Despite the surge of the equity markets and the mutual fund cult, fixed deposits (FD) in banks remain one of the most popular instruments where common people put their money because of the predictability of return.
Four banks have revised their interest rates offered on FDs from July 1, 2024. These are effective on deposits below Rs 3 crore.
ICICI Bank FD rates
The second largest private bank in India, ICICI Bank, has revised interest rates.
According to the bank’s website, the highest interest rate is 7.75%. It is payable to senior citizens who invest any amount below Rs 3 crore for a tenure between 15 months and less than 18 months.
For the general public, the maximum interest rate on FDs is 7.2%, which is available on deposits below Rs 3 crore for tenures between 15 months and 2 years.
The lowest tenure – 7 days to 14 days – offers 3% interest for non-senior citizens and 3.5% for senior citizens. The highest tenure – 7 years 1 day to 10 years – offers 6.9% for non-senior depositors and 7.4% for senior citizens.
AXIS Bank FD rates
The third largest private bank in the country Axis Bank has revised its interest rates too.
This bank is offering the highest rate 7.75% for those above 60 years if they park less than Rs 3 crore for any tenure between 5 years and 10 years.
Non-senior citizens can earn interest at 7.2% for tenures between 17 months and 18 months.
Like ICICI Bank, the lowest tenure – 7 days to 14 days – fetches an interest rate of 3% for general public and 3.5% for senior citizens.
The longest tenure – 5 years to 10 years gets senior citizens 7.75% while those below 60 years are eligible for 7% interest.
Punjab and Sindh Bank FD rates
According to the bank’s website, Punjab and Sindh Bank offers the highest interest rate of 7.80% for senior citizens on a tenure of 666 days. It also has a category for super-senior citizens ie, those above 80 years. The interest rate super senior citizens get is 7.95% for deposits of 666 days tenure.
For those below 60 years, the highest interest rate on FDs is 7.3% on 66 days.
The lowest interest rate offered by this bank is 2.8% which is applicable for deposits between 7 and 14 days tenure.
An interest of 6.25% is paid for tenures between 5 years to years to the general public.
Ujjivan Small Finance Bank FD rates
This bank offers 8.75%, which is the highest interest rate for senior citizens on the tenure of 12 months. For non-senior citizens, the interest rate is 8.25% on the same tenure.
The lowest tenure of 7-29 days carries interest of 3.75% for the general public.
The longest tenure of 60 months 1 day to 129 months gets 6.5% interest for the general public.
ICICI, Axis Bank Ujjivan Small Finance Bank, and Punjab and Sindh Bank have increased their Fixed Deposit interest rates. FDs are trusted by a large section of the population for their predictable returns. See the latest rates of these banks here. Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
