New Delhi: Fixed Deposit is a guaranteed return scheme. It presents an opportune moment to consider locking your funds into FDs. You can opt for longer durations to capitalise on the current high interest rates. Typically, interest rates increase with the tenure of the deposit. This means that longer tenures yield higher interest rates, whereas shorter tenures offer comparatively lower rates.
FD interest rates for 3-year deposit
Here’s a breakdown of the leading banks and their interest rates for 3-year fixed deposits:
Punjab National Bank (PNB) offers the highest interest rate at 7.25 percent to regular depositors on 3-year deposits, and 7.75 percent to senior citizens. HDFC Bank provides 7 percent interest on 3-year deposits for regular citizens, and 7.5 percent for senior citizens. ICICI Bank offers 7 percent per annum on 3-year deposits, with an additional 0.50 percent for senior citizens.
Bank Name
Regular (%)
Senior citizens (%)
HDFC Bank
7
7.5
ICICI Bank
7
7.5
Bank of Baroda
6.75
7.25
State Bank of India (SBI)
7
7.5
Punjab National Bank
7.25
7.75
Kotak Mahindra Bank
7
7.6
(Source: Interest rates offered on 3-year fixed deposits)
Bank of Baroda FD interest rates
Bank of Baroda offers 6.75 percent per annum on 3-year FD deposits, rising to 7.25 percent for senior citizens. State Bank of India (SBI) offers 7 percent to regular citizens and 7.5 percent to senior citizens. Kotak Mahindra Bank also maintains the same interest rate on its 3-year Fixed Deposits.
Revised FD rates
Two private lenders have recently raised their FD rates. Notably, ICICI Bank and Axis Bank adjusted their fixed deposit (FD) interest rates.
ICICI Bank revised its rates effective from July 2, now ranging from 3 to 7.20 percent for regular citizens, and from 3.5 to 7.75 percent for senior citizens. Meanwhile, Axis Bank also adjusted its FD interest rates effective from July 1, now ranging from 3 percent to 7.2 percent for regular citizens, and from 3.5 percent to 7.75 percent for senior citizens.
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Two private lenders have recently raised their FD rates. Notably, ICICI Bank and Axis Bank adjusted their fixed deposit (FD) interest rates. ICICI Bank also offers 7 percent per annum on 3-year deposits, with an additional 0.50 percent for senior citizens. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
