Best bank fixed deposit (FD) rates: Almost all banks, including public sector lenders, have cut their term deposit rates over the last few months, ever since the Reserve Bank of India (RBI) started trimming the repo rate in its February Monetary Policy Committee (MPC) meeting. Before the February repo rate cut—the first revision in about two and a half years—fixed deposit holders, especially senior citizens, enjoyed the highest rates on their fixed deposits for almost five years.
It is expected that the Reserve Bank may again cut the repo rate by 25 bps to 50 bps in its June policy meeting, which will start on June 4. The outcome of the meeting will be announced on June 6, 2025.
Now that the RBI has cut its repo rate by 50 bps in its successive MPC meeting, banks have followed suit and cut rates. In this write-up, we will compare the rates of SBI, Canara Bank and Punjab National Bank to see which PSU bank is offering the best interest rates on their fixed deposit plans for general customers and senior citizens.
Also read: Senior citizens can still earn 9.1% FD rate – Just 2 days left to book this highest rate FD
SBI Fixed Deposit Rates
The country’s largest public sector bank, SBI, is currently offering general customers FD rates in the range of 3.30% to 6.70%. The highest rate of interest is for FDs of 2 to 3 years’ tenure. For the same tenure FDs, senior citizens are offered an interest rate of 7.20%.
| General Public | Senior Citizen | |||
| Tenors | Existing Rates for Public w.e.f. 15/04/2025 | Revised Rates for Public w.e.f. 16/05/2025 | Existing Rates for Senior Citizen w.e.f. 15/04/2025 | Revised Rates for Senior Citizen w.e.f. 16/05/2025 |
| 7 days to 45 days | 3.5 | 3.3 | 4 | 3.8 |
| 46 days to 179 days | 5.5 | 5.3 | 6 | 5.8 |
| 180 days to 210 days | 6.25 | 6.05 | 6.75 | 6.55 |
| 211 days to less than 1 year | 6.5 | 6.3 | 7 | 6.8 |
| 1 Year to less than 2 years | 6.7 | 6.5 | 7.2 | 7 |
| 2 years to less than 3 years | 6.9 | 6.7 | 7.4 | 7.2 |
| 3 years to less than 5 years | 6.75 | 6.55 | 7.25 | 7.05 |
| 5 years and up to 10 years | 6.5 | 6.3 | 7.50* | 7.30* |
(Data: SBI website)
The bank is also running the “SBI We-care” deposit scheme, which offers 7.30% to senior citizens.
The interest rate of the specific tenor scheme “Amrit Vrishti” (444 days) has also been revised to 6.85% for general customers w.e.f. May 16, 2025. Senior citizens are offered 50 bps extra on this 444-day special FD scheme, earning them 7.35% per annum.
Also read: HDFC Bank slashes FD rates again – Check new rates for senior citizens, general customers
Canara Bank FD Rates
As per the new rates, general customers will now get interest ranging from 4% to 7% on callable FDs, while senior citizens will get interest ranging from 4% to 7.50%.
Special Rates for Senior and Super Senior Citizens
Senior citizens (above 60 years) will get 0.50% additional interest on FDs (except NRE/NRO and CGA) of more than 180 days and less than Rs 3 crore.
Super senior citizens (80 years and above) get 0.60% additional interest under the ‘Canara-444 Scheme’, making the total interest rate 7.60%.
| A. Domestic | |||||
| Less than Rs 3 Crore | |||||
| Callable | |||||
| Term Deposits (All Maturities) | General Public | Senior Citizen | |||
| Rate of Interest (% p.a.) | Annualised Interest yield (% p.a.) ** | Rate of Interest (% p.a.) # | Annualised Interest yield (% p.a.) ** | ||
| 7 Days to 45 Days | 4 | 4.06% | 4 | 4.06% | |
| 46 Days to 90 Days | 5.25 | 5.35% | 5.25 | 5.35% | |
| 91 Days to 179 Days | 5.5 | 5.61% | 5.5 | 5.61% | |
| 180 Days to 269 Days | 6.15 | 6.29% | 6.65 | 6.82% | |
| 270 Days to less than 1 Year | 6.25 | 6.40% | 6.75 | 6.92% | |
| 1 Year Only | 6.75 | 6.92% | 7.25 | 7.45% | |
| 444 Days | 7 | 7.19 | 7.5 | 7.71 | |
| Above 1 Year to less than 2 Years | 6.85 | 7.03% | 7.35 | 7.56% | |
| 2 Years & above to less than 3 Years | 6.9 | 7.08 | 7.4 | 7.61 | |
| 3 Years & above to less than 5 Years | 6.75 | 6.92 | 7.25 | 7.45 | |
| 5 Years & above to 10 Years | 6.7 | 6.87% | 7.2 | 7.40% | |
(Data: Canara Bank website)
Punjab National Bank FD Rates
The public sector bank is offering an interest rate of 3.5% to 6.5% to general customers on fixed deposits (callable) below Rs 3 crore. Senior citizens are offered 4% to 7% interest on fixed deposits of various tenures. The highest rate of 7% interest is offered to senior citizens on tenures of 1205 days to 5 years. Similarly, general customers are offered the highest rate of 6.5% on the same tenure fixed deposits.
| Domestic/NRO $ Fixed Deposit Scheme | ||||
| Sl. No | Period | Revised Rates For Public w.e.f. 01.06.2025 | *Revised Rates for Senior Citizens w.e.f. 01.06.2025 | #Revised Rates for Super Senior Citizens w.e.f. 01.06.2025 |
| 1 | 7 to 14 Days | 3.5 | 4 | 4.3 |
| 2 | 15 to 29 Days | 3.5 | 4 | 4.3 |
| 3 | 30 to 45 Days | 3.5 | 4 | 4.3 |
| 4 | 46 to 60 Days | 4.5 | 5 | 5.3 |
| 5 | 61 to 90 Days | 4.5 | 5 | 5.3 |
| 6 | 91 to 179 Days | 5.5 | 6 | 6.3 |
| 7 | 180 to 270 Days | 6 | 6.5 | 6.8 |
| 8 | 271 Days to 302 Days | 6.25 | 6.75 | 7.05 |
| 9 | 303 Days | 6.15 | 6.65 | 6.95 |
| 10 | 304 Days to < 1 Year | 6.25 | 6.75 | 7.05 |
| 11 | 1 Year | 6.7 | 7.2 | 7.5 |
| 12 | > 1 Year to 389 days | 6.7 | 7.2 | 7.5 |
| 13 | 390 days | 6.9 | 7.4 | 7.7 |
| 14 | 391 Days-505 Days | 6.7 | 7.2 | 7.5 |
| 15 | 506 Days** | 6.6 | 7.1 | 7.4 |
| 16 | 507 Days to 2 year | 6.7 | 7.2 | 7.5 |
| 17 | > 2 years to 3 years | 6.7 | 7.2 | 7.5 |
| 18 | > 3 years to 1203 days | 6.5 | 7 | 7.3 |
| 19 | 1204 days** | 6.4 | 6.9 | 7.2 |
| 20 | 1205 days to 5 years | 6.5 | 7 | 7.3 |
| 21 | > 5 years to 1894 days | 6 | 6.8 | 6.8 |
| 22 | 1895 days** | 5.85 | 6.65 | 6.65 |
| 23 | 1896 days to 10 years | 6 | 6.8 | 6.8 |
(Data: PNB website)