Bank of Maharashtra, IOB, Punjab & Sind offering highest FD rates among PSU banks

New Delhi, June 22 (IANS) If you're looking for the best returns on fixed deposits (FDs) from government banks, several public sector banks have recently revised their interest rates -- making this a great time for conservative investors to secure attractive returns.

The Bank of Maharashtra currently offers the highest interest rate among public sector banks, with 7.15 per cent on 366-day deposits.

For other tenures, it offers 6.25 per cent for one year, 6.3 per cent for three years, and 6.25 per cent for five years.

The Indian Overseas Bank follows closely, offering 7.10 per cent on 444-day FDs. The bank provides 6.70 per cent for one-year deposits and 6.30 per cent for both three-year and five-year terms.

The Punjab and Sind Bank is giving 7.05 per cent interest on 444-day FDs, while one-year deposits earn 6.10 per cent, three-year FDs offer 6 per cent, and five-year deposits fetch 6.35 per cent.

The Bank of India is offering a special 999-day Green FD at 7 per cent. Its regular FD rates include 6.50 per cent for one year, 6.25 per cent for two years, and 6 per cent for five years.

The Central Bank of India also offers 7 per cent on deposits ranging from two to three years. Additionally, the bank provides 7 per cent interest on special FDs of 1111 days, 2222 days, and 3333 days.

For other terms, it offers 6.7 per cent for one year, 6.75 per cent for three years, and 6.50 per cent for five years.

Fixed deposits remain a trusted investment tool due to their capital safety and guaranteed returns.

The recent repo rate cut by the Reserve Bank of India (RBI) has prompted these public sector banks to revise their FD rates, creating an ideal opportunity for risk-averse investors to lock in higher interest rates for the medium to long term.

--IANS

pk/vd