Before opening a fixed deposit (FD) with a bank, depositors tend to compare the interest rates offered by a bank with those of other banks.
Banks usually offer higher interest rates In long-term deposits, the longer the duration, the higher the interest rate. Conversely, the shorter the duration, the lower the interest rate.
Furthermore, investors are tempted to open a fixed-term deposit account at a bank where they already have an account, however, when the difference in interest rates is substantial, they may be tempted to open a fixed-term deposit account. term deposit account in another bank to maximize profits.
Here, we compare the latest interest rates offered by different private and public sector banks on their 3-year deposits.
Latest interest rates offered by major banks:
YO. HDFC Bank: The largest private lender is offering 7 percent interest on its deposits with a tenor of 3 years. Senior citizens are offered 7.5 percent interest on deposits with the same tenor. Interestingly, the highest interest rate of 7.4 percent per annum is offered when the tenor is 4 years and 7 months. These rates came into effect on July 24, 2024.
second. ICICI Bank: ICICI Bank offers 7 per cent interest per annum to depositors on their fixed deposit (FD) for a tenure of 3 years, while senior citizens are given 7.5 per cent per annum.
The highest interest rate of 7.25 percent is offered for deposits with a term of between 15 months and 2 years. These rates came into effect on August 10, 2024.
III. State Bank of India (SBI): State lender OSE offers 6.75 percent interest on deposits with a three-year term. Senior citizens are entitled to receive 7.25 percent on deposits with the same term. When the term is between 2 and 3 years, the interest is 7 percent per year. These rates came into effect on June 15, 2024.
IV. Bank of Baroda: Bank of Baroda offers 7.15 percent to depositors on a fixed-term deposit with a three-year tenure. Senior citizens are entitled to receive 7.65 percent on these deposits. These rates come into effect on July 15, 2024.
V. Kotak Mahindra BankKotak Mahindra Bank is offering 7 percent interest rate on 3-year fixed deposits. Elderly people An additional 60 basis points, or 7.6 percent, are offered. Interestingly, the highest interest rate, 7.4 percent, is offered for 390-day and 391-day term deposits. These rates came into effect on June 14, 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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