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Earn 7% Interest With These Government Bank FD Schemes

Last Updated: November 06, 2022, 10:45 IST

Union Bank of India is offering an interest rate of 7 per cent on fixed deposits, maturing in 599 days. (Photo: ShutterStock)

Several banks are offering an interest rate of 7 per cent or above on FDs

Fixed deposits (FDs) are a great way to park your money into a long-term, low-risk scheme that provides great returns. If you fall in the lower tax slab brackets and wish to get assured returns over an extended period of time, investing in FDs could be an attractive option. Several banks are offering an interest rate of 7 per cent or above on FDs.

If this prospect has caught your attention, you should definitely take a look at the FD interest rates in these government banks.

Union Bank Of India FD Rates

Union Bank of India is offering an interest rate of 7 per cent on fixed deposits, maturing in 599 days. Details regarding tenures and their corresponding interest rates are available on the bank’s official website. The interest is applicable on deposits of less than Rs 2 crore.

Bank of India FD Rates

Bank of India is offering a special fixed deposit scheme called the ‘Star Super Triple Seven Fixed Deposit’ scheme. The limited-time offer lets the depositors earn an interest rate of 7.25 per cent and up to 7.75 per cent for senior citizens on a tenure of 777 days.

Canara Bank FD rates

Canara Bank has a special fixed deposit plan for a tenure of 666 days. The general public will be able to earn an interest rate of 7 per cent, while senior citizens will receive an interest rate of 7.5 per cent on fixed deposits.

Punjab National Bank FD Rates

PNB revised its single domestic term deposit rates on October 26. The bank now offers a 7 per cent interest rate on a general term deposit of under Rs 2 crores for an investment period of 600 days. For senior citizens, this interest rate is higher by 50 basis points and stands at 7.50 per cent.

Meanwhile, ESAF Small Finance Bank has also offered a special 999-day fixed deposit (FD) scheme. It is offering an interest rate of 8 per cent for the general public and 8.50 per cent for senior citizens.

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