Despite the spectacular rise of the equity and mutual fund cult in India over the past few years, good old banks and their fixed deposits (FD) hold out a lot of attraction for the common man in this country where the security of investments and predictability of returns hold a lot of significance for a great many numbers of people.
HDFC Bank highest FD rate
HDFC Bank offers as many as 19 slabs of tenure of FDs and interest rates for the general public and senior citizens. The highest rate of interest this bank offers is 7.40% for general depositors and 7.90% for senior citizens. This rate is available for a maturity period of 55 months. The second highest rate is 7.35% for those under 60 years, while it is 7.85% for those above 60.
ICICI Bank highest FD rate
ICICI Bank has categorised its FDs into 13 tenures. The highest rates are offered on tenures of 15 months to less than 18 months. The rate in this slab is 7.25% for general citizens and 7.80% for senior citizens. The second highest interest rate (7%) is available in the 5-year-tax-saver FD and 2 years 1 day to 5 years. It rises to 7.5% for senior citizens.
Let’s see what interest these two major banks would pay you if you invested Rs 5 lakh with them at the highest interest slabs. Customers often tend to park their funds with the highest interest slabs to get the maximum benefit.
What HDFC Bank FD would fetch
Let us consider a customer below the age of 60 years who invests Rs 5 lakh into both banks. The money invested for 55 months in HDFC Bank would fetch an interest of Rs 1,99,557. If invested on August 8, it would mature to Rs 6,99,557 on March 8, 2029. A senior citizen would earn an interest of Rs 215,455 and on maturity he/she would get Rs 715,455.
What ICICI Bank FD would fetch
If a non-senior citizen invests Rs 5 lakh in an FD of ICICI Bank for 1 year 3 months 1 day he/she would get an interest of Rs 47,094. The total amount of Rs 5,47,094 would be payable on November 9, 2025, on maturity. If the amount is invested by a senior citizen, the interest earned would rise to 50,806 and Rs 5,50,806 would be payable to the depositor on maturity. Please note in the above calculation TDS has not been factored in.
HDFC and ICICI are the two biggest private sector banks in India. They offer a range of FDs designed for the convenience of the general public. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
