Check out the latest interest rates that banks such as State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, HDFC Bank, ICICI Bank, are offering to general citizens in their 1-year, 3-year, and 5-year fixed deposit schemes (FDs). Investments in the 5-year FD offers tax benefits under Section 80C of the Income Tax Act, 1961.
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There are two types of investments that investors can opt for, market-linked and non-market-linked. Market-linked investment options may offer higher returns than non-market-linked ones, but they also carry the risk of performing poorly when the market plummets. On the other hand, non-market-linked investments are those that do not rely on equity market performance. They involve low risk and offer guaranteed returns.
Fixed deposit (FD) falls in the non-market linked investment category. Here, an investor can invest one-time and get return in the form of the interest. They can either get interest on maturity, or can opt for monthly, quarterly, half-yearly, or yearly withdrawals depending on bank conditions. Banks such as State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, HDFC Bank, and ICICI Bank offer FDs of different durations.
Take a look at the interest rates these lenders are offering to general citizens in their 1-, 3-, and 5-year FDs. Investment in the 5-year FD also offers tax benefits under Section 80C of the Income Tax Act, 1961.
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SBI FD interest rates
SBI offers an interest rate of 6.80 per cent in the 1-year, 6.75 per cent in 3-year, and 6.50 per cent in the 5-year FD.
PNB FD interest rates
Punjab National Bank (PNB) offers an interest rate of 6.80 per cent in the 1-year, 7 per cent in 3-year and 6.50 per cent in the 5-year FD.
Canara Bank FD interest rates
Canara Bank offers an interest rate of 6.85% in the 1-year, 6.80 per cent in 3-year and 6.70 per cent in 5-year FD.
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HDFC Bank interest rates
HDFC Bank offers an interest rate of 6.60 per cent in the 1-year, 7 per cent in 3-year, and 7 per cent in the 5-year FD.
ICICI Bank interest rates
ICICI Bank offers an interest rate of 6.70 per cent in the 1-year, 7 per cent in 3-year, and 7 per cent in the 5-year FD.
