Fixed Deposits: It is generally advisable to compare the interest rates offered by each bank before making FD investments. You receive the highest interest on your money, which is a benefit. We will inform you about the interest rates offered by all of the nation’s major banks in this article today.
SBI
SBI offers an interest rate of 6.50% for the general public and 7.00% for senior persons for a 7-year term.
PNB
With a 400-day fixed deposit, PNB is offering the highest interest rate of 7.30 percent. In addition, the bank is offering 300 days of fixed deposit interest at a rate of 7.10 percent. The interest rate for a one-year FD is 6.8%, for a two-year FD it is 6.85%, and for a three-year FD it is 7.05 percent.
HDFC
The interest rate on a seven-year fixed deposit offered by The largest private sector bank in the nation ,HDFC Bank is 6.75% for the general public and 7.25% for senior citizens annually..
ICICI Bank
With FDs ranging from one year to fifteen months, the bank is giving 6.7 percent interest. Interest rates on fixed-rate notes (FDs) ranging from 15 months to 2 years are currently 7.20 percent. In parallel, FDs with terms ranging from two to five years are being offered an interest rate of 7%.
Kotak Mahindra Bank
Kotak Mahindra Bank offers FDs with terms ranging from 390 to 391 days at an interest rate of 7.4%. Conversely, FDs with terms ranging from 23 months to less than 2 years are offering 7.3 percent interest. On the other hand, FDs with a duration of two to three years earn 7.15 percent interest, FDs with a duration of three to five years earn seven percent interest, and FDs with a duration of other periods earn 2.75 percent to 6.50 percent interest.
Bank of Baroda (BOB)
The general public’s interest rates for a seven-year period at Bank of Baroda are 6.50% annually, while senior citizens’ interest rates are 7.00% annually.
Investing in fixed deposits is still safe and dependable, especially if you want assured returns without the risk of market-linked instruments. Even though FDs provide stability, their returns are usually less than those of equities or mutual funds,
for example. Leading banks offer slightly different interest rates for durations of five and seven years, with senior persons typically paying a higher rate. Interest rates as of 2024 range from 6.50% to 6.75% annually for the general public and from 7.00% to 7.25% annually for older citizens. When selecting the best fixed deposit plan, investors should take their time horizon, risk tolerance, and financial objectives into account.