Average Interest rate on term deposits across all maturities by Public Sector Banks
| As on 31 December, 2012 | As on 14th March, 13 | Increase (in percentage points ) | |
| Nationalised Banks | |||
| Andhra Bank | 7.15 | 7.43 | 0.29 |
| Canara Bank | 7.23 | 7.73 | 0.50 |
| Central Bank of India | 7.70 | 7.84 | 0.14 |
| Corporation Bank | 8.00 | 8.26 | 0.26 |
| Dena Bank | 7.51 | 7.73 | 0.22 |
| Indian Overseas Bank | 8.00 | 8.10 | 0.10 |
| Oriental Bank of Commerce | 7.19 | 7.69 | 0.50 |
| Punjab National Bank | 6.81 | 6.92 | 0.10 |
| State Bank of Bikaner & Jaipur | 7.67 | 8.48 | 0.81 |
| State Bank of India | 7.33 | 7.44 | 0.10 |
| State Bank of Mysore | 7.84 | 7.96 | 0.12 |
| State Bank of Patiala | 7.75 | 7.85 | 0.10 |
| Syndicate Bank | 7.25 | 7.31 | 0.06 |
| United Bank of India | 7.73 | 8.33 | 0.60 |
Source: Reserve Bank of India
The present rate of interest being offered to senior citizens by different banks on fixed deposits:
The rate of interest being offered by PSBs to Senior Citizens on fixed deposits of one year and above maturity as on 15.03.2013 is at Annexure-II
Rate of Interest offered by Public Sector Banks to Senior Citizens on Fixed deposits of one year and above maturity.
| S. No. | Name of bank | As on 15.03.2013 |
| 1 | Allahabad Bank | 9.50 |
| 2 | Andhra Bank | 9.50 |
| 3 | Bank of Baroda | 9.50 |
| 4 | Bank of India | 9.50 |
| 5 | Bank of Maharashtra | 9.25 |
| 6 | Canara Bank | 9.55 |
| 7 | Central Bank of India | 9.50 |
| 8 | Corporation Bank | 9.50 |
| 9 | Dena Bank | 9.50 |
| 10 | Indian Bank | 9.50 |
| 11 | IDBI Bank | 9.50 |
| 12 | Indian Overseas Bank | 9.50 |
| 13 | Oriental Bank of Commerce | 9.50 |
| 14 | Punjab National Bank | 9.00 |
| 15 | Punjab & Sind Bank | 9.50 |
| 16 | Syndicate Bank | 9.25 |
| 17 | UCO Bank | 9.60 |
| 18 | Union Bank of India | 9.50 |
| 19 | United Bank of India | 9.25 |
| 20 | Vijaya Bank | 9.50 |
| 21 | State Bank of India | 9.00 |
| 22 | State Bank of Bikaner & Jaipur | 9.50 |
| 23 | State Bank of Patiala | 9.50 |
| 24 | State Bank of Hyderabad | 9.50 |
| 25 | State Bank of Mysore | 9.50 |
| 26 | State Bank of Travancore | 9.25 |
Source: Public Sector Banks
Whether the banks have reduced/ propose to reduce the premium being paid on fixed deposits to senior citizens; and if so, the details thereof and the reasons therefor along with the reaction of the Government thereto?
Details of reduced additional interest rate to Senior Citizens
| Additional interest paid to Senior citizens earlier | Additional interest paid to Senior citizens at present | Decrease (in percentage point) | |
| Indian Bank | 0.75 | 0.50 (w.e.f. 3.12.2012) | 0.25 |
| Oriental Bank of Commerce | 0.60 | 0.50 (w.e.f. 25.02.2013) | 0.10 |
| Punjab National Bank | 0.50 | 0.25 (w.e.f.01.03.2013) | 0.25 |
| United Bank of India | 0.75 | 0.50 (w.e.f. 4.2.2013) | 0.25 |
| State Bank of India | 0.50 | 0.25 (w.e.f. 1.3.2013) | 0.25 |
Source: Public Sector Banks
The above information was submitted by Min of Finance in reply of Unstarred Lok Sabha Question No. 4230 raised by Rudramadhab Ray answered on 22.03.2013. The details of lok sabha Question:
INTEREST RATE ON FIXED DEPOSIT
4230 . Shri RUDRAMADHAB RAY
Will the Minister of FINANCE be pleased to state:-
(a) whether the public sector banks (PSBs) in the country have increased interest rates on fixed deposit;
(b) if so, the details thereof, bank-wise including State Bank of India;
(c) the present rate of interest being offered to senior citizens by different banks on fixed deposits;
(d) whether the banks have reduced/ propose to reduce the premium being paid on fixed deposits to senior citizens; and
(e) if so, the details thereof and the reasons therefor along with the reaction of the Government thereto?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) and (b): Yes, Sir. ** see above statement**
(c) : see above statement
(d) & (e) : see above statement
Source Link: http://164.100.47.132/LssNew/psearch/QResult15.aspx?qref=137648
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