Bank Fixed Deposit Rates: A popular investment choice, fixed deposits (FDs)—also known as time deposits or term deposits—are prized for their low-risk nature. Investors can securely allocate their surplus funds for a predetermined duration and receive fixed interest payments either at regular intervals throughout the term or upon maturity.
Interest rates offered by various banks typically range from 3% to 7.50%, depending on the investment tenure, with senior citizens often receiving an additional 0.5% interest rate.
However, it is essential to compare the fixed deposit rates offered by different banks before committing to any investment. In this article, we provide information on four banks offering FDs along with their respective interest rates.
State Bank of India (Rates on deposits of less than Rs 2 Crores)
SBI FD Rates: Customers investing in Fixed Deposits (FDs) at the State Bank of India can expect interest rates ranging from 3 percent to 7 percent, with senior citizens receiving an additional 50 basis points (bps). For FDs maturing in one year, the bank offers an interest rate of 6.80 percent, while for tenures of two years to less than three years, the rate is 7 percent.
Punjab National Bank (Rates on deposits of less than Rs 2 Crores)
PNB FD Rates: PNB provides fixed deposit interest rates spanning from 3.50 percent to 7.50 percent. Specifically, for fixed deposits maturing in one year, the interest rate stands at 6.75 percent for regular investors, while senior citizens receive a higher rate of 7.25 percent on a one-year plan.
ICICI Bank (Rates on deposits of less than Rs 5 Crores)
ICICI Bank FD Rates: As of June 27, 2024, this bank presents interest rates for its FD schemes within the range of 3 percent to 7.50 percent. Concurrently, senior citizens enjoy an extra 0.5 percent interest, resulting in rates spanning from 3.50 percent to 7.50 percent across various tenures, ranging from 7 days to 10 years. Specifically, for fixed deposits maturing in one year, general customers are offered an interest rate of 6.70 percent.
HDFC Bank (Rates on deposits of less than Rs 2 Crores)
HDFC Bank FD Rates: HDFC Bank offers attractive interest rates for one-year fixed deposits, with regular investors earning 6.60 percent and senior citizens receiving a higher rate of 7.10 percent. Additionally, HDFC Bank provides interest rates ranging from 3 percent to 7.75 percent for general customers, depending on the maturity period.
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