Guaranteed returns from fixed deposits (FDs) are a big relief for seniors seeking stable income. While banks have varied interest rates for different tenures, the 444-day FDs are the most popular among customers. Although small finance banks (SFBs) typically offer higher interest rates, seniors may still prefer booking their FDs with larger banks for security reasons. These Five Public Sector Banks offer the FD rates for 444-day tenures of a few large public sector banks.

Punjab National Bank: 

Most banks offer 50 or 75 basis points higher returns to seniors aged 60 or more. PNB is offering a 7.75 per cent interest rate to senior citizens on 444 days FD, effective June 1, 2023, while for super seniors aged 80 and above, the rate is 8.05 per cent for the same tenure. The general public can get 7.25 per cent from this FD. The bank offers FDs in two modes, callable (which can be withdrawn prematurely) and non-callable (which cannot be withdrawn before maturity). The interest mentioned above is for the callable FDs. Interest is higher on non-callable FDs, which is 7.80 per cent for seniors, 8.10 per cent for super seniors, and 7.30 per cent for non-seniors. It is an open scheme where one can invest any time. 

Canara Bank: 

Seniors can get 7.75 per cent on callable FDs of 444 days with the bank, whereas the rate is 7.90 per cent on the non-callable FDs, which would generate approximately 7.98 per cent and 8.14 per cent annualised return, respectively, according to the bank’s site. The bank is offering an additional rate of 0.60 per cent for super seniors but only in the ‘444 days’ tenure deposit which means super seniors can receive 7.85 per cent from callable and 8.0 per cent from non-callable FDs of 444 days. The interest rate for the general public is 7.25 per cent for callable FDs and 7.40 per cent for non-callable FDs. The rates also apply to the recurring deposit, according to the bank’s website. 

Indian Overseas Bank: 

IOB is also offering FD for 444 days, where the interest rate for seniors is 7.75 per cent, an additional 0.50 per cent for seniors, and 8.0 per cent, an extra 0.75 per cent for super seniors. The interest rate for the general public is 7.25 per cent for the same tenure. The bank revised and increased rates on April 10 this year. This 444 days FD interest rate is the highest rate the bank is offering.   

UCO Bank: 

The bank revised its interest rates in June 2023. The new interest rate is applicable from June 12, 2023. On the 444 days of FD, seniors can get 7.55 per cent, and the general public can get 7.05 per cent. Though the bank offers less interest than the other banks for the same tenure, this is the highest rate across tenures within UCO Bank.  

Central Bank Of India: 

The Central Bank of India, in its special 444 days FD, offers 7.60 per cent and 7.75 per cent to seniors citizens effective April 10, 2023, on callable and non-callable FD, respectively. The rate for the general public is 7.25 per cent. There is a penal interest of 1.0 per cent on premature withdrawal. Early renewal will not be penalised if the renewal period exceeds the remaining period on the original FD contract.