THESE govt banks are offering HIGHEST interest rates on FDs: Check calculator, rates, deposit terms, other key details

Many state-owned banks, including Canara Bank, Punjab National Bank (PNB), and Bank of Baroda (BoB), are offering FD interest rates of 7 percent or more on various tenors amid rising FD (fixed deposit) interest rates, which is more than adequate to outpace inflation increase during the time of investment. Here are the lists of such banks with the interest rate they are offering on FDs.

This state-owned bank provides FD interest rates ranging from 3.25 percent annually to 7 percent annually for various tenors. Canara Bank offers a 3.25 percent interest rate on fixed deposits with terms between 7 and 45 days, 4.50 percent on deposits with terms between 46 and 90 days, and 91 to 179 days, respectively.

The state-owned bank is providing fixed deposits with the highest 7 percent annual return for a 666-day term.

From January 1, 2023, the state-owned bank will increase the interest rate on fixed deposits with terms of one year, 665 days or more, 667 days or more, 2 years or more, and up to 3 years. PNB's fixed-rate deposit rate for terms of one year or more and up to 665 days is 6.75 percent per year, up 45 basis points from the previous return of 6.35 percent per year, as of January 1, 2023.

Similar to this, PNB increased FD rates on 667 days to terms of 2 years or longer and up to 3 years to 6.75 percent. Previously, PNB FD interest rates for terms of 667 days to two years were 6.30 percent, while FD returns on PNB deposits for terms of more than two years and up to three years were 6.25 percent. PNB is providing a 7.25 percent annual return on 666-day fixed deposits.

Bank of Baroda will begin paying a 7.05 percent interest on term deposits with a 399-day maturity under the Baroda Tiranga Plus Deposit Scheme on December 26, 2022. Out of all the tenors that the state-owned bank offers, this BoB FD rate offers the highest return. Bank of Baroda offers FD rates on regular fixed deposits ranging from 3 to 6.75 percent.

Like every other bank, it provides older citizens with an additional 50 bps return on their fixed deposit accounts across all tenors. The BoB FD rate given is 6.25 percent for tax-saving fixed deposits with a term of five years or more.