Before investing in a fixed deposit (FD), depositors tend to compare the interest rates offered by different banks in order to choose one over the other. Usually, the interest rate and the tenor of the FD go hand in hand. This means that the longer the tenor of the FD, the higher the interest rate.
If you want to know the interest rates offered by different banks for one and five year fixed deposits, you can read these articles from Livemint here and hererespectively.
Here we list the returns delivered by different banks on their three-year fixed deposits.
The highest interest rates are offered by Kotak Mahindra Bank and Bank of Baroda which grant 7 percent and 7.15 percent to general citizens on three-year fixed deposits and an additional 50 basis points to senior citizens.
Let us find out more about FD interest rates offered by different public and private sector lenders.
The highest interest rates offered by different lenders:
HDFC Bank:For three-year fixed deposits, the largest private lender is offering an annual interest rate of 7% to general depositors and 7.5% to retirees. These rates came into effect on July 24, 2024.
ICICI Bank:It offers exactly the same interest rate as HDFC Bank, 7 per cent and 7.5 per cent, to general citizens and senior citizens.
Kotak Mahindra Bank: The bank offers an annual interest rate of 7 percent to general citizens and 7.6 percent to senior citizens on fixed-term deposits with a three-year term. The latest rates came into effect on June 14.
State Bank of India (SBI): The country’s largest lender is offering 6.75 percent to general citizens and 7.25 percent to senior citizens on three-year fixed deposits. These interest rates came into effect from June 15, 2024.
Bank of BarodaAs mentioned earlier, Bank of Baroda is offering 7.15 per cent on three-year fixed deposits to general citizens and 7.65 per cent to senior citizens. These rates came into effect from Thursday, September 5.
Punjab National Bank (PNB): The bank offers 7% to general citizens and 7.5% to retirees on fixed deposits with a three-year term. The latest rates came into effect on August 1, 2024.
Note:This story is for information purposes only. Please speak to a SEBI registered investment advisor before taking any investment related decisions.
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