FDs in the State Bank of India give 3% to 7.1% interest to general customers whereas senior citizens will get 50 basis points (bps) extra.
Investors who opt for bank fixed deposits (FDs) are encashing huge profits, thanks to the rising interest rates. Over the last few months, the interest rates on fixed deposits have risen up significantly. There are multiple banks offering interest rates as high as 8 per cent on FDs. On the other hand, senior citizens enjoy an additional 0.5 per cent interest rate. Since FDs are one of the safest investment options, many of you might be looking to invest your money to receive the monetary benefit.
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However, before making any investment, it is necessary to compare the FD rates of various banks. Therefore, in this article, we have the banks offering the best FD rates. Read on to find out:
ICICI Bank
This bank offers interest rates between 3.00 per cent and 7.10 per cent on its Fixed Deposit (FD) schemes. Meanwhile, senior citizens are provided an additional 0.5 per cent interest rate ranging between 3.50 per cent and 7.60 per cent for a tenure from 7 days to 10 years. For FDs maturing in one year, the interest rates are 6.70 per cent for general customers.
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HDFC Bank
HDFC Bank is offering a good interest rate on fixed deposits maturing in one year. The normal investors get 6.60 per cent whereas senior citizens will earn an interest rate of 7.10 per cent on these deposits. Notably, the interest rates offered by HDBC bank range from 3 per cent to 7.25 per cent for general customers based on the maturity.
SBI Bank
FDs in the State Bank of India give 3 per cent to 7.1 per cent interest to general customers whereas senior citizens will get 50 basis points (bps) extra. Coming to one year of maturity, the bank offers a 6.80 per cent interest rate on the FDs.
Bank of Baroda
Bank of Baroda pays interest of 4.5 per cent on FDs of the tenure between 181 and 210 days. On the other hand, FDs maturing between one and two years offer an interest rate of 6.75 per cent. Senior citizens are offered 7.25 per cent interest rates on one-year FDs.
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Punjab National Bank (PNB)
PNB bank offers FD interest rates within the range of 3.50 per cent and 7.25 per cent. For FDs maturing in one year, the interest rate offered is 6.75 per cent whereas senior citizens are paid an interest rate of 7.25 per cent on a one-year plan.
