look news india
FD Interest Rates: If you are planning to open a fixed deposit (FD) account, it is advisable to first compare the interest rates offered by different banks. Although depositors choose the bank with which they have a long-term relationship, they can also choose a bank that offers them higher interest rates on fixed deposits.
The Monetary Policy Committee of the Reserve Bank of India (RBI) kept the benchmark repo rate unchanged at 6.5 per cent for the tenth consecutive time, Governor Shaktikanta Das announced. However, the banking regulator is expected to cut interest rates in its December meeting, which will impact loan as well as deposit rates.
Therefore, depositors are advised to keep their fixed deposits at the current high interest rates.
long term deposits
Generally, banks offer higher interest on long term fixed deposits. This means that the longer the deposit tenure, the higher the interest rate. Conversely, the shorter the FD tenure, the lower the interest rate.
We have compiled a list of interest rates offered by various banks on three-year fixed deposits. These interest rates are higher than the interest rates offered on shorter term deposits like one year or six months. Additionally, the interest rates offered to senior citizens are higher by 50-65 basis points.
Here we are giving information about the interest rates offered by the top banks of the country including HDFC Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank and Axis Bank.
| Edge | Interest Rate (Normal) (%) | Senior Citizens (%) |
| state Bank of India | 6.75 | 7.25 |
|
Bank of Baroda |
6.5 | 7.15 |
| Kotak Mahindra Bank | 7 | 7.6 |
| HDFC | 7 | 7.5 |
| ICICI Bank | 7 | 7.5 |
| Axis Bank | 7.1 | 7.6 |
As we can see in the table above, the three-year fixed deposit interest rate offered by SBI is 6.75 percent for general citizens and 7.25 percent for senior citizens. These rates have come into effect from June 15.
Bank of Baroda is offering 6.5 percent interest rate to general citizens and 7.15 percent interest rate to senior citizens. These rates have come into effect from October 3. Kotak Mahindra Bank is offering 7 percent interest rate to general citizens and 7.6 percent interest rate to senior citizens. These rates have come into effect from June 14.
HDFC Bank is offering 7 percent interest rate to general citizens and 7.5 percent interest rate to senior citizens from July 24. ICICI Bank is also offering the same interest rate.
