FD Interest Rates : Some people may feel that there is only a slight difference in the interest rates of most banks, but this thinking is wrong. Many banks are paying the highest interest on 2-3 year fixed deposits, while some banks are offering the highest interest rate on 15-18 month deposits.
FD Interest Rates: Nowadays many investors are thinking of keeping their money safe in FD (Fixed Deposit). If you also want to invest your money in FD, then first you should find out which banks are paying higher interest on fixed deposits. Before making a fixed deposit (FD), investors should always compare the interest rates of different banks.
Now let us tell you which banks are offering the highest interest rates in different time periods. Some banks are offering the highest interest on 2-3 year fixed deposits, while some banks are offering the highest interest rates on 15-18 month deposits.
These 7 banks are offering great interest rates on FDs:
Federal Bank (FD Interest Rates Federal Bank)
Federal Bank is offering 7.5 percent interest rate to general citizens and 8 percent interest rate to senior citizens on fixed deposits for 444 days.
HDFC Bank (FD Interest Rates HDFC Bank)
HDFC Bank is offering 7.4 percent interest rate to general citizens and 7.9 percent interest rate to senior citizens on 4 years and 7 months FD.
ICICI Bank (FD Interest Rates ICICI Bank)
ICICI Bank is offering an interest rate of 7.25 percent to general citizens and 7.85 percent to senior citizens on fixed deposits of 15-18 months.
Kotak Mahindra Bank (FD Interest Rates Kotak Mahindra Bank)
Kotak Mahindra Bank is offering an interest rate of 7.4 percent to general citizens and 7.9 percent to senior citizens on FDs of 390-391 days.
State Bank of India (FD Interest Rates SBI)
The interest rate of government banks is slightly lower. State Bank of India (SBI) is offering 7 percent interest to general citizens and 7.5 percent interest to senior citizens on FDs of 2-3 years.
Bank of Baroda (FD Interest Rates Bank of Baroda)
This bank is offering an interest rate of 7.15 percent to general citizens and 7.65 percent to senior citizens on FDs of 2-3 years.
Union Bank (FD Interest Rates Union Bank)
Union Bank is offering an interest rate of 7.3 percent to general citizens and 7.8 percent to senior citizens on FD of 456 days.
Slight difference in interest rates of most banks
However, some people may feel that there is only a slight difference in the interest rates of most banks, so what difference does it make. But this thinking is wrong, in the long term, even a slight difference of 50 basis points can increase your interest income significantly. Let us explain this to you through an example. If your fixed deposit amount is Rs 10 lakh, then an additional 50 basis points will give you an additional income of Rs 5,000 in a year.
If you have made an FD for three years, then the additional income will increase to Rs 15,000. Similarly, if you have made an FD of Rs 20 lakh, then in 3 years, due to the additional 50 basis points, your additional income will increase by Rs 30,000. I hope now you have understood how a slight difference in the interest rate can increase your interest income. Therefore, before making a fixed deposit, it is wise to find out about the banks offering the highest interest rate.
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