Before you decide to open a fixed deposit (FD) in a bank, it is your responsibility to compare the interest rates offered by different banks.
Interest rates generally don’t vary much from one lender to another. However, there is one general rule that applies to most lenders uniformly: the longer the term, the higher the interest. interest rate.
Here we list the top six banks that offer high interest rates on their five-year FDs.
Top six banks offering five-year fixed deposits:
YO. State Bank of India (SBI): OSE It offers 6.5 percent interest on its five-year fixed deposit to ordinary citizens, while senior citizens are entitled to receive 7.5 percent.
However, the country’s largest lender offers the highest rate (7 percent) on its fixed-term deposits with a term of 2 to 3 years. Senior citizens are entitled to receive 7.5 percent for this term.
second. Bank of Baroda (BOB): This state-owned lender is offering 6.5 per cent interest on its five-year fixed deposit and 7.15 per cent to senior citizens during this period.
Meanwhile, the highest rate of 7.25 per cent is offered on 399-day FD (Monsoon Dhamaka deposit scheme) for common citizens and an additional 50 basis points for senior citizens.
III. HDFC Bank: He the largest private lender The country is offering 7 percent to ordinary citizens and 7.5 percent to senior citizens on its five-year fixed deposit, while the highest interest rate (7.4 percent) is offered on a 55-month fixed deposit to ordinary citizens and an additional 50 basis points to senior citizens.
IV. ICICI Bank: ICICI Bank It offers 7% and 7.5% interest to ordinary citizens and senior citizens on its 5-year fixed deposits. The highest rates (7.25% and 7.8%) are offered on mutual funds with a tenor of 15 to 18 months.
V. Kotak Mahindra Bank:It offers a relatively low interest rate of 6.2 percent and 6.7 percent to ordinary citizens and senior citizens respectively. The highest interest rate of 7.4 percent is offered for a fixed deposit with a tenor of 390 days.
VI. Punjab National Bank: GNP offers 6.5 and 7 percent to ordinary and senior citizens respectively, while the highest interest rate, 7.25 percent, is given for a 400-day fixed deposit.
So it is interesting to note that these six banks offer the highest interest rates for a term of less than five years.
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