FD Interest Rates in India 2024: If you want to keep your money safe and want to get good interest on it, then FD i.e. Fixed Deposit is right for you.
Investing in Fixed Deposit is the first choice of people. There are many reasons for this. Along with being a safe investment option, the interest received on FD is also excellent. Different banks of the country offer different interest rates (FD Interest Rates) to their customers on investing in FD according to the period. Generally people prefer to open FD in the same bank where their savings account is open. But people do not hesitate to choose a new bank if they get more interest.
In such a situation, people are always looking for the bank that gives the highest interest. During this time, people often compare interest rates before opening a Fixed Deposit (FD). This news is for those who want to invest in FD. Here we will tell you about some such banks which give the highest interest for different periods.
Which banks are giving the highest interest?
Recently, Punjab National Bank and Bank of India have changed their FD rates. Apart from these banks, many other banks also offer attractive interest rates on FD. Let us know about the FD rates of some major banks…
HDFC Bank: The country’s largest private bank HDFC Bank is giving 7.35% interest on FD of 2 years and 11 months. Senior citizens will get 50 basis points more i.e. 7.85% interest on this. The highest interest rate is 7.40% which is available on a period of 4 years and 7 months. Senior citizens will get 7.90% interest on this. These rates are applicable from 24 July 2024.
ICICI Bank: This private bank is offering the highest interest rate of 7.25% on FDs of 15 to 18 months. Senior citizens will get 55 basis points more interest i.e. 7.80% on this. These rates are applicable from August 2, 2024.
Punjab National Bank (PNB): This government bank is getting 7.25% interest on FD of 400 days. Senior citizens will get 7.75% interest on this. These rates have come into effect from 1 August 2024.
Bank of Baroda: This government bank is getting the highest interest of 7.25% on FD of 399 days. Senior citizens will get 50 basis points more i.e. 7.75% interest on this. These rates are applicable from 15 July 2024.
Kotak Mahindra Bank: This private bank is getting 7.4% interest on FD of less than 390 days and less than 23 months. Senior citizens will get 7.9% interest on this. These rates are applicable from 14 June 2024
Below is the list of banks which are paying the highest interest…
| Bank | For ordinary citizens | For senior citizens | Duration |
| HDFC Bank | 7.40% | 7.90% | 55 Months |
| ICICI Bank | 7.25 | 7.80% | 15-18 months |
| Punjab National Bank (PNB) | 7.25% | 7.75% | 400 days |
| Bank of Baroda | 7.25% | 7.75% | 399 days |
| Mahindra Bank Box | 7.4% | 7.9 | 390 days less than 23 months |
Why do people invest in FD?
FD is considered one of the safest investment options. The interest received on it is fixed. The duration of FD can be chosen as per your convenience.
Keep these things in mind before investing in FD
There are a few things to keep in mind before investing in FD. First of all, compare the interest rates. Choose the duration of FD according to your needs. Also remember that FD interest rates keep changing from time to time, so before investing, visit the bank’s official website to find out about the latest FD rates. Also know that the interest earned on fixed deposits is fully taxable.
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