Union Bank Of India Vs Central Bank Of India Vs Bank Of India; Latest FD Rates Compared

With the recent increase in interest rates on Fixed Deposits (FDs), banks are offering FDs with high rates to their customers. Some banks, particularly Small Finance Banks, offer FD rates up to 9.50%. Even while the greater yields are alluring, it's important to understand that FD investors place a great deal of trust in government-run banks.

Here we have compared the latest FD rates of 3 Govt. Banks that revised their FD rates in May 2023. These 3 banks are the Union Bank Of India, Central Bank Of India, and Bank Of India.

1. Union Bank Of India

Union Bank of India has recently revised interest rates on Fixed Deposits (FDs) less than Rs 2 crore. The revised FD rates are effective from Tuesday, May 23, 2023, according to the official website of the bank.

According to the revised FD rates, the bank now offers interest rates ranging from 3% to 7% on the maturity period ranging from 7 days to 10 years. The rates are applicable to the general public.
The bank offers an additional rate of interest 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 bank offers an additional 0.50% interest to resident senior citizen deposits over and above the normal rates to the general public. The above rates are applicable on deposits less than Rs. 2 crore.

According to the bank, 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.

Fixed Deposit Interest Rates (less than 2 Crore) effective from 23rd May 2023

Period	Rates in % per annum
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 398 Days	6.3
399 Days	7
400 Days to 2 year	6.3
> 2 year to less than 3 years	6.3
3 years	6.5
> 3 Year to 5 years	6.7
>5 Years to 10 Years	6.7

Source - unionbankofindia.co.in

2. Bank Of India

Bank of India has also recently revised its Interest rates on Fixed Deposits (FDs) less than Rs 2 Crore. As per the bank's official website, the revised rates are effective from 26th May 2023.

Now, the bank offers interest rates on FDs between 3% to 7% to the general public for the maturity period of 7 days to 10 years. The bank offers an additional 50 bps rate of interest to Senior Citizens over and above the general public. To book FD with the Bank, the minimum deposit amount is Rs. 1 lakh.

Interest Rates For Domestic/NRO Term Deposits Below Rs 2 Cr w.e.f. 26/05/2023

Maturity Buckets	Interest rates (% p.a.)
7 days to 14 days	3.00*
15 days to 30 days	3
31 days to 45 days	3
46 days to 90 days	4.5
91 days to 179 days	4.5
180 days to 269 days	5
270 days to less than 1 year	5.5
1 Year	7
Above 1 Year to less than 2 Years	6
2 Years to less than 3 Years	6.75
3 Years to less than 5 Years	6.50#
5 Years to less than 8 Years	6.00#
8 years & above to 10 Years	6.00#

Source - bankofindia.co.in

Please Note - For the NRE Rupee Term Deposits, the minimum tenor is 1 Year and the Maximum is 10 Years.

#Senior Citizen- Age 60 years or above but less than 80 years, Super Senior Citizen- Age 80 Year & above.

#Additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps.

According to the bank, Additional rate of interest of 40 bps, over & above the existing 50 bps will be paid to Super Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 90 bps.

3. Central Bank Of India

Central Bank of India s the 3rd bank that has revised its interest rates on fixed deposits (FDs) of less than Rs. 2 Crore. The revised rates are effective from 10th May 2023, according to the bank's official website.

The bank now provides interest rates from 3.50% to 6.75% to the general public on domestic term deposits maturing in 7 days to 10 years. While, for senior citizens, the bank offers interest rates ranging from 4% to 7.75% on the same maturity period as the general public.

Domestic Term Deposit Interest Rates % Per Annum w.e.f. 10.05.2023

Maturity Period	General Public Rates	Senior Citizen Rates
7 - l4 days	3.50%	4.00%
15-30 days	3.75%	4.25%
31 - 45 days	3.75%	4.25%
46 -59 days	4.00%	4.50%
60 - 90 days	4.25%	4.75%
91 -179 days	4.50%	5.00%
180 -270 days	5.50%	6.00%
271-364 days	5.50%	6.00%
1 yr to less than 2 yrs	6.75%	7.25%
2 yr to less than 3 years	6.50%	7.00%
3 yr to less than 5 years	6.25%	6.75%
5 years above upto 10 years	6.25%	6.75%

Special FD Rates

The Central Bank of India offers special fixed deposits with terms of 444 days and 999 days under the Callable and Non-Callable option.

Additionally, the bank offers the "Cent Garima Deposit Scheme" with 7% interest on 777 days FD and the "Cent Green Deposit Scheme" with 1111 days, 2222 days, and 3333 days FDs. Under this, it offers 6.75%, 6.75%, and 7% interest rates.

Special Term Deposit Interest Rates % Per Annum w.e.f. 10.04.2023

Callable Option

Period (days)	General Public Rates	Senior Citizen Rates
444	7.10%	7.60%
999	6.50%	7.00%

Non-Callable Option

Period (days)	General Public Rates	Senior Citizen Rates
444	7.25%	7.75%
999	6.65%	7.15%

Cent Garima Deposit Scheme w.e.f 10.04.2023

Period(days)	Interest Rates
777	7.00%

Cent Green Deposit Scheme w.e.f. 10.04.2023

Period(days)	Interest Rates
1111	6.75%
2222	6.75%
3333	7.00%

Source - centralbankofindia.co.in