Fixed Deposits Interest Rates: People in the country like to invest their money in Fixed Deposit (FD). Fixed Deposit i.e. FD is seen as a safe investment option. Let us tell you that people who want to avoid the risk of stock market and want a fixed return, they often invest their money in FD.
Talking about the interest rate on FD, it varies depending on the tenure of the FD. Many banks are offering good interest rates to investors on FD. Therefore, before getting a bank FD, it is better to compare the interest rates of different banks.
Compare interest rates before investing
When you open a fixed deposit (FD), it is important that you compare the interest rates offered by different banks. Although most banks offer similar interest rates, if one bank’s interest rate is 40-50 basis points (0.40-0.50%) higher than the other, it can cost you a lot of money. For example, if you make a two-year FD of ₹5 lakh and the interest rate varies by 0.50%, you can get an additional benefit of ₹5,000. And if you have taken your FD for five years, you can get an additional benefit of ₹ 12,500. Therefore, a slight interest rate difference can help your money grow.
These banks are giving this much interest rate
Let us tell you that from July 24, HDFC Bank is giving 7 percent interest on 5 year fixed deposits and 7.5 percent interest to senior citizens. ICICI Bank is also offering the same interest rates on 5 year deposits. Axis Bank is offering 7 percent interest to regular citizens and 7.75 percent interest to senior citizens on its 5 year deposits. Whereas private bank Yes Bank is offering 7.25 percent interest to regular citizens and 8 percent interest to senior citizens, when a fixed deposit of 5 years is made.
Talking about State Bank of India (BOI), this bank is giving 6.5 percent interest to regular citizens and 7.5 percent interest to senior citizens on 5 year FD. PNB (Punjab National Bank) is offering 6.5 percent interest to regular citizens and 7 percent to senior citizens on 5-year FD from January 1, 2025. Bank of Baroda is also offering slightly higher interest rates. Bank of Baroda 6.8 percent to general citizens and 7.4 percent to senior citizens. Let us tell you that these bank rates have come into effect from October 14, 2024.
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