Best FD Interest Rates: Before starting a fixed deposit (FD), it is common for depositors to compare the interest rates offered by different banks so that they can maximize the interest they earn on it.
Best FD Interest Rates: Before starting a fixed deposit (FD), it is common for depositors to compare the interest rates offered by different banks so that they can maximize the interest they earn on it. Banks usually offer higher interest on their long-term deposits and lower interest on short-term deposits. A small difference of 50 basis points in interest income can make a big difference in the long term.
For example, an additional 1 per cent income on an FD of ₹5 lakh gives an income of ₹15,000 in three years and ₹25,000 in five years. And if the deposit amount is ₹10 lakh, it can grow to ₹50,000 in a period of five years. Hence, it is important to choose the bank that offers the highest interest rate.
These banks are offering the highest interest rates
HDFC Bank:
As we can see in the table below, HDFC Bank offers 7.25 percent interest rate to general citizens and 7.77 percent interest rate to senior citizens on FDs of 18 months to 21 months duration.
ICICI Bank:
This private bank offers 7.25 percent interest rate to general citizens and 7.85 percent interest rate to senior citizens on FDs of 15-18 months duration.
Kotak Mahindra Bank:
This bank offers 7.4 percent interest rate to general citizens and 7.9 percent interest rate to senior citizens on FDs of 390-391 days duration.
Federal Bank:
It offers 7.5 percent interest rate to general depositors and 8 percent interest rate to senior citizens on FDs of 444 days duration.
Bank of Baroda:
This government lender offers 7.15 per cent interest rate to general depositors and 7.65 per cent to senior citizens on FDs with tenure of 2-3 years.
Union Bank of India:
This government bank offers 7.3 per cent interest to general citizens and 7.8 per cent to senior citizens on FDs with tenure of up to 456 days.
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