A recent report by US MNC Morgan Stanley has stated that in the past 10 years Indians have made over $10 trillion from the stock markets and the trend will continue. However, that has not made too much of a difference too the popularity of the FDs – the ubiquitous bank Fixed Deposits – which stand as the instrument for the average Indian saver.
The most significant aspect of an FD is its rate of interest. It varies from tenure to tenure and from bank to bank. Everyone wants to know what the highest rate of interest in FD is that a bank is offering and for what tenure. Let’s find out the highest rate of interest that is being offered by half a dozen top banks of India.
Highest interest offered by SBI, HDFC Bank
The largest bank in India is SBI and the largest private sector bank in the country is HDFC Bank. “The specific tenor scheme of “444 days” (Amrit Vrishti) at Rate of Interest 7.25% is effective from 15th July 2024 and Senior Citizens are offered a Rate of interest 7.75%. The Scheme will be valid till 31st March 2025,” writes State Bank of India on its website. These rates are the highest interest rates that SBI is offering to any depositor on any tenure.
The highest interest rate that HDFC Bank pays is, however, for a much longer period. It pays 7.40% to general customers and 7.90% to senior citizens on FDs for a period of 55 months (4 years 7 months).
ICICI Bank, Axis Bank FD interest rates
ICICI Bank pays 7.25% interest to those under 60 on FDs that have tenure between 15 months to less than 18 months. However, for senior citizens, this interest rises to 7.80%. The highest interest rates for Axis Bank are paid across FDs with quite a tenures. Interest rates of 7.25% for general customers and 7.75% for senior citizens are being paid for FDs having maturity periods of 15 months to less than 16 months, 16 months to less than 17 months, 17 months to less than 18 months and 18 months to less than 2 years.
Punjab National Bank, Bank of Baroda FD interest rates
Punjab National Bank offers the highest interest on FD of a fixed tenure of 400 days. It is 7.25% to general customers, 7.75% for senior citizens and 8.05 for super senior citizens, or those who are above 80 years. Bank of Baroda, too, offers the highest rates for FD for 400 days – 7.30% for general citizens, 7.80% for senior citizens and 7.90% for super senior citizens.
The popularity of Fixed Deposits, or FD, has remained high for decades despite the proliferation of the equity cult and the mutual funds. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
