New Delhi: When selecting an FD account, depositors tend to stick with the current bank as it already has a built-up relationship. Steep interest rate differentials may, however, make them consider other banking options to get higher interest on their deposits. Interest rates for fixed deposits in banks such as Punjab National Bank and Bank of India were changed recently. Therefore, depositors have to check interest rates offered by banks here.
Of them all, HDFC Bank offers the most competitive rates, at up to 7.40% for a tenure of 4 years and 7 months. Another 50 basis points are added for senior citizens, bringing it up to the rate of 7.90%. For a tenure of 2 years and 11 months, HDFC Bank offers 7.35%, with an additional 50 bps for senior citizens at the rate of 7.85%. The rates are effective from July 24, 2024.
Under regular depositors, ICICI Bank offers an interest rate of 7.25% on FDs. Interest of 7.80% is allowed to senior citizens for a tenure period of 15 months to 18 months. These rates got updated on August 2, 2024.
Punjab National Bank offers an attractive 7.25% interest rate on fixed deposits tenured for 400 days. It will be higher by 50 bps at 7.75% for senior citizens. The rates are revised and are effective from August 1, 2024.
Kotak Mahindra Bank offers a competitive rate of 7.40% on those fixed deposits with tenures between 390 days and less than 23 months; this is 7.90% in the case of senior citizens. The Kotak Mahindra Bank rates are the latest ones and have been in effect since June 14, 2024.
Bank of Baroda offers the rate of 7.25% on fixed deposits with tenures of 399 days. Senior citizens get 7.75%, which is an extra 50 basis points. Last Updated on July 15, 2024.
Comparing rates across various banks would hence be important in making a decision that aimed at maximizing returns for depositors. Stay updated with the latest rates, and zero in on the one that best suits your financial goals.
HDFC Bank leads with the highest FD rates of 7.40% for up to 4 years and 7 months, with senior citizens earning up to 7.90%. Compare with ICICI, PNB, Kotak Mahindra, and Bank of Baroda to find the best rates for your fixed deposits. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
