Fixed Deposit, i.e., FD, has always been a reliable option among Indian investors. Amidst inflation and market uncertainties, whenever people want to keep their hard-earned money safe, an FD is the first thing that comes to mind. This is the reason why both government and private banks are luring customers with attractive interest rates.
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Highest return in DCB Bank
If you are thinking of opening an FD for a period of 1 year, then DCB Bank can prove to be the best option at this time. This bank is offering 7.25 percent interest to its general customers and up to 7.75 percent interest to senior citizen customers. At this rate, those who make a one-year FD can get good profits.
Offer of Tamilnad Mercantile, Canara, and Karnataka Bank
Tamilnad Mercantile Bank is also giving strong returns to the customers. Here, general customers are getting 7.25 percent interest, and senior citizens are getting 7.75 percent interest. Apart from this, in Canara Bank, general customers are getting 7 percent interest, and senior citizens are getting 7.50 percent interest on 1 1-year FD. Talking about Karnataka Bank, here, general customers are being given 7 percent interest, and senior citizens are getting 7.40 percent interest.
RBL and Bank of India are also not far behind
Deutsche Bank is offering 7 percent interest to all its customers, whether they are general or senior citizens. At the same time, RBL Bank is providing 7 percent interest to general customers and 7.50 percent interest to senior citizens. Bank of India is also offering an FD at the same rate.
Rates of SBI, Bank of Baroda, and Central Bank of India
The country’s largest bank, SBI is currently giving 6.80 percent interest to general customers and 7.30 percent interest to senior citizens on 1 1-year FD. Bank of Baroda is offering 6.75 percent return to general customers and 7.25 percent return to senior citizens. The Central Bank of India is also following the same line and is offering 6.75 percent interest to general customers and 7.25 percent interest to senior citizens on 1 1-year FD.
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Who will get the most benefit?
It is clear that at present, senior citizen customers are getting the benefit of a higher interest rate than general customers. If you are a senior citizen, then interest ranging from 7.50 percent to 7.75 percent is available for you in many banks. Whereas general customers can get interest ranging from 6.75 percent to 7.25 percent.