Latest Bank FD Interest Rates: Top 4 PSU Banks Revise Interest Rates In Oct, Nov

Four leading public sector lenders recently revised fixed deposit interest rates for its customers. These banks are Bank of Maharashtra, Bank of Baroda, Bank of India, and Canara Bank. Fixed Deposits are one of the most popular investment tools in India for scores of investors. They are not only risk-free investments but provide assured returns on maturity with attractive interest rates. Check details below:

1. Bank of Baroda FD Interest Rates: The PSU bank revised its interest rates on October 30, 2023. The bank is offering an interest rate of 6.25% for less than 1-year FD. Customers can fetch an interest rate of 7.15% for FDs for the tenure of 1-2 years, 7.25% for FDs maturing in 2-3 years, and 6.50% for 3-5 years tenure. Resident Indian senior citizens can fetch maximum 7.75% for FD maturing in 2-3 years tenure and regular citizens can get maximum 7.25% for the same tenure. These interest rates will be applicable on domestic term deposits including NRO Deposits below Rs 2.00 crores.

2. Bank of Maharashtra FD Interest Rates: The bank revised its fixed deposit interest rates on October 12. After the revision, the PSU bank is now offering an interest rate of 7% for less than 1-year FD, 6.75% for 1-2 years FD, 6.25% for FDs maturing in 2-3 years and 6% for 3-5 years FD. Bank of Maharashtra is offering special schemes for its customers wherein they can get 7% interest rate for 200 days FD and 6.75% interest rate for 400 days FD.

According to Bank of Maharashtra, "residents Indian senior citizens will be offered an additional rate of 0.50% p.a. for all maturity slabs of 91 days and above for deposits upto Rs 2 crore only."

3. Bank of India Fixed Deposit Interest Rates: The bank revised its interest rates on November 1, 2023. It is offering an interest rate of 5.75% for less than 1 year FD, 7.25% for FDs maturing in 1-2 years, 6.75% for 2-3 years FD, and 6.50% interest rate for 3-5 years FD.

According to Bank of India, "Additional 25 bps, over & above the regular 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 and additional 40 bps, over & above the regular 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."

4. Canara Bank Fixed Deposit Interest Rates: The bank revised its interest rates on October 27, 2023. After the revision, Canara Bank is offering an interest rate of 6.25% for FDs less than 1 year maturity, 7.25% for FDs with the maturity of 1-2 years, 6.85% for FDs maturing in 2-3 years, and 6.8% interest rate for 3-5 years FD.

For callable deposits, regular citizens can get maximum interest rate of 7.25% and 7.75% interest rate for senior citizens will remain available for FDs maturing in 444 days. For non-callable deposits (above Rs 1 crore), regular citizens can fetch 7.40% interest rate and elderly can get 7.90% interest rate for 444 days tenure.