Fixed Deposits-Indians invest a lot of money in fixed deposits i.e. FD. People prefer FD because of guarantee of returns and no risk of losing money. There is one more special thing about FD. In India, people make more FDs in big banks, whereas small banks give more interest. Today we will tell you about those government banks which are giving the highest interest on FDs with a tenure of three years.
State Bank of India (SBI) is the largest bank in India. This bank is also the first choice of Indians for getting FD. Its share in the total FDs made in government banks is 36 percent. But, it is not at the first position in terms of giving interest on FD.
According to a report by Moneycontrol, Bank of Baroda is giving the highest interest on FD among government banks. Bank of Baroda is giving interest up to 7.25 percent on three-year FD. The amount of Rs 1 lakh invested here will increase to Rs 1.24 lakh in three years. Bank of Baroda has 6 percent share of the total FD deposits of the country. Bank of Baroda’s share in the total FDs of government banks is 10 percent.
Punjab National Bank is offering up to 7 percent interest on three-year FD. The amount of Rs 1 lakh invested here will increase to Rs 1.23 lakh in three years. Punjab National Bank has 6 percent share of the total FD deposits of the country. PNB’s share in the total FDs of government banks is 10 percent.
Canara Bank offers interest rates up to 6.8 percent on three-year FDs. The amount of Rs 1 lakh deposited in Canara Bank will increase to Rs 1.22 lakh in three years. Canara Bank has 12 percent share in the total FDs in the country.
Union Bank of India, Bank of India and Indian Overseas Bank are offering interest up to 6.5 percent on three-year FDs. The amount of Rs 1 lakh invested in these three banks will increase to Rs 1.21 lakh in three years. Out of the total FDs in the country, 11 percent FDs are made in Union Bank of India.
The country’s largest, State Bank of India (SBI), is at fourth position in terms of giving interest on three-year FDs. SBI gives interest at the annual rate of 6.5 percent on three-year FD. The FD amount of Rs 1 lakh made in SBI will increase to Rs 1.21 lakh in three years.
UCO Bank offers interest rates up to 6.3 percent on three-year FDs. The amount of Rs 1 lakh invested here will increase to Rs 1.21 lakh in three years.
