investment risk Fixed Deposit (FD) has always been an excellent investment option for investors. Since repo rates have not been reduced in the last two years, many banks are giving higher interest on FDs. However, there is now a possibility of a reduction in interest rates. This is because the RBI will reduce the repo rate in the coming days. After this, banks will also reduce interest on FDs. Now is the best time to invest in FDs. In such a situation, if you are thinking of getting a new FD on Diwali, we will tell you about those 4 banks that offer excellent interest on FDs.
|
bank
|
Interest rate for general investors (%) | Interest rate for seniors (%) |
DF period
|
| HDFC Bank | 7.40 | 7.90 | 4 years 7 months |
| ICICI Bank | 7.25 | 7.8 | 15 months to < 18 months |
| Kotak Mahindra Bank | 7.4 | 7.9 | 390-391 days |
| federal bank | 7.4 | 7.9 | 777 Day |
| State Bank of India | 7 | 7.5 | 23 Year |
| Bank of Baroda | 7.15 | 7.65 | 23 Year |
| Union Bank of India | 7.4 | 7.9 | 333 Day |
How much interest does Can Bank pay?
HDFC Bank offers the highest interest of 7.4 percent to general citizens with a tenor of 4 years, 7 months or 55 months. Seniors receive an additional 50 basis points based on rates announced on July 24 of this year. ICICI Bank offers the highest interest of 7.25 per cent on terms of 15 to 18 months. Meanwhile, seniors are entitled to receive an additional 50 basis points. Whereas, Kotak Mahindra Bank offers the highest rate of 7.4 per cent (7.9 per cent for seniors) with a duration of 390 to 391 days as per the rate sheet announced on June 14 this year. Federal Bank offers the highest interest rates of 7.4 and 7.9 percent (for seniors) in two terms: 777 days and 50 months. These rates have come into effect as of October 16.
How much interest is received in SBI?
State Bank of India (SBI) is offering 7 per cent (7.5 per cent for senior citizens) with a tenure of 2-3 years as per latest rates applicable from June 15. Another state-run lender, Bank of Baroda, is offering 7.15 per cent (7.65 per cent for senior citizens) on 2-3 year fixed deposits as per rates applicable from October 14. Union Bank of India offers a relatively higher interest rate of 7.4 per cent (and 7.9 per cent for senior citizens) with a tenor of 333 days.
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