Fixed Deposit Interest Rate: Before investing in fixed deposits, it is very important to compare the interest rates offered by different banks.
Fixed Deposit Interest Rate: Here we have brought for you a list of interest rates offered by both private and government banks. 1 percent extra interest on a fixed deposit of Rs 5 lakh for 3 years can earn an extra Rs 15,000. This ‘extra’ amount becomes Rs 30,000 on a fixed deposit of up to Rs 10 lakh. Apart from this, most banks usually offer higher interest rates on their long term fixed deposits while lower interest rates are offered on short term fixed deposits. For example, a six-month fixed deposit usually offers a lower interest rate than a 2-year term deposit. Here we are going to give information about the interest rates offered on fixed deposits for a period of three years by eight top banks.
List of banks and interest rates for general citizens
HDFC Bank – 7 percent
ICICI Bank – 7 percent
Kotak Mahindra Bank – 7 percent
Federal Bank – 7 percent
State Bank of India – 6.75 percent
Bank of Baroda – 7.15 percent
Punjab National Bank – 7 percent
Union Bank of India – 6.7 percent
Private Banks
As can be seen in the list given below, HDFC Bank is offering 7 per cent per annum interest rate to general citizens and 7.5 per cent to senior citizens on its 3-year fixed deposit. The latest interest rates came into effect on 24 July this year.
ICICI Bank is offering 7 per cent and 7.5 per cent interest rates to general citizens and senior citizens on its 3-year fixed deposit. Kotak Mahindra Bank is offering 7 per cent interest rate to general citizens and 7.6 per cent interest rate for senior citizens. These rates were introduced on 14 June 2024.
As per the latest announcement made on 16 October, Federal Bank is offering 7 per cent and 7.5 per cent interest rate to general and senior citizens.
Interest rates of public sector banks
Meanwhile, State Bank of India (SBI) offers a slightly lower rate of 6.75 per cent to general citizens and 7.25 per cent to senior citizens on three-year fixed deposits. These rates were introduced on June 15 this year.
Meanwhile, Bank of Baroda offers a slightly higher rate of 7.15 per cent to general citizens and 7.65 per cent to senior citizens. The public sector banks have implemented these rates from October 14. Punjab National Bank offers 7 per cent and 7.5 per cent interest to general citizens and senior citizens on its three-year fixed deposits. Finally, Union Bank of India offers the lowest interest rate of 6.70 and 7.20 per cent to general citizens and senior citizens respectively on three-year fixed deposits.
