New Delhi: Bank FD rates for 5-year fixed deposits vary between banks. However, lately lenders have started to offer higher returns on long-term FDs to raise money from retail customers. Generally, longer deposit tenures yield higher interest rates. For example, short-term fixed deposits (up to six months) typically offer interest rates between 3 per cent and 4.5 per cent per annum. As the tenure extends to one year, the interest rate increases to around 6 per cent.
From SBI to HDFC Bank, Here are 5 top banks that are offering among the highest FD rates on 5-year fixed deposits.
ICICI Bank 5 year FD rate
ICICI Bank offers a 7 per cent interest rate on 5-year fixed deposits for general citizens
ICIC Bank offers 7.5 per cent interest rate on 5 year FDs for senior citizens
These rates took effect from July 12, 2024.
Kotak Mahindra Bank FD rates for 5-year deposits
Kotak Mahindra Bank introduced a 6.2 per cent interest rate for 5-year fixed deposits for general citizens.
Senior citizens will enjoy a higher rate of 6.7 per cent.
These rates came into effect from June 14, 2024.
State Bank of India FD rates
The State Bank of India (SBI) offers a 6.5 per cent interest rate on 5-year fixed deposits for general citizens.
Senior citizens, benefiting from the “SBI We-care” deposit scheme, receive a higher rate of 7.5 per cent, including an additional 50 basis points.
PNB 5-year FD rates
Punjab National Bank (PNB) introduced a 6.5 per cent interest rate for 5-year FDs for general citizens.
Senior citizens enjoy a higher interest rate of 7 per cent on 5-year FD
Bank of Baroda 5-year FD rates
Starting June 12, 2024, Bank of Baroda (BOB) began to offer a 6.5 per cent interest rate on 5-year FD rates for general citizens.
Senior citizens 5-year FD rates stood at 7.15 per cent
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Short-term fixed deposits (up to six months) typically offer interest rates between 3 per cent and 4.5 per cent per annum. As the tenure extends to one year, the interest rate increases to around 6 per cent. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
