Previous to investing in a fixed deposit (FD), depositors have a tendency to match the rates of interest provided by completely different banks in order that they’ll select one financial institution over the opposite. Sometimes, the speed of curiosity and the tenure of FD go hand in hand. This implies the longer the FD tenure, the upper the rate of interest.
If you wish to verify the rates of interest provided by completely different banks on one-year and five-year mounted deposits, you may learn these Livemint articles here and here, respectively.
Right here we listing out the returns delivered by completely different banks on their three-year mounted deposits.
The very best interets charges are provided by Kotak Mahindra Bank and Bank of Baroda which give 7 per cent and seven.15 per cent to common residents on three-year mounted deposits and an additional 50 foundation factors to senior residents.
Allow us to discover out extra in regards to the FD rates of interest provided by completely different non-public and public sector lenders.
Highest rates of interest provided by completely different lenders:
HDFC Financial institution: On the three-year mounted deposit, the biggest non-public lender presents 7 per cent annual curiosity to common depositors and seven.5 per cent to senior residents. These charges got here into power on July 24, 2024.
ICICI Financial institution: It presents precisely the identical rate of interest as HDFC Financial institution, 7 per cent and seven.5 per cent, to common and senior residents.
Kotak Mahindra Financial institution: This financial institution presents 7 per cent annual curiosity to common residents and seven.6 per cent to senior residents on FDs of three-year tenure. The most recent charges got here into power on June 14.
State Financial institution of India (SBI): The biggest lender within the nation presents 6.75 per cent to common residents and seven.25 per cent to senior residents on three-year mounted deposits. These rates of interest got here into impact on June 15, 2024.
Financial institution of Baroda: As talked about above, Financial institution of Baroda presents 7.15 per cent on three-year mounted deposits to common residents and seven.65 per cent to senior residents. These charges got here into power on Thursday, September 5.
Punjab Nationwide Financial institution (PNB): The financial institution presents 7 per cent to common residents and seven.5 per cent to senior residents on mounted deposits of three-year tenure. The most recent charges got here into power on August 1, 2024.
Observe: This story is for informational functions solely. Please communicate to a SEBI-registered funding advisor earlier than making any investment-related choice.
