risk on investment Fixed Deposit (FD) has always been a great investment option for investors. Due to no reduction in repo rates in the last two years, many banks are giving increased interest on FDs. However, now there is a possibility of reduction in interest rates. This is because RBI will cut the repo rate in the coming days. After this, banks will also reduce interest on FD. Now is the best time to invest in FD. In such a situation, if you are thinking of getting a new FD on Diwali, then we are telling you about those 4 banks which are giving excellent interest on FD.
|
bank
|
Interest Rate for General Investors (%) | Interest Rate for Senior Citizens (%) |
FD period
|
| HDFC Bank | 7.40 | 7.90 | 4 years 7 months |
| ICICI Bank | 7.25 | 7.8 | 15 months to < 18 months |
| Kotak Mahindra Bank | 7.4 | 7.9 | 390-391 days |
| Federal Bank | 7.4 | 7.9 | 777 days |
| State Bank of India | 7 | 7.5 | 2-3 years |
| Bank of Baroda | 7.15 | 7.65 | 2-3 years |
| Union Bank of India | 7.4 | 7.9 | 333 days |
Who How much interest is the bank paying?
HDFC Bank offers the highest interest rate of 7.4 percent to general citizens on a tenure of 4 years 7 months or 55 months. Senior citizens are provided an additional 50 basis points as per the rates announced on July 24 this year. ICICI Bank offers the highest interest of 7.25 percent on tenures between 15 to 18 months. Meanwhile, senior citizens are entitled to receive an additional 50 basis points. Whereas, Kotak Mahindra Bank offers the highest rate of 7.4 percent (7.9 percent for senior citizens) on a tenure of 390-391 days as per the rate card announced on June 14 this year. Federal Bank offers the highest interest rates of 7.4 and 7.9 per cent (for senior citizens) on two tenures – 777 days and 50 months. These rates have come into effect from October 16.
How much interest is being received in SBI
State Bank of India (SBI) is offering 7 per cent (7.5 per cent for senior citizens) on a tenure of 2-3 years as per the latest rates applicable from June 15. Another state lender Bank of Baroda is offering 7.15 per cent (7.65 per cent for senior citizens) on 2-3 year fixed deposits as per the rates applicable from October 14. Union Bank of India offers a relatively higher interest rate of 7.4 percent (and 7.9 percent for senior citizens) on a tenure of 333 days.
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