One of the most reliable means of investment for the common man is the bank’s fixed deposit or FD. Unlike the stock market, there is no fear of losing money here, but rather a guaranteed return is available at the end of a certain period. And if you are planning to save safely, then the three major state-owned banks of the country have brought good news for you. In the month of January itself, these banks have made major changes in their FD interest rates.
Senior Citizen FD Plan
The new interest rates of these three government banks – Canara Bank, Bank of Baroda and Bank of Maharashtra – have already come into effect. These banks have come up with attractive offers especially for senior citizens. Let’s find out in which bank you will get the most benefit if you keep your money now.
Canara Bank FD Rates
Canara Bank, one of the leading state-owned banks of the country, has implemented its new interest rates from January 5th. Interest rates on certain tenures of FDs have been increased, which can be quite profitable for investors.
Canara Bank is currently offering the highest interest on its 555-day term deposits. Apart from this, the 444-day plan is also offering good returns. The details are given below:
| Tenure | General Citizen | Senior Citizen |
|---|---|---|
| 555 days (maximum) | 6.50% | 7.00% |
| 444 days | 6.45% | 6.95% |
Bank of Baroda FD Rates
Bank of Baroda (BOB) has also launched its new interest rates from January 5. For general citizens, the interest rate in this bank has been kept starting from 3.50 percent to 6.45 percent. However, for senior citizens, this rate has reached 7 percent.
To get the highest profit, customers can opt for the 444-day FD scheme. During this period, the bank is offering 6.60 percent interest to general customers and 7.20 percent interest to senior citizens.
Bank of Maharashtra FD Rates
Bank of Maharashtra has changed its FD rates from January 7. The interest rate for general citizens ranges from 2.60 percent to 6.55 percent. Senior citizens will get 0.50 percent more interest than the general ones as usual.
In the case of Bank of Maharashtra, the highest returns are available on 400-day fixed deposits or FDs. In this scheme, general investors will get 6.65 percent interest and senior citizens will get 7.15 percent interest.
What should investors do at a glance?
Analyzing the above data, it is seen that all three banks have given more emphasis on short to medium term (400-555 days) investments. If you are a senior citizen, Bank of Baroda’s 444-day scheme (7.20%) or Bank of Maharashtra’s 400-day scheme (7.15%) may be more profitable for you. On the other hand, Canara Bank is offering a guaranteed return of 7 percent in its long-term (555 days) plan. It would be wise to choose the right tenure keeping in mind your liquidity or financial needs before investing.
Disclaimer: This report is for information purposes only. Before making a fixed deposit or any investment, be sure to check the current interest rates from the official website or branch of the concerned bank and consult a financial advisor if necessary.