The country’s largest public sector bank – State Bank of India (SBI) is paying 6.5 percent interest to general citizens and 7.0 percent interest to senior citizens on FDs with a tenure of 12 months.
FD Rates: The Reserve Bank of India has reduced the repo rate twice this year. RBI first cut the repo rate by 0.25 percent in February, after which the repo rate was reduced by 0.25 percent in April. In this way, within 2 months, RBI reduced the repo rate from 6.50 percent to 6.00 percent. With the reduction in the repo rate, on the one hand, banks started reducing the interest rates of loans, on the other hand, banks also started reducing the interest rates of FDs. Today we will know about those major banks here which are giving the highest interest on FDs of 12 months duration.
State Bank of India
The country’s largest government bank – State Bank of India (SBI) is giving 6.5 percent interest to general citizens and 7.0 percent interest to senior citizens on FDs of 12 months duration.
Bank of Baroda
The country’s second largest government bank in terms of market cap – Bank of Baroda is offering 6.8 percent interest to general citizens and 7.30 percent interest to senior citizens on 12-month FD.
Punjab National Bank
Punjab National Bank i.e. PNB is also a government bank. This bank is giving 6.7 percent interest to general citizens and 7.20 percent interest to senior citizens on 12-month FD.
HDFC Bank
The largest private sector bank – HDFC Bank is giving 6.6 percent interest to general citizens and 7.1 percent interest to senior citizens on 12-month FD.
ICICI Bank
ICICI Bank is giving 6.7 percent interest to general citizens and 7.2 percent interest to senior citizens on 12-month FD.
Axis Bank
Private sector Axis Bank is giving 6.7 percent interest to general citizens and 7.2 percent interest to senior citizens on 12-month FD.
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