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Indian Overseas Bank Vs Indian Bank Vs Canara Bank Latest FD Rates Compared Post Repo Rate Hike
Fixed Deposit is recognised as one of the most secure and safe kinds of investment. In 2022, Fixed Deposits (FD) are getting their charm back as Interest rates on FDs are getting raised by the banks across the tenors since May 2022. This is because after the Reserve Bank of India (RBI) increased the repo rate, government and private sector banks are adjusting the rates on FDs.
In September, the RBI raised the repo rate for the fourth time in a row up to 1.90 percent. The repo rate rose by 50 basis points to 5.9 percent. Banks are likely to raise fixed deposit rates further in order to attract additional deposits, as the repo rates are getting raised by the RBI.
Following the repo rate hike in September, many other top banks raised their FD rates for terms ranging from 7 days to 10 years in October 2022. Banks such as ICICI bank, Axis Bank, SBI, Indian Bank, Bank Of Maharashtra, Canara Bank and many others. Many other banks are likely to follow the trend in the coming days.
As a result of hike in FD rates, before subscribing to a new fixed deposit or upgrading an existing one, it is vital to compare the most recent FD rates offered by the country's top PSU banks such as Indian Bank, Indian Overseas Bank, & Canara Bank. Here we have compared the FD rates of these 3 PSU banks as these banks have recently hiked Interest rates on FDs. One of these banks now offers more than 7 percent interest rate on FD.
Indian Bank
Interest Rates on Retail Domestic Term Deposits Below 2 Cr with effect from 04.10.2022
| Tenor | Revised (% p.a) |
|---|---|
| 7 days to 14 days | 2.8 |
| 15 days to 29 days | 2.8 |
| 30 days to 45 days | 3 |
| 46 days to 90 days | 3.25 |
| 91 days to 120 days | 3.5 |
| 121 days to 180 days | 3.85 |
| 181 days to less than 9 months | 4.5 |
| 9 months to less than 1 year | 4.75 |
| 1 year | 5.5 |
| Above 1 year to less than 2 years | 5.5 |
| 2 years to less than 3 years | 5.6 |
| 3 years to less than 5 years | 5.75 |
| 5 year | 5.65 |
Source- Indianbank.in
According to the bank's official website, For Domestic Term Deposit for Senior Citizens, additional rate of interest payable would be 0.50% p.a. for amount up to Rs 10 crore. The additional rate would be offered on deposits of 15 days to 10 years over the card rate in respect of Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Schemes. Similarly, for Recurring Deposit accounts, an additional interest rate would be eligible for the period from 6 months to 120 months (In multiples of 3 months). The above ceiling is applicable to all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together.
Canara Bank
Interest Rates For Fixed Deposits less than Rs. 2 Crore with effect from 07.10.2022
| Tenor | Rate of Interest (% p.a.) | Senior Citizens FD Rates (% p.a.) |
|---|---|---|
| 7 days to 45 days* | 3.25 | 3.25 |
| 46 days to 90 days | 4.25 | 4.25 |
| 91 days to 179 days | 4.5 | 4.5 |
| 180 days to 269 days | 5.9 | 6.4 |
| 270 days to less than 1 Year | 6 | 6.5 |
| 1 year only | 6.5 | 7 |
| Above 1 year to less than 2 years | 6.5 | 7 |
| 666 Days | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.5 | 7 |
| 3 years & above to less than 5 years | 6.5 | 7 |
| 5 years & above to 10 Years | 7 | 7.5 |
Source-canarabank.com
According to the bank's official website, Minimum period for renewal of domestic/NRO term deposits is 7 days irrespective of the size of deposit. Below Rs.5 Lakh, Minimum tenor of deposit is 15 Days. 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 tenor of 180 Days and above. Annualized Yield in % terms at the beginning of the slab. Effective Annualized rate of return on Bank's Re-investment Deposit Plan (Kamadhenu Deposit) is based on quarterly compounding of interest. The above Rate of interest is applicable to Recurring deposits also.
Indian Overseas Bank
Interest Rates on Domestic Deposits below 2 Cr with effect from 10.10.2022
| Tenor | Rate of Interest (% p.a.) |
|---|---|
| 7-14 Days* | 3.6 |
| 15-29 Days | 3.6 |
| 30-45 Days | 3.6 |
| 46-60 Days | 3.75 |
| 61-90 Days | 3.75 |
| 91-120 Days | 4.1 |
| 121-179 Days | 4.1 |
| 180-269 Days | 4.65 |
| 270 Days to < 1 Year | 4.65 |
| 1 Year to < 2 Years (except 444 Days) | 5.7 |
| 444 Days | 5.85 |
| 2 Years to < 3 Years (except 1000 Days) | 5.7 |
| 1000 Days | 6 |
| 3 Years & Above | 5.85 |
Source - iob.in
According to the bank's official website, for Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 Years and above) Additional Rate of 0.75% Continues.
