SBI and Union Bank Increase FD Rates for Better Returns, Senior Citizens Benefit

Daily Pioneer — Thu, 28 Dec 2023 05:49:59 +0000

State Bank of India (SBI) and Union Bank have hiked interest rates on fixed deposits (FDs) of less than two crore rupees by up to 0.50%. The increased rates on select tenure FDs have come into effect from December 27 for both banks. SBI stated that FDs ranging from seven days to 45 days will now yield an additional interest of 0.50%, resulting in a total of 3.50% interest. FDs ranging from 46 days to 179 days will offer an extra 0.25% interest, totaling 4.75%. The highest interest of seven percent will be provided on FDs with durations of two to three years.

This move is aimed at providing senior citizens with higher returns on their investments. Union Bank of India announced an increase of up to 0.25% on FD interest rates. According to the bank, deposits held for seven to 14 days will now accrue three percent interest. Meanwhile, deposits ranging from 121 days to 180 days will earn an interest of 4.4%, and those held for a year will yield 6.30%. The bank has further declared that its customers will receive seven percent interest on deposits held for 399 days, while FDs with tenures spanning five to ten years will yield 6.70% interest. Both SBI and Union Bank of India have confirmed that senior citizens will receive an additional 0.50% interest on FDs.

Top 10 Banks Preferred by Customers for Fixed Deposits, SBI Leads the Way

Daily Pioneer — Tue, 10 Oct 2023 03:37:50 +0000

Most Of The Customers Prefer State Bank Of India For Fixed Deposits. Not Us, But This Has Been Recorded In The Data Of The Central Bank RBI For The Year 2022. According To This Data, 7 Public Sector Banks And 3 Private Banks Together Hold 76 Percent Share In The Total Bank Deposits.

SBI Is The Choice Of Customers

Most Of The Customers Prefer State Bank Of India For FD. According To The Data, SBI Has 23 Percent Share In The Total Bank Deposits. Among All Public Sector Banks, SBI Has A Market Share Of 36 Percent In Term Deposits.

Customers Also Like These Banks For FD

After SBI, The Name Of HDFC Comes For FD In Private Banks. This Private Sector Bank Has 8 Percent Share In The Total Bank Deposits. HDFC Has A Market Share Of 28 Percent In Term Deposits Among All Private Banks.

Canara And Union Bank Of India

Public Sector Bank Canara And Union Bank Of India Are Also The Customers’ Choice For FD. Both These Banks Hold 7 Percent Share In Total Bank Deposits. Among All Public Sector Banks, Canara Has 12 Percent Market Share In Term Deposits And Union Bank Of India Has 11 Percent Market Share.

Bank Of Baroda And Punjab National Bank

Bank Of Baroda And Punjab National Bank Come After Canara And Union Bank Of India For FD. Both These Banks Hold 6 Percent Share In The Total Bank Deposits. Among All Public Sector Banks, Bank Of Baroda And Punjab National Bank Have 10 Percent Market Share In Term Deposits.

ICICI Bank

After HDFC In Private Sector Banks, ICICI Bank Is Preferred For FD. This Private Sector Bank Has 6 Percent Share In The Total Bank Deposits. Among All Private Banks, ICICI Bank Has A Market Share Of 19 Percent In Term Deposits.

Axis Bank

In Private Sector Banks, After ICICI, Axis Bank Is Preferred For FD. This Private Sector Bank Has 5 Percent Share In The Total Bank Deposits. Among All Private Banks, Axis Bank Has A Market Share Of 15 Percent In Term Deposits.

Bank Of India And Indian Bank

In This List Of Ten Banks, The Names Of Bank Of India And Indian Bank Come Last. Both These Banks Hold 4 Percent Share In The Total Bank Deposits. Among All Public Sector Banks, Bank Of India And Indian Bank Have 6 Percent Market Share In Term Deposits.

Fixed Deposits – Daily Pioneer