Banks with Highest FD Rates: Due to increase in interest rates by banks, customers have many options. This interest rate is between 7 to 8 percent per annum. Apart from general citizens, senior citizens get an interest rate of more than 0.5 percent. Know which bank is offering you what interest rate. Read what is the complete news.
In the last few months, many banks have changed the interest rates of their fixed deposits (FD) to woo customers. However, the Reserve Bank of India (RBI) had last kept the repo rate constant at 6.5 percent.
Due to increase in interest rates by banks, customers have many options. The interest rate on these FDs is between 7 to 8 percent per annum. Here let us tell you that this interest rate is for general citizens, senior citizens get 50 basis points more interest in addition to this interest rate. Let us know which bank is giving you how much interest.
HDFC Bank
HDFC Bank , the country’s largest bank, offers 6.6 percent interest per annum on one-year FDs and 7.2 percent interest on FDs with tenures between 4 years 7 months to 55 months. However, senior citizens get 0.50 percent additional interest annually for these periods.
State Bank of India (SBI)
SBI gives 6.8 percent interest on one year FD to common citizens. SBI gives you a maximum interest of 7.10 percent for 400 day FD, although this scheme expires on 31 December 2023. Senior citizens get 0.50 percent additional interest annually for these periods.
Bank of Baroda (BoB)
Bank of Baroda, one of the big government banks, offers 6.75 percent interest to the common citizens for one year FD, whereas on FD for the period between 2-3 years, the bank offers you an interest rate of 7.25 percent. In this also, senior citizens get 0.50 percent additional interest annually for these periods.
IDFC First Bank
Private bank IDFC offers 6.5 percent interest annually to ordinary citizens for one year FD. At the same time, the bank is giving the highest interest of 7.5 percent on FDs with a tenure between 1-2 years. Senior citizens get 0.50 percent additional interest annually for these periods.
ICICI Bank
Among the big private banks, ICICI Bank offers 6.7 percent interest rate to ordinary citizens on FDs of one year, 7.10 percent interest rate on FDs with tenure between 15 months to 2 years. Senior citizens get 0.50 percent additional interest annually for these periods.
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