Fixed Deposit Interest Rates: When it comes to safe investments, fixed deposits (FDs) are often the first choice for many people. The biggest reason for this is that the money invested in an FD is completely safe and provides a predetermined return. Unlike the stock market or mutual funds, there is no risk of fluctuations. This is why salaried individuals, retired people, and risk-averse investors consider FDs to be the most reliable option.
In India, different banks offer different interest rates on their FDs. The tenure of the FD also varies, such as 1 year, 2 years, 3 years, or more. Therefore, it becomes important for investors to know which bank’s FD offers better returns so that they can earn more profit in a shorter time.
State Bank of India FD
India’s largest public sector bank, SBI, offers approximately 6.30% annual interest on its 3-year FD. If an investor invests Rs. 5 lakh in an FD, they can receive approximately Rs. 6,03,131 at maturity after 3 years. SBI is considered one of the most trustworthy banks among investors due to its status as a government bank.
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HDFC Bank FD
HDFC Bank offers approximately 6.45% annual interest on its 3-year FD. At this rate, an investment of Rs. 5 lakh would yield a maturity amount of approximately Rs. 6,05,809. Despite being a private bank, HDFC Bank is considered a strong and reliable bank.
ICICI Bank and Axis Bank FDs
ICICI Bank and Axis Bank also offer approximately 6.45% interest on their 3-year FDs. The return on investment of Rs. 5 lakh at maturity will be similar to that of HDFC Bank. This provides investors with good options.
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Canara Bank FD
Canara Bank offers approximately 6.25% annual interest on its 3-year FD. An investment of Rs. 5 lakh would yield a maturity amount of approximately Rs. 6,02,241.
Bank of Baroda Fixed Deposit
Bank of Baroda also offers an interest rate of 6.25% on its 3-year fixed deposit. An investment of ₹5 lakh would yield a maturity amount of approximately ₹6,02,241.
Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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