State Bank of India (SBI) is giving 7 percent interest to general citizens and 7.5 percent interest to senior citizens. Kotak Mahindra Bank is also giving 7 percent interest to general people and 7.6% interest to senior citizens on 3-year deposits.
FD Rate: The repo rate has not been cut by the Reserve Bank of India (RBI) for more than two years. However, this year RBI is expected to cut the repo rate. In such a situation, the present time is the best to lock money in fixed deposits. This is because banks will reduce interest rates on the reduction in repo rate. That is, the return on FD will decrease. Before the repo rate cut, you can get more interest on your investment by doing FD. We are telling you about those 6 banks which are giving the highest interest on 3-year FD.
These banks are giving great returns
Punjab National Bank is offering the highest interest rate of 7.25 percent on 3-year FD to common investors. At the same time, senior citizens are being given interest at the rate of 7.75 percent. HDFC Bank is giving 7 percent interest to common people and 7.5 percent interest to senior citizens on 3-year FD. ICICI Bank also gives 7 percent interest on 3-year FDs, while senior citizens are getting interest at the rate of 7.5 percent. Bank of Baroda is giving 6.75 percent per annum interest on 3-year deposits and 7.25 percent interest to senior citizens. State Bank of India (SBI) is giving 7 percent interest to general citizens and 7.5 percent interest to senior citizens. Kotak Mahindra Bank is also giving 7 percent interest to general people and 7.6% interest to senior citizens on 3-year deposits.
Two private banks increased rates on FDs
ICICI Bank has revised the interest rates on fixed deposits from July 2. The new interest rates are between 3 to 7.20 percent for general citizens and between 3.5 percent to 7.75 percent for senior citizens. Axis Bank has also revised the interest rates on fixed deposits from July 1. The interest rates range between 3 per cent to 7.2 per cent for general citizens, and between 3.5 to 7.75 per cent for senior citizens.
