FD is a great option if you want to save for your future. You can earn a good profit by doing FD of your money. If you want to make FD of your money, then we are going to tell you about 5 such banks which give the highest interest rate.
The most popular investment option offered by all banks and many non-banking financial institutions is Fixed Deposit or FD. Fixed Deposit is very popular among investors because of its various investment and return options. The interest payment of FD investment can be monthly, quarterly or annually.
Seniors get higher returns as compared to other investors. Premature and partial withdrawals attract penalty in most cases. Whereas, after the FD matures, the maturity amount can be reinvested. Let us understand which of the top banks like SBI, HDFC Bank, ICICI Bank, PNB and Canara Bank are offering the highest interest rates to their customers.
SBI FD Interest Rates
State Bank of India offers interest rates on FDs ranging between 3% to 7% for regular citizens on investments below Rs 2 crore. The bank offers the highest interest rate of 7% for tenures ranging from 2 years to less than 3 years. An interest rate of 7.10% is given to the general public on Amrit Kalash Deposit.
HDFC Bank FD interest rates
HDFC Bank offers FD interest rates between 3% to 7.10% for regular citizens on deposits below Rs 2 crore. The highest interest rate is offered for a period of 15 months to less than 18 months.
ICICI Bank FD Interest Rates
ICICI Bank offers interest rates on FDs ranging between 3% to 7.10% for regular citizens for deposit amounts below Rs 2 crore. The highest interest rate is offered for tenures ranging from 15 months to less than 2 years.
PNB FD interest rates
PNB offers interest rate between 3.50% to 7.25% on FDs for regular citizens on deposit amount less than Rs 2 crore. The highest interest rate is available at 7.25% on FD of 666 days tenure.
Canara Bank FD Interest Rates
Canara Bank FD interest rate for regular citizens ranges from 4% to 7.25% for deposits below Rs 2 crore. The highest interest rate is being given at 7.25% on FD with tenure of 444 days.
Benefits of Fixed Deposit
The main reason for investing in FD is to get guaranteed returns. That is why people choose to invest their money in FDs. According to the income tax regulator, banks are not required to deduct tax on any interest as long as it does not exceed the limit. The tenure of FD investment is flexible. The Fixed Deposit amount can be withdrawn very easily and a loan can also be availed against it in case of emergency.
