look news india
FD Interest Rates: The Reserve Bank of India (RBI) may cut repo rates in the upcoming Monetary Policy Commission (MPC) meeting in December. If the reported rate goes down, fixed deposit interest rates will start going down.
Experts in the financial world believe that this is the right time to get good interest. If you also want to get higher returns on FD, then there are some banks which are offering higher interest for a period of 3 years.
Higher interest in private banks compared to government banks
Talking about government banks, the interest rates here are slightly lower. State Bank of India (SBI) is giving 6.75 percent interest to general citizens and 7.25 percent interest to senior citizens on 3-year FD. Punjab National Bank (PNB) is offering 7 percent interest rate to general citizens and 7.5 percent to senior citizens on 3-year fixed deposits. Union Bank of India is offering interest rates of 6.7 percent to general citizens and 7.2 percent to senior citizens on three-year fixed deposits.
How much interest is available in private bank
HDFC Bank offers 7 percent interest to general citizens and 7.5 percent interest to senior citizens on its three-year fixed deposits. ICICI Bank also offers similar rates for general and senior citizens i.e. 7 percent and 7.5 percent. Kotak Mahindra Bank offers an interest rate of 7 percent to general citizens and 7.6 percent to senior citizens on its 3-year FD. These rates have come into effect from June 15. Federal Bank also offers 7 percent and 7.5 percent interest rates on its 3-year fixed deposits to general and senior citizens respectively.