Best FD Interest Rate: SBI Vs ICICI Bank Vs PNB Vs BoB

The chief reason why many investors prefer to invest their funds in a fixed deposit (FD) is the assured rate of return. The moment you invest your hard-earned money in an FD account, you can be assured of obtaining the specified rate of return. Recently, several renowned public and private sector lenders revised their FD interest rates despite Reserve Bank of India opted to keep the repo rates unchanged. Let us check the latest interest rates that leading banks offer after recent revision:

Punjab National Bank: PNB recently revised its fixed deposit interest rates and the new rates have become effective from May 18, 2023 as per the website of the PSU bank. The bank revised its FD interest rates on deposits below Rs 2 crore for regular citizens, senior citizens, and super senior citizens. The public sector bank hiked interest rates of select FDs on some specific tenures and brought down interest rates on other tenures. It is worth noting that for deposits maturing in 444 days, the bank increased the interest rates by 45 bps to 7.25% from 6.80% for regular citizens. Meanwhile, the bank has reduced the interest rates from 7.25% to 7.05% now for FDs for the tenure of 666 days. PNB's highest interest is 7.25% now for FDs for the tenure of 444 days for regular citizens, 7.75% interest rates for senior citizens, and 8.05% interest rates for super senior citizens.

Bank of Baroda: The PSU bank hiked the FD interest rates for deposits of up to Rs 2 crore. After the hike, the bank is now offering maximum interest rate of 7.25% to regular citizens for deposits maturing in 399 days under Baroda Tiranga Plus Deposit Scheme. Meanwhile, senior citizens can fetch highest 7.75% interest rate under Baroda Tiranga Plus Deposit Scheme for 399 days deposits. The bank revised its FD interest rates on May 12, 2023.

ICICI Bank: The bank is offering the maximum interest rate of 7.10% on FDs maturing in 15 months to less than 18 months. Meanwhile, senior citizens are offered the highest interest rate of 7.60% for the tenor of 15 months to less than 18 months. The bank last revised its FD interest rates on February 24, 2023.

SBI: The bank is offering the highest interest rate of 7.10% to regular citizens and 7.60% to senior citizens under Amrit Kalash deposit scheme for deposits with the tenure of 400 days. The scheme will remain valid till June 30, 2023.