3 Government Bank Fixed Deposits That Offer Interest From 7.5% To 8.05%

Government fixed deposits are investments that investors are increasingly looking for these days. In fact, many analysts believe that interest may now be at their very peak and from hereon, we could also see a downside. Perhaps this is the best time to look for fixed deposits and here are some fixed deposit ideas from government banks.

Punjab National Bank Deposits

If you take a look at Punjab National Bank fixed deposits, the bank offers the best rates for super senior citizens at 8.05% for 444-days. The bank offers Senior Citizens an interest rate of 7.75% and for regular depositors an interest rate of 7.25%. Now if you see the deposits of 444-days they are very short term and it is not advisable to go for short term deposits, as interest rates could fall.

Union Bank of India

Union Bank of India too offers a very good interest rate of 7.75% to super senior citizens and 7.50% to senior citizens on the 399-days deposit. However, when one compares these with the Senior Citizen Savings Scheme they are still very low. Please note, we are highlighting the highest interest rate and the tenure, to make it easy for investors.

Canara Bank

This bank also offers a maximum interest rate of 7.75% for senior citizens and offers 7.25% for regular depositors on the 444-days deposit. Again, this is a fairly competitive interest rates when it comes to large commercial banks in the country.

Opt for Senior Citizen Savings Scheme

In fact, we would recommend investors to go for Senior Citizen Savings Scheme as the latter offers an interest rate of as high as 8.20%. The quarterly payout for senior citizens also meet their needs for regular income, especially for those who are retired. Also, it is a good option to lock money for 5-years at such a high interest rate. Apart from this it is also safe as the same is backed by the Government of India. In fact, all of the deposits mentioned above are safe, as they are backed by the Government.