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Top 5 Public Sector Banks Promising Good Returns On 5 Year Fixed Deposits

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Fixed deposits, among the various risk-free debt instruments such as post office small savings schemes, best tax-saving fixed deposits, company fixed deposits, Voluntary Provident Fund, RBI Bonds, and so on, are a smart bet for debt investors looking for a secure investment instrument that offers them a regular flow of income in the form of interest rate. As the applicable interest rate on fixed deposits remains fixed throughout the selected maturity period, it is important for the investors to select the tenure period wisely by keeping the prevailing economic condition, rising inflation, demand of credit of banks in mind, which may result in interest rate risk. One can get good returns on his or her fixed deposit if remain invested for long term or throughout the maturity period without making a premature withdrawal and by keeping this factor in mind, here we have picked up the top 5 public sector banks based on our own analysis that are offering good returns on 5 year fixed deposits or tax-saving fixed deposits of 5 years of lock-in period.

 

Note: The interest rates on 5-Year fixed deposits are marked in bold.

Union Bank of India

Union Bank of India

With effect from 1st September 2021, Union Bank of India has revised interest rates on its fixed deposit. After the most recent revision, the bank is now offering an interest rate of 3.00% to 5.40% to the general public and 3.50% to 5.90% to senior citizens on deposits of less than Rs 2 Cr. The latest interest rates of the bank on fixed deposits are mentioned below.

PeriodRegular Interest RateSenior Citizen Interest Rate
7 - 14 Days 3.00% 3.50%
15 - 30 Days 3.00% 3.50%
31 - 45 Days 3.00% 3.50%
46 - 90 Days 3.50% 4.00%
91 - 120 Days 3.75% 4.25%
121 to 180 Days 4.30% 4.80%
181 Days to less than 1 Year 4.40% 4.90%
1 Year 5.00% 5.50%
>1 Year to 2 Years 5.10% 5.60%
>2 Year to 3 Years 5.30% 5.80%
>3 Years to 5 Years 5.40% 5.90%
>5 Years to 10 Years 5.50% 6.00%
Source: Bank Website, w.e.f. 01/09/2021

Punjab National Bank
 

Punjab National Bank

Punjab National Bank has revised interest rates on single domestic / NRO / NRE Term Deposits (TD) of less than Rs 2 Cr, with effect from 01.08.2021. For both regular and senior citizens, the latest interest rates on fixed deposits of the bank are listed below.

PeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)
7 to 14 days 2.9 3.4
15 to 29days 2.9 3.4
30 to 45 days 2.9 3.4
46 to 90 days 3.25 3.75
91 to 179 days 3.8 4.3
180 days to 270 Days 4.4 4.9
271 days to less than 1 year 4.4 4.9
1 year 5 5.5
above 1 year & upto 2 years 5 5.5
above 2 year & upto 3 years 5.1 5.6
above 3 year & upto 5 years 5.25 5.75
above 5 years & upto 10 years 5.25 5.75
Source: Bank Website, W.E.F. 01.08.2021

4 Private Sector Banks That Revised Their Interest Rates On FD In September 2021

State Bank of India

State Bank of India

The largest public sector lender of our country State Bank of India (SBI) had revised the interest rate on its fixed deposits which are in force from 8th January 2021. Following the latest revision, SBI is now promising an interest rate of 2.90% to 5.40% to the general public and 3.40% to 6.20% to senior citizens on deposits of less than Rs 2 Cr.

TenorsRevised Rates For Public (in % p.a.)Existing Rates for Senior Citizens (in % p.a.)
7 days to 45 days 2.9 3.4
46 days to 179 days 3.9 4.4
180 days to 210 days 4.4 4.9
211 days to less than 1 year 4.4 4.9
1 year to less than 2 year 5 5.5
2 years to less than 3 years 5.1 5.6
3 years to less than 5 years 5.3 5.8
5 years and up to 10 years 5.4 6.2
Source: Bank website, w.e.f. 08.01.2021

Punjab & Sind Bank

Punjab & Sind Bank

Punjab & Sind Bank has recently revised interest rates on its fixed deposit which are in force from 16th September 2021. The following are the current interest rates on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme, and PSB fixed deposit tax-saver scheme of a deposit amount of less than Rs 2 Cr.

MaturityROI (% p.a.)For Senior Citizen ROI (% p.a.)
7 - 14 Days 3 3.5
15 - 30 Days 3 3.5
31 - 45 Days 3 3.5
46 - 90 Days 3.7 4.2
91 - 120 Days 3.9 4.4
121-150 Days 3.9 4.4
151 - 179 Days 3.9 4.4
180 - 269 Days 4.45 4.95
270 - 364 Days 4.5 5
1 Year - 2 Years 5.05 5.55
Above 2 Year < 3 Years 5.15 5.65
3 Years - 5 Years 5.3 5.8
> 5 Year - 10 Years 5.3 5.8
Source: Bank Website, w.e.f. 16/09/2021

Top 4 Private Sector Banks Promising Interest Up To 7% On 5 Year Fixed Deposits

Jammu & Kashmir Bank

Jammu & Kashmir Bank

For Domestic Term Deposits of less than Rs. 2.00 Crore, Jammu & Kashmir Bank is offering the following interest rates which are in force from October 11, 2020.

Maturity PeriodROI (% p.a.)For Senior Citizen ROI (% p.a.)
7 days to 30 days 3.00% 3.50%
31 days to 45 days 3.10% 3.60%
46 days to 90 days 3.25% 3.75%
91 days to 180 days 4.00% 4.50%
181 days to 270 days 4.40% 4.80%
271 days to less than 1 Year 4.50% 5.00%
1 year to less than 2 years 5.10% 5.60%
2 years to less than 3 years 5.20% 5.70%
3 years to less than 5 years 5.30% 5.80%
5 years to less than 10 years 5.30% 5.80%
Source: Bank website, w.e.f October 11, 2020


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