fixed deposit
The bull market is witnessing a decline. Now people are thinking about withdrawing money from the market and investing it in some safe investment option. Now the question that arises here is: what are those safe options? So there are many answers to this. One of which is called Fixed Deposit. Today we are going to talk to you only about this. We will compare and tell you how much interest private banks offer on FDs as compared to government banks.
Banks generally offer higher interest rates for longer terms. If you do FD for a short period, you will not get the benefit of high interest.
Private Bank FD Rates
India’s largest private bank is HDFC, which offers FD interest rates between 6.60 and 7.00 percent for all its customers and between 7.10 and 7.50 percent for senior citizens. This category includes fixed deposits for tenures ranging from less than two years to more than four years.
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Meanwhile, ICICI Bank is offering interest at the rate of 7.25-7.00 per cent for general customers and 7.50-7.80 per cent for senior citizens for the same period.
FD Rates of Public Sector Banks
SBI, the largest bank among government banks, offers short and long term FDs at the rate of 3.50 to 6.50 per cent for general customers and 4.00 to 7.50 per cent for senior citizens. This category includes fixed-term deposits of less than two years and more than four years.
Apart from this, Canara Bank offers interest at the rate of 6.25-6.70 per cent for general customers and 6.40-6.87 per cent for senior citizens, while Bank of Baroda offers interest at 6.50- 7.15 percent for general customers and 7.00-7.50 percent for senior citizens are given an interest of 6.00 percent, and the BOI grants interest at the rate of 6.00 to 7.30 percent for general customers and from 6.75 to 7.75 percent for senior citizens.
