Fixed Deposits are the traditional and most reliable option of investment in your country. Especially due to the reduction in the repo rate during the Corona period, the interest on it has also been drastically cut.
Fixed Deposits: If you believe more in traditional investment options, then fixed deposit is considered to be the most excellent and safe option of investment. Different government and private banks offer different interest rates on fixed deposits. Let us know who is offering how much interest in government and private banks at this time.
Fixed deposits of these banks start from 7 days and have a maximum tenure of 10 years. The interest rate of any bank depends on how much amount has been deposited, for how many days the deposit has been made and which category the depositor comes under. SBI offers interest between 2.9 per cent to 5.4 per cent on fixed deposits. Senior citizens get the benefit of an additional 50 basis points.
SBI fixed deposit interest rates
|7 days to 45 days||2.9%|
|46 days to 179 days||3.9%|
|180 days to 210 days||4.4%|
|211 days to less than 1 year||4.4%|
|1 year to less than 2 years||5%|
HDFC Bank is offering interest rates between 2.50 percent to 5.50 percent on fixed deposits. Its duration ranges from 7 days to 10 years. For senior citizens, this interest rate is between 3 percent to 6.25 percent.
HDFC Bank fixed deposit interest rates
|7 – 29 days||2.50%|
|30 – 90 days||3%|
|91 days – 6 months||3.5%|
|6 months 1 day< 1 Year||4.4%|
|1 year-2 years||4.9%|
|2 years 1 day – 3 years||5.15%|
|3 year 1 day- 5 years||5.30%|
|5 years 1 day – 10 years||5.50%|
|Senior Citizen FD interest rate||3-6.25%|
Similarly, ICICI Bank offers interest between 2.5 per cent to 5.50 per cent on fixed deposits. Senior citizens get an additional benefit of 50 basis points. Axis Bank offers interest between 2.50 percent to 5.75 percent on FDs.
Reserve Bank changed the rules regarding fixed deposits
Recently, the Reserve Bank of India (RBI) has made a big change regarding Fixed Deposit / TermDeposit. Under this, even after the completion of the maturity date, if its amount is not claimed, then the interest on it will be less. According to RBI, if the amount is not paid even after the completion of the FD period and the amount is lying with the bank without claim, then interest will be given on it according to the interest payable on the savings deposit. Till now, the FD gets renewed automatically if the claim is not taken after maturity.