More than 7% return on Fixed Deposits: These PSU banks offering highest interest rates

With the most recent hike, the repo rate has climbed to a whopping 225 bps so far in fiscal year 2023. At present, the repo rate is 6.25 percent, the highest level since August 2018. In line with RBI’s policy outcomes, several banks have been increasing their interest rates on fixed deposits significantly in the last few months and making this investment option more attractive for the investors. Let's take a comprehensive look at the public sector banks listed below, which offer the more than seven percent interest rates on FDs for senior citizens.