Fixed Deposit Interest Rates: Union Bank Vs SBI Vs PNB Vs Bank Of Baroda Vs Canara Bank

NDTV Profit Team

02 Sep 2018, 04:54 PM IST

Fixed deposits, however, offer much higher interest rates than savings accounts.

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.