Bank FD: If you are thinking of making a fixed deposit in a bank and want to know which bank is paying more interest on FD, then there is no need to do much research. We are telling you what is the rate of interest available on FDs in leading public and private banks of the country.
The Reserve Bank of India put a brake on the continuous increase in interest rates in April and did not increase the repo rate. After this, some banks have revised the interest rate available on fixed deposits. While some banks have followed the policy of RBI and did not make any change in the interest rate.
In such a situation, many customers want to know which bank is offering them the highest interest on FD. We are going to tell you about those banks which have not revised the FD rates this month or have increased or decreased the interest rates.
Punjab National Bank has revised the interest rates on FDs below Rs 2 crore for regular citizens, senior and very senior citizens. PNB has increased the interest rates of select FDs for certain tenures and reduced the rates of FDs of certain tenures. On FDs maturing in 444 days, the bank has increased the interest rate for regular citizens from 6.80% to 7.25%. At the same time, the interest on FDs maturing in 666 days has been reduced from 7.25% to 7.05%. This bank is offering a high interest rate of 7.25% per cent.
Bank of Baroda has increased the interest rates on its fixed deposits up to Rs 2 crore. This bank is giving 7.25 percent interest on FD to common citizens. At the same time, senior citizens can earn up to 7.75 percent interest. The revised interest rates on fixed deposits are effective from May 12.
Kotak Mahindra Bank of the private sector has increased the interest rates of one-term FDs by 50 basis points. Kotak Mahindra Bank Fixed Deposit offers interest rates between 2.75% to 7.20% for general citizens and 3.25% to 7.70% for senior citizens. The rate of interest on FDs of 390 days to less than 2 years is 7.20%. The revised interest rate is applicable from May 11, 2023 for deposits of less than Rs 2 crore.
State Bank of India is offering an interest rate between 3% to 7.10% (including Amrit Kalash deposits) on FDs of less than Rs 2 crore for general citizens for a period of 7 days to 10 years. SBI’s Amrit Kalash FD scheme is getting interest at the rate of 7.10% for a period of 400 days. This scheme is valid till 30 June 2023.
HDFC Bank is giving interest between 3% to 7.10% for a period ranging from 7 days to 10 years to general citizens on FDs of less than 2 crores. In this, the highest interest rate of 7.10% is available on FDs of 15 months to less than 18 months.
Private sector ICICI Bank is also providing interest rates ranging from 3% to 7.10% to ordinary citizens for a period of 7 days to 10 years on an amount of less than Rs 2 crore. In this, the highest interest rate of 7.10% is on FD from 15 months to less than 18 months.
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