If you want to invest in fixed deposits for 3 years, then it will be beneficial to compare the interest rates of different banks. Currently, many private and public sector banks are offering better interest rates on FD. So let’s know the interest rates of these banks.
FD Interest Rates: If you are planning to invest in Fixed Deposit (FD), then definitely compare the interest rates offered by different banks. This is always beneficial for investors. With this, you can invest in the bank which is offering you the highest interest rates. However, usually higher interest rates are available on long term fixed deposits. But today we will talk about 7 such banks of public and private sector, which are offering better interest rates on 3-year FD.
But before investing, it is also important to keep in mind that a small difference of 50 basis points in interest rates can increase your savings in the long run. For example, if a bank offers 50 basis points more interest on a fixed deposit of Rs 10 lakh, it can give you Rs 15,000 more in three years.
| Bank | Interest (%) | Senior Citizens (%) |
|---|---|---|
| HDFC Bank | 7 | 7.5 |
| ICICI Bank | 7 | 7.5 |
| Kotak Mahindra Bank | 7 | 7.6 |
| Federal Bank | 7.1 | 7.6 |
| SBI | 6.75 | 7.25 |
| Bank of Baroda | 7.15 | 7.65 |
| Union Bank of India | 6.7 | 7.2 |
These 7 banks are giving the highest interest rates
HDFC Bank: This private sector bank is offering 7 percent interest rates to common citizens and 7.5 percent interest rates to senior citizens on 3-year FD.
ICICI Bank: This bank is giving 7 percent interest to common citizens and 7.5 percent interest to senior citizens on its 3-year fixed deposit.
Kotak Mahindra Bank: This bank gives 7 percent interest to common citizens and 7.6 percent interest to senior citizens on its 3-year term deposit.
Federal Bank: This bank gives 7.1 percent interest to regular citizens and 7.6 percent interest to senior citizens on 3-year deposits.
State Bank of India (SBI): India’s largest bank is giving 6.75 percent interest to general citizens and 7.25 percent interest to senior citizens.
Bank of Baroda: This public sector bank gives 7.15 percent interest to regular citizens and 7.65 percent interest to senior citizens.
Union Bank of India: This bank gives 6.7 percent interest to regular citizens and 7.2 percent interest to senior citizens.
