FD Interest Rates: Three Public Sector Banks Revised FD Interest Rates in January Check Details

FD Interest Rates: Fixed Deposits (FDs) remain one of the most trusted investment avenues for conservative investors looking for safety and guaranteed returns. Unlike market-linked instruments, FDs offer pre-fixed interest rates, ensuring peace of mind regarding capital protection. If you rely on bank FDs for your savings, there is good news this January. Three major public sector banks—Canara Bank, Bank of Baroda, and Bank of Maharashtra—have revised their interest rates upwards.

These revisions have come into effect earlier this month, offering attractive returns, especially for senior citizens. Let’s analyze the new rates offered by these financial institutions to help you decide where to park your savings.

Canara Bank FD Rates Revised

Canara Bank, a leading public sector lender, implemented its revised FD rates effectively from January 5th. The bank has adjusted rates for specific tenures to offer better yield to its customers.

Currently, Canara Bank is offering its peak interest rate on a specific tenure of 555 days. This callable FD scheme is particularly beneficial for those looking for a medium-term lock-in period.

Bank of Baroda (BOB) New Rates

Bank of Baroda also revised its term deposit interest rates starting January 5th. Under the new structure, the interest rates for general citizens range from 3.50% to 6.45% across various standard tenures. However, senior citizens can enjoy rates up to 7% on standard deposits.

The highlight of BOB’s offering is the 444-day FD scheme, which offers the highest return among its current products. For this specific tenure, general citizens get an interest rate of 6.60%, while senior citizens are eligible for an impressive 7.20%.

Bank of Maharashtra FD Update

Following the trend, the Bank of Maharashtra updated its FD rates effective from January 7th. The general interest rates offered by the bank now range between 2.60% and 6.55%. As per standard banking norms, senior citizens continue to receive an additional 0.50% over the applicable card rates.

For investors seeking the maximum return from the Bank of Maharashtra, the 400-day FD is currently the best option. It offers an interest rate of 6.65% for general citizens and 7.15% for senior citizens.

Investment Takeaway

Comparing the three, Bank of Baroda currently edges out the others slightly with a 7.20% rate for senior citizens on the 444-day tenure. However, Bank of Maharashtra is close behind with 7.15% for 400 days. Canara Bank offers a solid 7% for a slightly longer duration of 555 days. Investors should choose the tenure that best aligns with their financial goals and liquidity needs.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Interest rates are subject to change by banks without prior notice. Investors are advised to check the official bank websites or visit the nearest branch before investing.