SBI Vs BoB Vs Union Bank Of India FD Rates Compared Post Interest Rate Hike

During the post-pandemic period, benchmark interest rates have likely increased significantly. The current repo rate is fixed by Reserve Bank India (RBI) on 8th February 2023 is 6.50 percent. On domestic deposits up to Rs 2 crore, the SBI, Bank of Baroda, Union Bank of India, and some of the other largest banks in the nation currently offer FD interest rates ranging from 3 to 7.75 percent. The interest rate hike is encouraged by the repo rate hike. As a result of the repo rate hike, the FDs now offer an attractive rate of interest.

Below we have compared the FD rates offered by the Bank Of Baroda, State Bank Of India, and Union Bank Of India:

State Bank Of India (SBI)

India's biggest bank SBI hiked the interest rates on February 15, 2023, on FD below Rs 2 Crore. The modified FD rates range from 3 percent to 7.10 percent for General Public, on the other hand, for Senior Citizens, the FD rates range from 3.50 percent to 7.60 percent. The interest rates are applicable for the tenure between 7 days to 10 years.

On 400 Days (Special Scheme i.e. "Amrit Kalash"), the bank offers the highest 7.10 percent to General Public and 7.60 percent to Senior Citizens.

Retail Domestic Term Deposits - FD Interest Rates below Rs. 2 crore w.e.f 15.02.2023

Tenors	General Interest Rtaes (p.a)	**Senior Citizen Rates (p.a.)
7 days to 45 days	3	3.5
46 days to 179 days	4.5	5
180 days to 210 days	5.25	5.75
211 days to less than 1 year	5.75	6.25
1 Year to less than 2 years	6.8	7.3
2 years to less than 3 years	7	7.5
3 years to less than 5 years	6.5	7
5 years and up to 10 years	6.5	7.50@
400 days (Special Scheme i.e. " Amrit Kalash")	7.1	7.6

Source - www.sbi.co.in

Please Note - @ Including additional premium of 50 bps under "SBI We-care" deposit scheme.

Bank Of Baroda (BoB)

Bank of Baroda, a leading Public Sector lender, has also hiked the interest rates on FD below Rs 2 crore. The FD rates are effective from 17 March 2023, according to the bank's official website. The bank offers Fd rates ranging from 3 percent to 7.05 percent for the General public and 3.50 percent to 7.55 percent for Senior Citizens on the amount below Rs 2 crore.

The bank offers 399 Days (Baroda Tiranga Deposit Scheme) under which the General Public gets 7.05 percent and Senior Citizens get 7.55 percent interest.

FD Interest rates on Domestic, NRO & NRE deposits (Less than Rs 2 Crore)

Tenors	Residents / General Public	Resident Indian Sr. Citizen
7 days to 14 days	3	3.50*
15 days to 45 days	3	3.50*
46 days to 90 days	4.5	5.00*
91 days to 180 days	4.5	5.00*
181 days to 210 days	5.25	5.75*
211 days to 270 days	5.75	6.25*
271 days & above and less than 1 year	5.75	6.25*
1 year	6.75	7.25*
Above 1 year to 400 days	6.75	7.25*
Above 400 days and upto 2 Years	6.75	7.25*
Above 2 Years and upto 3 Years	6.75	7.25*
Above 3 Years and upto 5 Years	6.5	7.15 #
Above 5 Years and upto 10 Years	6.5	7.50***
"Above 10 years (MACT/MACAD Court Order schemes only)"	6.25	6.75*
399 Days (Baroda Tiranga Plus Deposit Scheme)	7.05	7.55*

Source - www.bankofbaroda.in

Please Note - (* incl. additional ROI 0.50%, # incl. additional ROI of 0.50+0.15, ** incl. additional ROI of 0.50%+0.30%, *** incl. additional ROI of 0.50%+0.50%)

Union Bank Of India

Union bank Of India is the 3rd Public sector lender in the list that offers highest FD rates below Rs 2 Crore. According to the bank's official website, it hiked the interest rates on 25th November 2022. The bank offers interest rates on FD ranging from 3 percent to 7.30 percent to General Public for tenure ranging from 7 days to 10 years. The bank offers an additional 0.50% interest rate over and above the normal rates applicable to the general public.

Effective interest rates (Rates in % per annum) from 25/11/2022 below Rs 2 Crore

Period	Revised Interest Rate
7-14 Days	3
15 -30 Days	3
31-45 Days	3
46 -90 Days	4.05
91-120 Days	4.3
121-180 Days	4.4
181 Days to	5.25
1 Year	6.3
>1 Year to 598 Days	6.30*
599 Days	7
600 Days to 699 days	6.30*
700 days	7.25*
>700 days to 2 year	6.30*
> 2 year to 799 days	6.30*
800 days	7.30*
801 days to less than 3 Year	6.30*
3 years	7.30*
>3 Year to 5 Years	6.7
>5 Years to 10 Years	6.7

According to the Union Bank Of India, "Union Bank of India offers an additional rate component to resident senior and super senior citizens on term deposits up to Rs. 5.00 Crores in all of its domestic term deposits scheme. The additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates displayed above. The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above rate applicable to resident senior citizen). The additional rate on super senior term deposits would be applicable for the term deposits opened/renewed on or after 01.12.2022."

Source - www.unionbankofindia.co.in