At the end of the tenure, the accrued interest is calculated on the principal amount, and the total amount is paid back to the depositor. The tenure for fixed deposits can range from 7 days to 10 years. Below are some of the banks currently offering the highest interest rates on fixed deposits in India:
Investing in fixed deposits is one of the most secure ways to grow your savings. Not only does it help you save money, but it also offers substantial interest earnings. Competitive fixed deposit (FD) interest rates ensure a good return on investment over a fixed tenure. Under the FD scheme, the depositor makes a one-time deposit when opening the account. The interest rates depend on the bank, deposit amount, and the chosen tenure.
At the end of the tenure, the accrued interest is calculated on the principal amount, and the total amount is paid back to the depositor. The tenure for fixed deposits can range from 7 days to 10 years. Below are some of the banks currently offering the highest interest rates on fixed deposits in India:
State Bank of India (SBI)
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
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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
It is 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.
