New Delhi: If you’re planning to open a fixed deposit (FD) account, it’s a good idea to compare the interest rates offered by different banks. Many people choose the bank they already have a long-term relationship with, but you can still select a bank that offers a better interest rate on FDs.
Repo Rate
The Reserve Bank of India (RBI) recently kept the benchmark repo rate unchanged at 6.5 per cent for the tenth consecutive time, according to RBI Governor Shaktikanta Das. However, there are expectations that the RBI may cut the interest rate during its December meeting, which could affect both lending and deposit rates.
Top Banks’ FD Rates With Higher Returns
Here’s a quick look at the current interest rates for three-year fixed deposits offered by some of the top banks in India:
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State Bank of India (SBI) FD Rates 2024
SBI offers 6.75 per cent interest for general citizens and 7.25 per cent for senior citizens. These rates have been in effect since June 15, 2024.
Bank of Baroda FD Rates 2024
The bank provides 6.5 per cent to general citizens and 7.15 per cent to senior citizens. These rates were updated on October 3, 2024.
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Kotak Mahindra Bank FD Rates 2024
Kotak Mahindra offers 7 per cent for general citizens and 7.6 per cent for senior citizens. These rates have been applicable since June 14, 2024.
HDFC Bank and ICICI Bank FD Rates 2024
Both banks offer 7 per cent for general citizens and 7.5 per cent for senior citizens, with HDFC’s rates in effect from July 24, 2024.
Axis Bank FD Rates 2024
Axis Bank’s rates are slightly higher, offering 7.1 per cent for general citizens and 7.6 per cent for senior citizens. These rates were introduced on September 10, 2024.
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