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

financialexpress.com:

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there is no tax on the amount invested (up to Rs 1.5 lakh per year under Section 80C), interest earned and the amount withdrawn on maturity.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%