Before locking their money in fixed deposits (FDs), investors tend to compare interest rates offered by different banks in order to maximise their earnings.
As of now, banks offer highest returns on their term deposits to align with prevailing high repo rates. RBI on Friday kept the repo rate at 6.5 percent for the seventh consecutive time in a row.
But when the RBI starts cutting down interest rates in the next monetary policy committee (MPC) meet, the interest rates would take a downward spiral.
But until that happens, deposits are advised to make the most of the prevailing high interest rates.
Here are the interest rates offered by top banks:
HDFC Bank: HDFC Bank offers the highest fixed deposit interest rate of 7.25 percent on its deposits with tenure of 18 to 21 months.
The bank also offers 7.15 percent on fixed deposits with tenure between 2 years 11 months to 35 months.
When tenure is one year to 15 months, the interest is 6.60 percent. When the tenure is between 2 years to 2 years 11 months, the interest is 7 percent. For short tenure fixed deposits, the interest rates range between 3 percent to 6 percent.
View Full Image
ICICI Bank: ICICI Bank offers 6.7 percent on FDs with tenure between one year to 15 months. For tenure between 15 months to two years, the rate of interest is 7.20 per cent. When FD tenure is between 2-5 years, the interest rate is 7 percent.
For short tenure fixed deposits, interest rate ranges between 3 to 6 percent.
Kotak Mahindra Bank: Kotak Mahindra Bank offers the highest interest rate of 7.4 percent when tenure of fixed deposit is between 390 days to 391 days. For tenure between 23 months to less than 2 years, the bank offers 7.3 percent.
When tenure is between 2-3 years, the bank offers 7.15 percent. On tenure between 3-5 years, the bank offers 7 percent. For short tenure fixed deposits, the bank offers anywhere between 2.75 percent to 6.50 percent.
View Full Image
Punjab National Bank: PNB offers the highest interest rate of 7.30 percent to its depositors on 400-day deposits. When the tenure is 300 days, the bank offers 7.10 percent.
On one year FD, the bank offers 6.8 percent and on two-year FD, the bank offers 6.85 percent. For tenure between 2-3 years, the bank offers 7.05 percent. For short tenure deposits, the bank offers an interest rate that ranges between 4.55 to 6.80 percent.
View Full Image
State Bank of India (SBI): SBI offers its highest interest rate of 7 percent when fixed deposit tenure is between 2 to 3 years. Deposits with tenure between 3-5 years, the state lender offers 6.75 percent.
And when the tenure is longer than 5 years, the interest rate is 6.5 percent. When the tenure is shorter than a year, the interest rate ranges between 3.5 to 6.80 percent.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 09 Apr 2024, 04:27 PM IST