FD Interest Rates 2024: Fixed deposit (FD) is one of the most popular small savings schemes in India. Investors seeking guaranteed returns in non-marked-linked investment options find FD as a reliable scheme of investment.
Banks and non-banking finance companies (NBFC) also understand the popularity of FDs well, and that’s why they run a lot of FD schemes. While these FDs provide interest to investors on maturity, deposits in the 5-year FD also give investors tax benefits under Section 80C of the Income Tax Act, 1961.
Banks and NBFCs offer FDs of different durations and amounts. Leading banks such as State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), Indian Overseas Bank, HDFC Bank, ICICI Bank, and Axis Bank also offer FDs. Know what interest rates they are offering to general citizens in different FD schemes.
Axis Bank
The bank offers its highest interest rate of 7.20 per cent annually in the scheme of 17 months to less than 18 months.
The interest rate for the bank’s 1-year scheme is 6.70 per cent, for the 2-year scheme, it is 7.10 per cent, for the 5-year FD, it is 7.00 per cent.
HDFC Bank
The country’s biggest lender in terms of market value offers its highest interest rate of 7.25 per cent in the scheme of 18 months to less than 21 months.
The interest rate for its 1-year scheme is 6.60 per cent, while the interest rate for its 3-year and 5-year schemes is 7.00 per cent each.
ICICI Bank
The bank is offering its highest interest rate at 7.20 per cent in its scheme of 15 months to 2 years.
While it provides a 6.70 per cent interest rate in its 1-year scheme, it offers a 7.00 per cent interest rate for its 3-year and 5-year FDs.
Bank of Baroda
BoB is offering its highest interest rate at 7.25 per cent in its FD of over 2 years to 3 years.
Its 1-year FD has an interest rate of 6.85 per cent, while the rates for its 3-year and 5-year FDs are 7.25 per cent and 6.50 per cent, respectively.
Punjab National Bank
PNB has kept its highest interest rate at 7.25 per cent for the 400-day FD.
The interest rate in its 1-year FD is 6.75 per cent, while it is 7.00 per cent and 6.50 per cent for FDs of 3-year and 5-year, respectively.
State Bank of India
SBI offers its highest FD interest rate at 7.10 per cent in its 400-day Amrit Kalash scheme.
The interest rate for its 1-year FD is 6.80 per cent, while the rates for its 3-year and 5-year FDs are 6.75 per cent and 6.50 per cent, respectively.
Read More: Fixed Deposit: How to choose a bank for opening an FD account
Indian Overseas Bank
The lender is offering its highest interest rate at 7.30 per cent is in the 444-day scheme.
It offers an interest rate of 6.90 per cent in its 1-year scheme; rates for the 3-year and 5-year FDs are 6.50 per cent each.
