FD interest rates: 5 banks offer more than 7 per cent per annum on their fixed deposits

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Before locking their money in fixed deposits (FDs), investors tend to compare interest rates offered by different banks in order to maximise their earnings.

As of now, banks offer highest returns on their term deposits to align with prevailing high repo rates. RBI on Friday kept the repo rate at 6.5 percent for the seventh consecutive time in a row.

But when the RBI starts cutting down interest rates in the next monetary policy committee (MPC) meet, the interest rates would take a downward spiral.

But until that happens, deposits are advised to make the most of the prevailing high interest rates.

HDFC Bank: HDFC Bank offers the highest fixed deposit interest rate of 7.25 percent on its deposits with tenure of 18 to 21 months.

The bank also offers 7.15 percent on fixed deposits with tenure between 2 years 11 months to 35 months.

ALSO READ: As RBI keeps rates steady, is this the last chance to lock fixed deposits at high interest rates?

When tenure is one year to 15 months, the interest is 6.60 percent. When the tenure is between 2 years to 2 years 11 months, the interest is 7 percent. For short tenure fixed deposits, the interest rates range between 3 percent to 6 percent.

ICICI Bank: ICICI Bank offers 6.7 percent on FDs with tenure between one year to 15 months. For tenure between 15 months to two years, the rate of interest is 7.20 per cent. When FD tenure is between 2-5 years, the interest rate is 7 percent.

For short tenure fixed deposits, interest rate ranges between 3 to 6 percent.

Kotak Mahindra Bank: Kotak Mahindra Bank offers the highest interest rate of 7.4 percent when tenure of fixed deposit is between 390 days to 391 days. For tenure between 23 months to less than 2 years, the bank offers 7.3 percent.

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