FD Rates: Are you thinking of opening a fixed deposit (FD) account in a bank? First of all, it is important that you compare the interest rates offered by different banks. Although there is not much difference in the interest rates of most banks, a general rule is that the longer the period of the FD, the better
FD Rates: Are you thinking of opening a fixed deposit (FD) account in a bank? First of all it is important that you compare the interest rates offered by different banks. Although there is not much difference in the interest rates of most banks, a general rule is that the longer the period of FD, the higher the interest rate. Here we are telling you about the six banks which are offering the highest interest rates on five-year FDs.
State Bank of India (SBI):
SBI gives 6.5% interest to general citizens and 7.5% to senior citizens on its five-year FD. However, on 2-3 year FDs, general citizens get 7% and senior citizens get 7.5% interest rate.
Bank of Baroda (BOB):
Bank of Baroda gives 6.5% interest to common citizens and 7.15% to senior citizens on five-year FD. At the same time, under the Monsoon Dhamaka scheme, common citizens get 7.25% interest and senior citizens get 7.75% interest on 399 days FD.
HDFC Bank:
HDFC Bank gives 7% interest to common citizens and 7.5% interest to senior citizens on five-year FD. At the same time, common citizens get 7.4% and senior citizens get 7.9% interest on 55-month FD.
ICICI Bank:
ICICI Bank gives 7% interest to common citizens and 7.5% interest to senior citizens on five-year FD. Apart from this, 7.25% to 7.8% interest is available on mutual fund FDs of 15 to 18 months.
Kotak Mahindra Bank:
Kotak Mahindra Bank gives 6.2% interest to general citizens and 6.7% interest to senior citizens on five-year FDs. The highest interest rate of the bank is 7.4%, which is given on 390-day FDs.
Punjab National Bank (PNB):
PNB gives 6.5% interest to general citizens and 7% interest to senior citizens on its five-year FDs. This bank also gives 7.25% interest on 400-day FDs. All these banks are getting the highest interest rate on FDs of less than five years period. Therefore, if you are also planning to make an FD, then definitely compare the interest rates of the banks.
