Before opening a fixed deposit (FD) account, depositors are meant to compare the interest rates offered by different commercial banks. Typically, the interest rates of most banks are in the same range but marginal difference over a long period of time can make significant difference to the overall wealth creation.
Here we list out the interest rates offered by the top commercial banks:
HDFC Bank: HDFC Bank offers interest rate on its fixed deposits in the range of 3 percent to 7.25 percent. The highest rate of 7.25 percent is offered on term deposits of tenure 18 months to 21 months. These interest rates came into force from Feb 9, 2024.
On tenure between 4 years 7 months to 55 months, the bank offers 7.20 percent. On the tenure that ranges between 2 years 11 months to 35 months, the bank offers 7.15 percent return.
ICICI Bank:ICICI Bank offers interest rate in the range of 3 per cent to 7.20 percent. The highest interest rate of 7.20 percent is given on tenure between 15 months to 2 years.
On tenure between 2 years to 5 years, the bank offers 7 percent interest rate. Strangely, when the tenure stretches beyond 5 years, the interest rate becomes 6.90 percent. The latest interest rates came into force on Feb 17, 2024.
State Bank of India: SBI offers interest rates in the range of 3.50 percent to 7 percent. The highest rate of 7 percent is offered when the deposit is made for a time duration that ranges between 2 years to 3 years. For tenure between 1-2 years, the interest rate is 6.80 percent. These rates came into force from Dec 27, 2023.
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Kotak Mahindra Bank: Kotak Mahindra Bank offers interest rate in the range of 2.75 percent to 7.40 percent. The highest rate of 7.40 percent is offered when the tenue is between 390 days to less than 23 months.
And when the tenure is between 23 months to less than 2 years, the interest rate is 7.30 percent. The latest rates came into force on Feb 27, 2024.
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Bank of Baroda: The state lender offers interest rate in the range of 4.25 percent to 7.25 percent. The highest rate of 7.25 percent is offered when the deposit tenure is between 2-3 years.
However, the 399-day Baroda Tiranga Plus Deposit Scheme offers an interest of 7.15 percent per annum. The latest rates came into force from Jan 15, 2024.
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Published: 22 Mar 2024, 04:46 PM IST