If you’re planning to lock your financial savings in a fixed deposit (FD), it’s affordable to verify the rates of interest provided by completely different banks. Though most depositors choose to open a term deposit account with a financial institution with which they share a long-term banking relationship, one can contemplate choosing a brand new financial institution as long as the distinction in rate of interest is appreciable.
Right here, we listing out the very best rates of interest provided by high seven banks throughout completely different tenures. It’s value mentioning right here that the excessive rates of interest are sometimes provided on long tenure term deposits. This implies shorter the tenure, decrease the rates of interest, and longer the tenure, greater the curiosity.
Highest fastened deposit rates of interest by high 7 banks
HDFC Financial institution: The private bank affords 7.40 % curiosity on its fastened deposit with tenure between 4 years 7 months to 55 months to common depositors. Senior residents are entitled to obtain 7.90 % on this tenure, as per the charges rolled out on July 24, 2024.
ICICI Financial institution affords 7.25 % to common residents and seven.8 % to senior residents on a set deposit of tenure between 15-18 months.
Kotak Mahindra Financial institution: One other personal lender Kotak Mahindra Bank affords highest rate of interest of seven.4 % to common residents on a set deposit of 390 to 391-day tenure. Senior residents are provided an additional 50 foundation factors i.e., 7.9 %. These rates of interest got here into pressure on June 14, 2024.
Federal Financial institution: It affords an curiosity of seven.4 % and seven.9 % to common residents and senior residents, respectively on a set deposit of 777-day tenure, in line with the charges which got here into pressure on October 16, 2024.
State Financial institution of India (SBI): The largest bank within the nation affords 7 % and seven.5 % curiosity to common and senior residents on an FD of tenure between 2-3 years. These charges got here into pressure on June 15, 2024.
Financial institution of Baroda: BOB affords 7.3 % and seven.8 % on an FD of 400-day tenure, as per the charges introduced on Oct 14 this yr.
Union Financial institution of India: This state lender affords an curiosity of seven.3 % on a set deposit of 456-day tenure to common residents. Senior residents are provided an additional 50 foundation factors.
