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Canara Bank Vs Bank Of Baroda Vs PNB Latest Interest Rates On FD Post Repo Rate Hike By RBI
When it comes to safe and secure investment, the first investment instrument comes is Fixed Deposits. Fixed deposits can last for a minimum of seven days and a maximum of five years and ten years. These investment plans offer assured returns regardless of stock market volatility because they are not market-linked. However, the duration of your fixed deposit will affect the interest rate.
On Friday, 30 September, the Reserve Bank of India (RBI) hiked the repo rates by 50 basis points. Since May, the RBI has hiked repo rates four times, the current repo rate is 5.90% after the recent hike.
According to experts, this hike in the repo rate will encourage banks to increase the interest rates on fixed deposits, making them more appealing. However, FDs have become more appealing in recent times as interest rates have increased. Following the Repo rate hike, banks are anticipated to follow suit by raising interest rates on fixed deposits to reflect the same trend.
Here, we have compared FD rates offered by the 3 leading public sector banks after the repo rate hike by the RBI. These FD rates are as follows:
Canara Bank FD Rates
Canara Bank, a public sector lender, increased interest rates on fixed deposits below Rs 2 crore. According to the bank's website, the bank revised the interest rates in FD on August 8, 2022. After the revision, the bank now offers interest rates on deposits maturing in 7 days to 10 years ranging from 2.90% to 6% for the general public and 2.90% to 6.50% for Senior Citizens.
Interest Rates For Fixed Deposits less than Rs.2 Crore w.e.f. 08.08.2022
| Tenor | General Public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 days to 45 days* | 2.9 | 2.9 |
| 46 days to 90 days | 4 | 4 |
| 91 days to 179 days | 4.05 | 4.05 |
| 180 days to 269 days | 4.65 | 5.15 |
| 270 days to less than 1 Year | 4.65 | 5.15 |
| 333 days Scheme | 5.1 | 5.6 |
| 1 year only | 5.5 | 6 |
| Above 1 year to less than 2 years | 5.55 | 6.05 |
| 666 Days | 6 | 6.5 |
| 2 years & above to less than 3 years | 5.6 | 6.1 |
| 3 years & above to less than 5 years | 5.75 | 6.25 |
| 5 years & above to 10 Years | 5.75 | 6.25 |
Source-Canarabank.com
According to the bank, "Rates are applicable only for single deposit of Rs.5 Lakh & above. The minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of the deposit. Below Rs.5 Lakh, the Minimum tenor of the deposit is 15 Days."
Also, the bank has stated, "Additional interest of 0.50% for Senior Citizens is available for Deposits (Other than NRO/NRE and CGA Deposits) less than Rs. 2 Cr and with the tenor of 180 Days and above."
Bank Of Baroda FD Rates
Bank of Baroda is a leading public sector lender that offers interest rates on Fixed Deposits for tenors ranging from 7 days to 10 years. The bank recently, on September 13, 2022, hiked the interest rates on Fixed Deposits. After the hike, the Interest rates offered by the bank range from 3% to 5.65% for the given tenor to the general public. Whereas, for the senior citizens, the FD rates range from 3.50% to 6.65% for the given tenor. Please note, the Senior Citizen FD rates are only for the resident senior citizens, it is not applicable on NRO Senior citizen deposits.
For Domestic & NRO Term Deposits on Fresh & Renewal -Callable - Below Rs. 2 Crore
| Tenors | General Public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3 | 3.50* |
| 15 days to 45 days | 3 | 3.50* |
| 46 days to 90 days | 4 | 4.50* |
| 91 days to 180 days | 4 | 4.50* |
| 181 days to 270 days | 4.65 | 5.15* |
| 271 days & above and less than 1 year | 4.65 | 5.15* |
| 1 year | 5.5 | 6.00* |
| Above 1 year to 400 days | 5.5 | 6.00* |
| Above 400 days and upto 2 Years | 5.5 | 6.00* |
| Above 2 Years and upto 3 Years | 5.55 | 6.05* |
| Above 3 Years and upto 5 Years | 5.65 | 6.30# |
| Above 5 Years and upto 10 Years | 5.65 | 6.65** |
| "Above 10 years (MACT/MACAD | ||
| Court Order schemes only)" | 5.1 | 5.60* |
(* incl. additional ROI 0.50%, ** incl. additional ROI of 0.50%+0.50%, # incl. additional ROI of 0.50%+0.15%)
Source- bankofbaroda.in
Punjab National Bank FD Rates
Punjab National Bank (PNB), a public sector lender, is one of the leading banks in India with a pan-India presence. The bank offers Interest Rates on Fixed Deposits for various tenures from 7 days to 10 years. According to the PNB's website, The new interest rates offered by the bank for General Public are effective from August 19, 2022. FD rates offered by the bank to senior citizens and Super senior citizens are effective from September 13, 2022, according to the website.
PNB has recently added two new fixed deposit tenures for amounts less than Rs 2 crore. These two new tenors are of 405 days and 406 days to two years.
For General Public, the interest rates provided by the bank range from 3% to 5.75% and for the senior citizens (age - 60-80 years), the FD rates range from 3.50% to 6.60%. Whereas, for Super Senior Citizens (Age - above 80 years), the interest rate ranges between 3.80% to 6.90%.
Interest rates on Single domestic term deposits - Callable - below 2 Cr w.e.f 19-08-2022
| Tenor | General Public (% p.a.) |
|---|---|
| 7 days to 14 days | 3 |
| 15 days to 29 days | 3 |
| 30 days to 45 days | 3 |
| 46 days to 90 days | 3.25 |
| 91 days to 179 days | 4 |
| 180 days to 270 days | 4.5 |
| 271 days to 1 year | 4.5 |
| 1 year | 5.5 |
| > 1 year to 404 days | 5.5 |
| 405 days | 6.1 |
| 406 to 2 years | 5.5 |
| >2 years - 3 years | 5.6 |
Senior & Super Senior Citizen Interest rates on Single domestic term deposits - Callable - below 2 Cr w.e.f 13-9-2022
| Tenor | Senior Citizen (% p.a.) | Super Senior Citizen (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.5 | 3.8 |
| 15 days to 29 days | 3.5 | 3.8 |
| 30 days to 45 days | 3.5 | 3.8 |
| 46 days to 90 days | 3.75 | 4.05 |
| 91 days to 179 days | 4.5 | 4.8 |
| 180 days to 270 days | 5 | 5.3 |
| 271 days to 1 year | 5 | 5.3 |
| 1 year | 6 | 6.3 |
| > 1 year to 404 days | 6 | 6.3 |
| 405 days | 6.6 | 6.9 |
| 406 to 2 years | 6 | 6.3 |
| >2 years - 3 years | 6.1 | 6.4 |
Source- PNBindia.com
