These 6 Public Sector Banks Hiked Interest Rates Upto 8.85% On FDs

Joining a growing list of banks that have hiked interest rates in India are government and private sector banks. As credit growth in the economy rises, banks have decided to hike deposit and lending rates. Here are 6 government owned banks that have hiked interest rates on fixed deposits recently.

1. Punjab and Sind Bank 222 fixed deposits

The interest rates from this bank goes as high as 8.85% for super senior citizens, using the online mode for 222 days deposit. In fact, this deposit offers the general public an interest rate of 8% and 8.50% for the 22 days deposit. This is the maximum interest rate that Punjab and Sind Bank offers. PSB also has a Fabulous 300-days Fixed Deposit Scheme which with an interest rate of 7.75% for regular depositors, 8.25% for senior citizens and 8.60% for super senior citizens.

2. SBI too raises interest rates on deposits

When compared to government peers from the banking sector, the interest rates offered by SBI is not that great. The 400 days deposit now comes with the best interest rate of 7.10% for the general public and 7.60% for senior citizens. If you are looking to invest in the State Bank of India deposits with other times frames, they come at lower interest rates.

3. Central Bank of India 444 days deposit

Like Punjab and Sind Bank, this public sector bank also offers good interest rates. In fact, 7.85% is for senior citizens on the 444 days bucket and 7.35% for regular depositors. Central Bank of India is a public sector bank and the interest rates on the short term tenures are good. In fact, this could be the second highest interest rate from public sector banks.

4. Fixed deposits at Canara Bank

This bank may not have the best interest rates when compared to other government owned banks. This government bank on a 400-day tenure, offers an interest rate of 7.15% for regular deposits and 7.65% for senior citizens. The bank is one of the top public sector banks in the country and therefore the deposits at the bank are safe.

5. Indian Bank

Indian Bank offers a maximum interest rate of 7.50% for senior citizens and 7% for regular deposits.

6. Indian Overseas Bank 44 days deposit

This Bank too has a 444-days deposit, where the interest rate offered is 7% for general public, 7.50% for senior citizens and 7.75% for super senior citizens. It is advisable to look for deposit tenures of 3 to 5 years, even if the interest rates are slightly lower.