A highly favoured investment option, fixed deposit (FD), also known as a time deposit or term deposit, is valued for its low-risk profile. Many investors confidently park their extra funds for a set period and receive fixed interest payments at consistent intervals during the chosen term or at maturity.
Different banks offer interest rates ranging from 3 to 7.50 percent, depending on the investment period, with senior citizens enjoying an additional 0.5 percent interest rate.
It’s important to invest around for the best-fixed deposit (FD) rates before you invest. This article will explore FD options from four different banks and their current interest rates.
State Bank of India (Rates on deposits of less than Rs 2 Crores)
SBI FD Rates: As of May 14, 2024, for customers investing in Fixed Deposits (FDs) at the State Bank of India, interest rates range from 3 percent to 7 percent, with senior citizens enjoying an extra 50 basis points (bps). Specifically, for FDs maturing in one year, the bank provides an interest rate of 6.80 percent. Moreover, for a tenure of two years to less than three years, the bank offers a rate of 7 percent.
Punjab National Bank (Rates on deposits of less than Rs 2 Crores)
PNB FD Rates: As on October 10, 2023, PNB provides fixed deposit interest rates spanning from 3.50 percent to 7.50 percent. Specifically, for fixed deposits maturing in one year, the interest rate stands at 6.75 percent for regular investors, while senior citizens receive a higher rate of 7.25 percent on a one-year plan.
ICICI Bank (Rates on deposits of less than Rs 5 Crores)
ICICI Bank FD Rates: As of May 14, 2024, this bank presents interest rates for its FD schemes within the range of 3 percent to 7.50 percent. Concurrently, senior citizens enjoy an extra 0.5 percent interest, resulting in rates spanning from 3.50 percent to 7.50 percent across various tenures, ranging from 7 days to 10 years. Specifically, for fixed deposits maturing in one year, general customers are offered an interest rate of 6.70 percent.
HDFC Bank (Rates on deposits of less than Rs 2 Crores)
HDFC Bank FD Rates: HDFC Bank offers an appealing interest rate for one-year fixed deposits. Regular investors can avail themselves of a rate of 6.60 percent, while senior citizens qualify for a higher rate of 7.10 percent on such deposits. Notably, HDFC Bank provides interest rates ranging from 3 percent to 7.75 percent for general customers, varying according to the maturity period.
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