The state-run Union Bank recently revised its fixed deposit interest rates. Fixed deposits (FDs) are secure financial instruments, which offer guaranteed returns. In a fixed deposit account, money is deposited for a specific time, which varies from seven days to 10 years. Besides, fixed deposit offer higher interest rates than savings accounts. Normal savings accounts offer interest rates between 3-4 per cent usually. Fixed deposits, however, offer much higher interest rates than savings accounts. The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.
Here is a comparison of fixed deposit (FD) rates offered by Union Bank, State Bank of India, (SBI), Punjab National Bank (PNB), Bank Of Baroda and Canara Bank:
Fixed deposit (FD) rates offered by Union Bank (Below Rs. 1 crore):
Interest rates effective from August 27, 2018 (percentage per annum)
| Tenors | < Rs. 1 Cr |
|---|---|
| 7 day – 14 day | 5 |
| 15 day – 30 day | 5 |
| 31 day – 45 day | 5 |
| 46 day – 90 day | 5.5 |
| 91 day- 120 day | 6.25 |
| 121 day to - 179 days | 6.25 |
| 180 days | 6.5 |
| 181 day to <10 Month | 6.5 |
| 10 Month to 14 Month | 6.75 |
| >14 Month to 3 Year | 6.7 |
| >3 year - 5 Year | 6.85 |
| >5 year - 10 Year | 6.85 |
Fixed deposit (FD) rates offered by State Bank of India (Below Rs. 1 crore):
Revised from July 30, 2018:
| Term | Interest rate for general public w.e.f. 30.07.2018 | Interest rate for senior citizens w.e.f. 30.07.2018 |
|---|---|---|
| 7 days to 45 days | 5.75 | 6.25 |
| 46 days to 179 days | 6.25 | 6.75 |
| 180 days to 210 days | 6.35 | 6.85 |
| 211 days to less than 1 year | 6.4 | 6.9 |
| 1 year to less than 2 year | 6.7 | 7.2 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to less than 5 years | 6.8 | 7.3 |
| 5 years and up to 10 years | 6.85 | 7.35 |
Fixed deposit (FD) rates offered by Punjab National Bank (Below Rs. 1 crore):
Domestic TD Less Than Rs.1 Cr. W.e.f August 1, 2018
| Sl. No | Period | ROI (% p.a.) | For Senior Citizen ROI (% p.a.) |
|---|---|---|---|
| 1 | 7 to 14 days | 5.7 | 6.2 |
| 2 | 15 to 29 days | 5.7 | 6.2 |
| 3 | 30 to 45 days | 5.7 | 6.2 |
| 4 | 46 to 90 days | 6.35 | 6.85 |
| 5 | 91 to 179 days | 6.35 | 6.85 |
| 6 | 180 days to 270 Days | 6.35 | 6.85 |
| 7 | 271 days to less than 1 year | 6.35 | 6.85 |
| 8 | 1 year | 6.75 | 7.25 |
| 9 | above 1 year & upto 3 years | 6.75 | 7.25 |
| 10 | above 3 year & upto 5 years | 6.25 | 6.75 |
| 11 | above 5 years & upto 10 years | 6.25 | 6.75 |
Bank of Baroda's domestic & NRO Term Deposits (per annum) (ROI in %) Below Rs. 1 Crore:
| Tenors | Below Rs 1 Cr. (w.e.f. 22.08.18) |
|---|---|
| 7 days to 14 days | 4.25 |
| 15 days to 45 days | 4.75 |
| 46 days to 90 days | 5 |
| 91 days to 180 days | 5.5 |
| 181 days to 270 days | 6.25 |
| 271 days & above and less than 1 year | 6.5 |
| 1 year | 6.65 |
| Above 1 year to 400 days | 6.75 |
| Above 400 days and upto 2 Years | 6.7 |
| Above 2 Years and upto 3 Years | 6.6 |
| Above 3 Years and upto 5 Years | 6.7 |
| Above 5 Years and upto 10 Years | 6.6 |
FD interest rates offered by Canara Bank
Canara Bank pays the following interest rates on term deposits up to Rs 1 crore, stated canarabank.com:
| Term | Interest rate (%) for general public w.e.f. 04.08.2018 | Interest rate (%) for senior citizen w.e.f. 04.08.2018 |
|---|---|---|
| 7 days to 14 days * | 5.75 | 6.25 |
| 15 days to 30 days | 5.75 | 6.25 |
| 31 days to 45 days | 5.75 | 6.25 |
| 46 days to 60 days | 6.25 | 6.75 |
| 61 days to 90 days | 6.25 | 6.75 |
| 91 days to 120 days | 6.25 | 6.75 |
| 121 days to 179 days | 6.25 | 6.75 |
| 180 days to 269 days | 6.35 | 6.85 |
| 270 days to less than 1 year | 6.4 | 6.9 |
| 1 year only | 6.7 | 7.2 |
| Above 1 year to less than 2 years | 7 | 7.5 |
| 2 years & above to less than 3 years | 6.7 | 7.2 |
| 3 years & above to less than 5 years | 6.2 | 6.7 |
| 5 years & above to less than 8 years | 6.2 | 6.7 |
| 8 years & above to 10 years | 6.2 | 6.7 |
| (Source: canarabank.com) | ||
Small finance banks like Jana Small Finance Bank, Fincare Small Finance Bank, and ESAF Small Finance Bank offer FD interest rates up to 9.5 per cent for senior citizens and 9 per cent for general public.
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