In the realm of personal finance, Fixed Deposits (FDs) continue to be a favored investment avenue for many due to their secure nature and guaranteed returns. Also known as term deposits or time deposits, FDs involve depositing a lump sum with a bank or financial institution at a fixed interest rate for a specified period.
Typically, FDs offer higher interest rates compared to regular savings accounts, making them particularly attractive to individuals looking to grow their savings with minimal risk. However, they often come with restrictions on withdrawals during the deposit period, which may incur penalties.
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Here are some of the current highest interest rates offered by prominent banks in India:
State Bank of India
– 7.10% for 400 days – Amrit Kalash
Punjab National Bank (PNB)
– 7.25% for 400 days
Canara Bank
– 7.25% for 444 days
HDFC Bank
– 7.25% for 18 months to less than 21 months
ICICI Bank
– 7.20% for 15 months to 2 years
Bank of Baroda (BOB)
– 7.25% for above 2 years to 3 years
Axis Bank
– 7.20% for 17 months to less than 18 months
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It’s important to note that these rates are subject to change and can vary based on each bank’s policies and current market conditions. For the most up-to-date information, individuals are advised to verify directly with the respective banks.
Fixed deposits remain a cornerstone of conservative financial planning, offering stability and assured returns amidst fluctuating economic landscapes. Investors keen on capital preservation and predictable growth often find FDs a cornerstone of their investment portfolio strategy.
