FD Interest Rates: Whenever investment is discussed, FDs are the first thing that comes to mind. Investing in FDs is safe, which is why people invest in them. If you are considering investing in FDs, it is very important to keep a few important things in mind. Currently, some banks have FD schemes that are offering excellent returns on investment. It should be noted that there is not much difference between the FDs of all banks; they are kept within a limited range. However, a small difference of 50 bps can increase your investment, especially if the investment amount is sufficient and the tenure is long.
Let’s understand this with an example. If an FD offers 0.50% higher interest at one bank compared to another, the investor’s earnings also increase. Suppose you have an FD of Rs 10 lakh, then an additional 0.50% interest will benefit you by approximately Rs 15,000. If the same amount were ₹20 lakh, your savings could grow to approximately ₹30,000. Now, let’s find out the interest rates offered by the country’s major commercial banks on three-year FDs.
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7 Banks Offering the Highest Interest
HDFC Bank
It offers 6.45% interest to general customers and 6.95% interest to senior citizens on three-year FDs. This bank offers the highest interest rates for 18-21 month tenures.
ICICI Bank
This private bank offers 6.6% interest to general customers and 7.2% interest to senior citizens on three-year tenures.
Kotak Mahindra Bank
Kotak Bank offers 6.4 percent interest to general customers and 6.9 percent interest to senior citizens on three-year FDs. However, it offers the highest interest rates of 6.7 percent and 7.2 percent for FDs with tenures ranging from 391 days to less than two years.
Federal Bank
On three-year FDs, it offers 6.7 percent interest to regular investors and 7.2 percent interest to senior citizens. This is its highest interest rate.
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State Bank of India (SBI)
The country’s largest bank offers 6.3 percent interest to regular customers and 6.8 percent interest to senior citizens on its three-year FDs. It offers the highest interest rates of 6.45 percent and 6.95 percent on FDs with tenures of two to three years.
Canara Bank
On three-year FDs, it offers 6.25 percent interest to general customers and 6.75 percent interest to senior citizens. On FDs with tenures of 444 days, it offers the highest rates of 6.5 percent and 7 percent.
Union Bank of India
Union Bank offers 6.6 percent interest to general investors and 7.1 percent interest to senior citizens on three-year FDs.
