Public Provident Fund vs Fixed Deposit: 29 Banks offering higher than PPF interest on FD in September

Public Provident Fund vs Fixed Deposit Interest Rate in September 2023: Most of the banks are offering higher Public Provident Fund (PPF) interest rates in September. For the July-September quarter of FY 2023-24, the Government has kept the PPF interest rate at 7.1%. Following is a list of banks offering higher than the PPF interest rate on their fixed deposits to general and senior citizens in the current month, according to BankBazaar data.

Before reading further, please note this content is for informational purposes only. PPF provides guaranteed returns and this scheme is superior to any Fixed Deposit in terms of tax advantage. PPF investors enjoy E-E-E tax advantage, i.e. there is no tax on the amount invested (up to Rs 1.5 lakh per year under Section 80C), interest earned and the amount withdrawn on maturity. Also, PPF is a long-term investment product while Fixed Deposits are for the short term (from 7 days to 10 years).

Here’s a look at Fixed Deposits offering higher than PPF interest rates to general as well as senior citizens in September.

RBL Bank FD: It is offering up to 7.80% fixed deposit interest to general citizens and up to 8.30% interest to senior citizens.

IDFC First Bank FD: It is offering up to 7.50% fixed deposit interest to general citizens and up to 8.00% interest to senior citizens.

KVB Bank FD: It is offering up to 7.20% fixed deposit interest to general citizens and up to 7.70% interest to senior citizens.

Canara Bank FD: It is offering up to 7.25% fixed deposit interest to general citizens and up to 7.75% interest to senior citizens.

Also Read: Senior Citizen Fixed Deposit Interest Rate in September is Higher Than SCSS in These 14 Banks!

Punjab National Bank FD: It is offering up to 7.25% fixed deposit interest to general citizens and up to 7.75% interest to senior citizens.

Bank of Baroda FD: It is offering up to 7.05% fixed deposit interest to general citizens and up to 7.55% interest to senior citizens.

Kotak Mahindra Bank FD: It is offering up to 7.25% fixed deposit interest to general citizens and up to 7.75% interest to senior citizens.

Axis Bank FD: It is offering up to 7.10% fixed deposit interest to general citizens and up to 7.85% interest to senior citizens.

HDFC Bank FD: It is offering up to 7.25% fixed deposit interest to general citizens and up to 7.75% interest to senior citizens.

State Bank of India FD: It is offering up to 7.10% fixed deposit interest to general citizens and up to 7.60% interest to senior citizens.

ICICI Bank FD: It is offering up to 7.10% fixed deposit interest to general citizens and up to 7.60% interest to senior citizens.

IDBI Bank FD: It is offering up to 6.80% fixed deposit interest to general citizens and up to 7.30% interest to senior citizens.

Yes Bank FD: It is offering up to 7.75% fixed deposit interest to general citizens and up to 8.25% interest to senior citizens.

IndusInd Bank FD: It is offering up to 7.50% fixed deposit interest to general citizens and up to 8.25% interest to senior citizens.

Also Read: Public Provident Fund (PPF) interest rate is to be reviewed this month. Will it increase?

Central Bank of India FD: It is offering up to 6.75% fixed deposit interest to general citizens and up to 7.25% interest to senior citizens.

Indian Bank FD: It is offering up to 7.25% fixed deposit interest to general citizens and up to 7.75% interest to senior citizens.

Indian Overseas Bank FD: It is offering up to 7.25% fixed deposit interest to general citizens and up to 7.75% interest to senior citizens.

Bandhan Bank FD: It is offering up to 7.85% fixed deposit interest to general citizens and up to 8.35% interest to senior citizens.

Suryoday Small Finance Bank FD: It is offering up to 9.10% fixed deposit interest to general citizens and up to 9.60% interest to senior citizens.

Ujjivan Small Finance Bank FD: It is offering up to 8.25% fixed deposit interest to general citizens and up to 8.75% interest to senior citizens.

ESAF Small Finance Bank FD: It is offering up to 8.50% fixed deposit interest to general citizens and up to 9.00% interest to senior citizens.

Unity Small Finance Bank FD: It is offering up to 9.00% fixed deposit interest to general citizens and up to 9.50% interest to senior citizens.

Jana Small Finance Bank FD: It is offering up to 8.50% fixed deposit interest to general citizens and up to 9.00% interest to senior citizens.

Utkarsh Small Finance Bank FD: It is offering up to 8.25% fixed deposit interest to general citizens and up to 8.60% interest to senior citizens.

Equitas Small Finance Bank FD: It is offering up to 8.50% fixed deposit interest to general citizens and up to 9.00% interest to senior citizens.

Fincare Small Finance Bank FD: It is offering up to 8.51% fixed deposit interest to general citizens and up to 9.11% interest to senior citizens.

AU Small Finance Bank FD: It is offering up to 7.75% fixed deposit interest to general citizens and up to 8.25% interest to senior citizens.

Also Read: I will retire in 3 years but I wish to start SIP of Rs 50,000. Where should I invest?

Capital Small Finance Bank FD: It is offering up to 7.50% fixed deposit interest to general citizens and up to 8.00% interest to senior citizens.

North East Small Finance Bank FD: It is offering up to 8.50% fixed deposit interest to general citizens and up to 9.25% interest to senior citizens.

Disclaimer: The above content is for informational purposes only. FD interest rates are subject to change. Please consult your bank for the latest rates.