Bank FD Rates: To preserve your earnings, there are numerous investment opportunities in the market, such as stock options for quick short-term gains. For those looking at long-term investments, bank fixed deposits (FDs) are a solid choice. Thus, if you’re considering investing for a minimum of five years, both options could be advantageous. If you’re interested in earning through fixed deposits, make sure to check the interest rates provided by banks before making an investment.
FDs guarantee fixed interest rates and safeguard your funds. Generally, long-term FDs tend to offer better interest rates. Additionally, senior citizens enjoy higher interest rates compared to regular citizens. In India, several banks provide interest rates reaching up to 7%. This includes both private and public sector banks. Below is a list of well-known banks in the country, showcasing which ones offer the best interest rates on one-year FDs.
1. HDFC Bank
HDFC Bank, one of the largest private banks in the nation, provides excellent returns on FDs. One-year FDs yield 6.25% interest, while senior citizens receive 6.75%.
2. ICICI Bank
ICICI Bank offers a one-year FD at 6.25% per annum, with senior citizens earning 6.75%. For three-year FDs, the rates range from 6.45% to 6.60%, and for five-year FDs, the rates are between 6.40% and 6.60%.
3. Kotak Mahindra Bank
This private bank also provides 6.25% interest on one-year FDs for regular citizens, 6.75% for senior citizens, and the best returns for FDs maturing between 391 days and 23 months.
4. Federal Bank
Federal Bank offers 6.25% interest on one-year FDs for general citizens and 6.75% for senior citizens. The highest return is available for 999-day term deposits, which have an interest rate of 6.70%.
5. State Bank of India
At the State Bank of India, the largest public sector bank in the country, investors earn 6.25% and 6.45% annual interest on one-year and two-year FDs, respectively. However, the best returns are found in 2- to 3-year term deposits, where the interest rate is 6.45%.
6. Union Bank
This public sector bank provides a 6.40% interest rate on one-year fixed deposits for regular citizens. For senior citizens, the interest rate is 6.90%. The best returns are found in three-year fixed deposits, which offer a 6.6% interest rate during this time. Senior citizens can enjoy a 7.1% interest rate.
7. Canara Bank
This public sector bank presents a 6.25% interest rate on one-year fixed deposits for the general public and 6.75% for senior citizens. The highest returns are available on fixed deposits with a 444-day term. During this period, the interest rate for general citizens is 6.50%, while senior citizens receive 7%.
8. Punjab National Bank
This public sector bank offers a 6.25% interest rate to regular citizens and 6.75% to senior citizens. The highest returns can be found on fixed deposits with a 390-day maturity period, where the interest rate is 6.1% for general citizens and 7.1% for senior citizens.
