Fixed Deposits Interest Rates: Many banks are giving good interest rates to investors on FDs. Therefore, it is better to compare the interest rates of different banks before making a bank FD. Senior citizens get slightly more interest than normal investors.
Fixed Deposits Interest Rates: People in the country like to invest their money in fixed deposits (FD). Fixed deposits i.e. FD are seen as a safe investment option. Let us tell you that people who want to avoid the risk of the stock market and who want a fixed return, often invest their money in FDs.
On the other hand, if we talk about the interest rate on FD, it varies depending on the time of the FD. Many banks are giving good interest rates to investors on FDs. Therefore, it is better to compare the interest rates of different banks before making a bank FD.
Compare interest rates before investing
When you open a fixed deposit (FD), it is important that you compare the interest rates offered by different banks. Although most banks offer the same interest rates, if one bank has a 40-50 basis points higher interest rate than another, it can give you a significant boost in your money. For example, if you open a two-year FD of ₹5 lakh and the difference in interest rate is 0.50%, you can get an additional benefit of ₹5,000. And if you have taken your FD for five years, you can get an additional benefit of ₹12,500. So, a small difference in interest rates can help you grow your money.
These banks are giving this much interest rate
Let us tell you that HDFC Bank is giving 7 percent interest on 5-year fixed deposits and 7.5 percent interest to senior citizens from July 24. ICICI Bank is also giving the same interest rates on 5-year deposits. Axis Bank is giving 7 percent interest to regular citizens and 7.75 percent interest to senior citizens on its 5-year deposits. At the same time, private bank Yes Bank is giving 7.25 percent interest to regular citizens and 8 percent interest to senior citizens when a 5-year fixed deposit is made.
Talking about State Bank of India (SBI), this bank is giving 6.5 percent interest to regular citizens and 7.5 percent interest to senior citizens on 5-year FD. PNB (Punjab National Bank) is giving 6.5 percent interest to regular citizens and 7 percent interest to senior citizens on 5-year FD from January 1, 2025. Bank of Baroda is also giving slightly higher interest rates. Bank of Baroda is giving 6.8 percent interest to general citizens and 7.4 percent interest to senior citizens. Please note that these rates of the bank have come into effect from October 14, 2024.
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