
| 7 days to 45 days | 3.00% |
| 46 days to 179 days | 3.50% |
| 180 days to 210 days | 3.50% |
| 211 days to less than 1 year | 3.75% |
| 1 year to less than 2 years | 4.00% |
| 2 years to less than 3 years | 4.25% |
| 3 years to less than 5 years | 4.50% |
| 5 years and upto 10 years | 4.50% |
4. Bank of Baroda:
The bank also followed other leading banks in raising interest rates on its FDs. It has raised interest rates for domestic term deposits and NRO deposits of more than 10 crore to up to Rs 50 crore. The latest rate of interest as on May 18 for domestic term deposit and NRO deposit will make investment in fixed deposits attractive for bank customers. For FDs that mature in 7 to 15 days offer an interest rate of 3.25%. FDs maturing in 15 days to 45 days can give you an interest rate of 3.50%. Deposits maturing in 46 days to 90 days can give customers an interest rate of 3.50%.
Deposits maturing in 91 days to 180 days can offer 3.75% interest rates. For deposits maturing in 180 days to 270 days will now provide an interest rate of 4.00%. Deposits maturing in 271 days to more and less than a year can give you an interest rate of 4.25%. Deposits maturing in 1 year can give you 5.05% interest. Deposits maturing in more than 1 year and up to 2 Years offer interest rate of 5.05%. Deposits for 2 Years and up to 3 Years can give you 5.10% interest rate. And, deposits maturing in more than 3 years and up to 5 years can offer 4.50 % interest rate.
5. Union Bank Of India
The bank has also revised its interest rates on saving bank deposits that will become effective from 1ST June 2022.
Check the table below for the latest interest rates:
| Balance | Existing Interest Rate | Revised Interest Rate |
|---|---|---|
| Up to Rs.50 lakhs | 2.90% | 2.75% |
| Up to Rs.50 lakhs | 2.90% | 2.90% |
| > Rs.100 Crores to Rs.500 Crores | 2.90% | 3.10% |
| > Rs.500 Crores to Rs.1000 Crores | 2.90% | 3.40% |
| Above Rs.1000 Crores | 2.90% | 3.55% |
Meanwhile, the interest rates in % per annum for FDs less than Rs 2 crore are given below in the table:
| Period | Interest Rate (Rates in % per annum) |
|---|---|
| 7 - 14 Days | 3 |
| 15 - 30 Days | 3 |
| 31 - 45 Days | 3 |
| 46 - 90 Days | 3.5 |
| 91 - 120 Days | 3.75 |
| 121 to 180 Days | 4.3 |
| 181 Days to4.4 | |
| 1 Year | 5 |
| >1 Year to 2 Years | 5.1 |
| >2 Year to 3 Years | 5.3 |
| >3 Years to 3 Years 14 Days | 5.4 |
| 1111 Days | 5.5 |
| > 3 Years 15 Days to 5 Years | 5.4 |
| >5 Years to 10 Years | 5.5 |
