Bank FD Rates: Prior to investing, it’s essential to compare fixed deposit (FD) rates offered by different banks.
A widely favoured investment avenue, fixed deposit (FD), also referred to as time deposit or term deposit, is esteemed for its low-risk nature. Investors can securely allocate their surplus funds for a predetermined duration and receive fixed interest payments at regular intervals throughout the chosen term or upon maturity. Various banks provide interest rates spanning from 3 to 7.50 percent, contingent upon the investment tenure, with senior citizens benefiting from an extra 0.5 percent interest rate.
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Nonetheless, prior to committing to any investment, it’s imperative to compare the fixed deposit (FD) rates offered by different banks. Hence, in this article, we present information on four banks offering FDs along with their respective interest rates.
State Bank of India (Rates on deposit of less than Rs 2 Crores)
SBI FD Rates: For customers investing in Fixed Deposits (FDs) at the State Bank of India, interest rates range from 3 percent to 7 percent, with senior citizens enjoying an extra 50 basis points (bps). Specifically, for FDs maturing in one year, the bank provides an interest rate of 6.80 percent. Moreover, for a tenure of two years to less than three years, the bank offers a rate of 7 percent.
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Punjab National Bank (Rates on deposits of less than Rs 2 Crores)
PNB FD Rates: As on October 10, 2023, PNB provides fixed deposit interest rates spanning from 3.50 percent to 7.50 percent. Specifically, for fixed deposits maturing in one year, the interest rate stands at 6.75 percent for regular investors, while senior citizens receive a higher rate of 7.25 percent on a one-year plan.
ICICI Bank (Rates on deposit of less than Rs 5 Crores)
ICICI Bank FD Rates: As of April 18, 2024, this bank presents interest rates for its FD schemes within the range of 3 percent to 7.50 percent. Concurrently, senior citizens enjoy an extra 0.5 percent interest, resulting in rates spanning from 3.50 percent to 7.50 percent across various tenures, ranging from 7 days to 10 years. Specifically, for fixed deposits maturing in one year, general customers are offered an interest rate of 6.70 percent.
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HDFC Bank (Rates on deposits of less than Rs 2 Crores)
HDFC Bank FD Rates: HDFC Bank offers an appealing interest rate for one-year fixed deposits. Regular investors can avail themselves of a rate of 6.60 percent, while senior citizens qualify for a higher rate of 7.10 percent on such deposits. Notably, HDFC Bank provides interest rates ranging from 3 percent to 7.75 percent for general customers, varying according to the maturity period.
