look news india
Investing in Fixed Deposit is the first choice of people. There are many reasons behind this. Apart from being a safe investment option, the interest received on FD is also excellent. Different banks of the country give different interest rates (FD Interest Rates) to their customers on investing in FD according to the period. Usually people prefer to open FD in the same bank where their savings account is open. But if they get higher interest, people do not hesitate to choose a new bank.
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 banks that 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 are also offering 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 offering 7.35% interest on FDs of 2 years 11 months. On this, senior citizens will get 50 basis points more interest i.e. 7.85%. The highest interest rate is 7.40% which is available on a period of 4 years 7 months. On this, senior citizens will get 7.90% interest. 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 2 August 2024.
Punjab National Bank (PNB): This government bank is giving 7.25% interest on FD of 400 days. Senior citizens will get 7.75% interest on this. These rates have come into effect from August 1, 2024.
Bank of Baroda: In this government bank, the maximum interest of 7.25% is being given on FD of 399 days. Senior citizens will get 50 basis points more interest i.e. 7.75% on this. These rates are applicable from 15 July 2024.
Kotak Mahindra Bank: In this private bank, 7.4% interest is being given on FDs 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…
| Edge | 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 FDs?
FD is considered one of the safest investment options. The interest received on it is fixed. You can choose the duration of FD 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 FD period 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 the latest FD rates. Also know that the interest received on fixed deposits is fully taxable.