Given the safety and security they provide, fixed deposits are a popular investment option. You make a lump sum deposit into a fixed deposit for a predetermined time period at an interest rate that is fixed. At the end of the Fixed Deposit’s term, you will get your original investment plus compound interest.
Also read: FD rates hike: Will banks increase fixed deposit interest rates now due to higher loan demand?
Interest rate on fixed deposit vary depending on the amount and tenure. Here are 5 banks offering the highest interest rate of 7.25% on amounts below Rs 2 crore for general citizens.
HDFC Bank offers interest rates between 3% to 7.25% for general citizens and 3.5% to 7.75% for senior citizens for tenures ranging from 7 days to 10 years. The highest interest rate of 7.25% is offered on tenure between 2 years 11 months – 35 months. These rates are effective from May 29, 2023.Bank of Baroda offers interest rates between 3% to 7.25% for general citizens and 3.5% to 7.75% for senior citizens for tenures ranging from 7 days to 10 years. The highest interest rate of 7.25% is offered on tenure 399 Days (Baroda Tiranga Plus Deposit Scheme).These rates are effective from May 12, 2023.Canara Bank offers interest rates between 4% to 7.25% for general citizens and 4% to 7.75% for senior citizens for tenures ranging from 7 days to 10 years. The highest interest rate of 7.25% is offered on tenure of 444 Days. These rates are effective from August 8, 2023.Kotak Mahindra Bank offers interest rates between 2.75% to 7.25% for general citizens and 3.25% to 7.75% for senior citizens for tenures ranging from 7 days to 10 years. . The highest interest rate of 7.25% is offered on tenure of 23 months. These rates are effective from September 13, 2023
PNB FD interest rates
PNB offers interest rates between 3.5% to 7.25% for general citizens and 4% to 7.75% for senior citizens for tenures ranging from 7 days to 10 years. The highest interest rate of 7.25% is offered on tenure of 444 days. These rates are effective from July 1, 2023.IndusInd Bank offers interest rates between 3.5% to 7.50% for general citizens and 4.25% to 8.25% for senior citizens for tenures ranging from 7 days to 10 years. These rates are effective from August 5, 2023.
Also read: These 4 banks have revised FD interest rates in September 2023
Federal Bank offers interest rates between 3% to 7.30% for general citizens and 3.5% to 7.80% for senior citizens for tenures ranging from 7 days to 10 years. These rates are effective from September 1, 2023.
