FD Rates: Rising interest rates have once again made Fixed Deposit an attractive investment option. Except small finance banks, all government and private sector banks are offering up to 8% interest on FDs.
FD Rates: Rising interest rates have once again made Fixed Deposit an attractive investment option. Except small finance banks, all government and private sector banks are offering up to 8% interest on FDs. These rates were in the range of 5 to 6.5 percent till a year ago. Now senior citizens are getting even more interest. Senior citizens get an additional interest of 0.50 percent on FD.
Most of the investors, salary class and senior citizens will have the same question in their mind that where to invest in Fixed Deposits so that they can get maximum interest on their hard earned money. If you are confused which bank you should choose for your next FD. Which public or private sector bank is giving you the best option.
Interest rates on FDs of public and private sector banks
State Bank of India (SBI) is paying interest at the rate of 6.5 percent for a period of three years. Punjab National Bank is paying 7 percent interest on deposits of the same period. The interest rate in Union Bank for three-year FD is 7.3 per cent. DCB Bank is paying interest at the rate of 8 percent on FDs maturing in three years. IndusInd Bank is paying 7.75 percent interest on 3-year FD. HDFC Bank, ICICI Bank and Axis Bank are offering 7 per cent interest on deposits of the same duration. Senior citizens get an additional interest of 0.50 per cent on these rates.
FD for 2 years
SBI is offering an interest rate of 7 per cent for two-year FDs. Among private sector banks, DCB Bank is offering an interest rate of 8 percent on two-year FDs. After that both IndusInd Bank and IDFC First Bank are giving 7.75 percent interest. Bandhan Bank is giving returns at an interest rate of 7.25 per cent for FDs maturing in two years. Private sector bank Axis Bank is paying 7.2 percent interest on two-year FDs.
5 year FD
Both SBI and PNB are offering 6.5 percent interest on five-year FDs. DCB Bank is paying 7.75 per cent interest on FDs maturing in five years. HDFC Bank is offering 7 percent interest to investors on five-year FDs in Kotak Mahindra Bank and Yes Bank.
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