Top 5 Public Sector Banks Promise Good Returns on 5-Year Fixed Deposits

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Union Bank of India

With effect from September 1, 2021, the Union Bank of India revised the interest rates on its term deposit. After the latest revision, the bank now offers an interest rate of 3.00% to 5.40% to the general public and 3.50% to 5.90% to the elderly on deposits below Rs 2 Cr. The bank’s latest interest rates on term deposits are mentioned below.

Period Regular interest rate Interest rate for seniors
7 – 14 days 3.00% 3.50%
15 – 30 days 3.00% 3.50%
31 – 45 days 3.00% 3.50%
46 – 90 days 3.50% 4.00%
91 – 120 days 3.75% 4.25%
121 to 180 days 4.30% 4.80%
181 days to less than 1 year 4.40% 4.90%
1 year 5.00% 5.50%
> 1 year to 2 years 5.10% 5.60%
> 2 years to 3 years 5.30% 5.80%
> 3 years to 5 years 5.40% 5.90%
> 5 years to 10 years 5.50% 6.00%
Source: Bank website, Fri 09/01/2021
National Bank of Punjab

National Bank of Punjab

The National Bank of the Punjab has revised the interest rates on single domestic term deposits (TD) / NRO / NRE of less than Rs 2 Cr, with effect from 01.08.2021. For ordinary citizens and the elderly, the latest interest rates on bank term deposits are listed below.

Period ROI (% per year) For seniors ROI (% pa)
7 to 14 days 2.9 3.4
15 to 29 days 2.9 3.4
30 to 45 days 2.9 3.4
46 to 90 days 3.25 3.75
91 to 179 days 3.8 4.3
180 days to 270 days 4.4 4.9
271 days to less than 1 year 4.4 4.9
1 year 5 5.5
over 1 year and up to 2 years 5 5.5
over 2 years and up to 3 years 5.1 5.6
over 3 years and up to 5 years 5.25 5.75
over 5 years and up to 10 years 5.25 5.75
Source: Bank website, WEF 01.08.2021

4 private sector banks that revised their interest rates on FD in September 2021

National Bank of India

National Bank of India

The largest public sector lender in our country, the State Bank of India (SBI) revised the interest rate on its term deposits which are in effect from January 8, 2021. Following the latest review, the SBI now promises an interest rate of 2.90% to 5.40% to the general public and 3.40% to 6.20% to the elderly on deposits of less than Rs 2 Cr.

Tenors Revised Tariffs for the Public (in% pa) Existing tariffs for seniors (in% pa)
7 days to 45 days 2.9 3.4
46 days to 179 days 3.9 4.4
180 days to 210 days 4.4 4.9
211 days to less than 1 year 4.4 4.9
1 year to less than 2 years 5 5.5
2 years to less than 3 years 5.1 5.6
3 years to less than 5 years 5.3 5.8
5 years and up to 10 years 5.4 6.2
Source: Bank website, wef 08.01.2021
Bank of Punjab and Sindh

Bank of Punjab and Sindh

Punjab & Sind Bank recently revised the interest rates on its term deposit which are in effect from September 16, 2021. Here are the current interest rates on domestic term deposits, NRO accounts, 1988 capital gain accounts, the recurring deposit scheme and the fixed PSB tax saving scheme depositing a deposit amount of less than Rs 2 Cr.

Maturity ROI (% per year) For seniors ROI (% pa)
7 – 14 days 3 3.5
15 – 30 days 3 3.5
31 – 45 days 3 3.5
46 – 90 days 3.7 4.2
91 – 120 days 3.9 4.4
121-150 days 3.9 4.4
151 – 179 days 3.9 4.4
180 – 269 days 4.45 4.95
270 – 364 days 4.5 5
1 year – 2 years 5.05 5.55
Above 2 years 5.15 5.65
3 years – 5 years 5.3 5.8
> 5 years – 10 years 5.3 5.8
Source: Bank website, Fri 09/16/2021

Top 4 private sector banks promise interest of up to 7% on 5-year fixed deposits

Bank Jammu and Kashmir

Bank Jammu and Kashmir

For domestic term deposits of less than Rs. 2.00 Crore, Jammu & Kashmir Bank offers the following interest rates which are in effect from October 11, 2020.

Maturity period ROI (% per year) For seniors ROI (% pa)
7 days to 30 days 3.00% 3.50%
31 days to 45 days 3.10% 3.60%
46 days to 90 days 3.25% 3.75%
91 days to 180 days 4.00% 4.50%
181 days to 270 days 4.40% 4.80%
271 days to less than 1 year 4.50% 5.00%
1 year to less than 2 years 5.10% 5.60%
2 years to less than 3 years 5.20% 5.70%
3 years to less than 5 years 5.30% 5.80%
5 years to less than 10 years 5.30% 5.80%
Source: Bank website, Wednesday October 11, 2020


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