SBI vs Bank of Baroda vs Canara Bank: Check Latest Fixed Deposit Interest Rates

Published: Thursday, March 3, 2022, 11:39 [IST]

Interest rates are one of the most important factors to consider while investing in fixed deposits. Interest rates on fixed deposits are on the rise now, therefore it is the best time for debt investors to look for a decent fixed deposit plan with higher rates. In general, investors not only seek higher interest rates but also consider investing in fixed deposits offered by India's leading banks. As a result, we've compiled State Bank of India (SBI), Bank of Baroda (BoB), and Canara Bank, three major public-sector banks, who have recently revised their interest rates on fixed deposits of less than Rs. 2 crores.

State Bank of India (SBI)

On February 15, 2022, the country's largest lender revised interest rates on retail domestic term deposits of less than Rs. 2 crores. SBI's current fixed deposit interest rates are listed below.

Tenors	Existing Rates for Public w.e.f. 15.01.2022	Revised Rates For Public w.e.f. 15.02.2022	Existing Rates for Senior Citizens w.e.f. 15.01.2022	Revised Rates for Senior Citizens w.e.f. 15.02.2022
7 days to 45 days	2.9	2.9	3.4	3.4
46 days to 179 days	3.9	3.9	4.4	4.4
180 days to 210 days	4.4	4.4	4.9	4.9
211 days to less than 1 year	4.4	4.4	4.9	4.9
1 year to less than 2 year	5.1	5.1	5.6	5.6
2 years to less than 3 years	5.1	5.2	5.6	5.7
3 years to less than 5 years	5.3	5.45	5.8	5.95
5 years and up to 10 years	5.4	5.5	6.2	6.3
Source: Bank Website

Bank of Baroda (BoB)

Bank of Baroda (BoB) increased interest rates on one-year deposits by 10 basis points (bps) on February 25, 2022. The interest rate for this period has been increased to 5% from 4.90 percent previously. The bank is now offering a 5.10 percent interest rate on term deposits maturing in one to two years, up from the previous rate of 5%.

Tenure	Interest rates for regular customers in % p.a.	For senior citizens
7 days to 14 days	2.8	3.3
15 days to 45 days	2.8	3.3
46 days to 90 days	3.7	4.2
91 days to 180 days	3.7	4.2
181 days to 270 days	4.3	4.8
271 days & above and less than 1 year	4.4	4.9
1 year	5	5.5
Above 1 year to 400 days	5.1	5.6
Above 400 days and upto 2 Years	5.1	5.6
Above 2 Years and upto 3 Years	5.1	5.6
Above 3 Years and upto 5 Years	5.25	5.75
Above 5 Years and upto 10 Years	5.25	6.25
Source: Bank Website

Canara Bank

Canara Bank, a state-owned bank, increased interest rates on fixed deposits by up to 25 basis points across a range of maturities on Tuesday. The new rates are effective as of March 1, 2022. The interest rate on one-year fixed deposits has been hiked to 5.1 percent from 5% earlier, while the rate on two-year fixed deposits has been raised to 5.15 percent from 5% earlier. Fixed deposit rates between 2-3 years will be 5.20 percent from 5.1% from earlier and 3-5 years would be 5.45 percent, up from 5.25 percent previously. The 5-10 year fixed deposit slab has been raised to 5.5 percent up from 5.25% earlier. Senior citizens would receive an additional rate of 50 basis points on their deposits across all tenors.

Tenure	Interest rates for regular customers in % p.a.	For senior citizens
7 days to 45 days	2.9	2.9
46 days to 90 days	3.9	3.9
91 days to 179 days	3.95	3.95
180 days to less than 1 Year	4.4	4.9
1 year only	5.1	5.6
Above 1 year to less than 2 years	5.15	5.65
2 years & above to less than 3 years	5.2	5.7
3 years & above to less than 5 years	5.45	5.95
Canara Unique "1111 Days"	5.55	6.05
5 years & above to 10 Years	5.5	6
Source: Bank Website