Top 5 banks offer highest fixed deposit interest rates for these tenures. Details here
Most banks and financial institutions are currently offering interest rates that are higher than what prevailed in the past couple of years. Since May last year, the Reserve Bank of India (RBI) has raised the benchmark interest rate by a total of 250 basis points in a series of successive monetary policy reviews.
These interest rate hikes not only ensured costlier loans but also led to higher interest rates on the fixed deposits (FDs) or term deposits. No wonder then the wealth advisors have been urging investors to lock their FD rates at the prevailing interest rates that hover in the range of 7-8 percent per annum.
The highest interest rate of 7.5 percent is currently offered by IDFC First Bank for an FD of one to two year-tenure, while Bank of Baroda offers 7.25 percent interest rate on an FD of 2-3 year tenure. Senior citizens are offered an extra 50 basis points over and above the rates that prevail.
State Bank of India: The SBI offers 6.8 percent interest rate to regular citizens on one-year FD. The maximum interest of 7.10% is offered on a tenure of 400 days. This specific tenor scheme will end on Dec 31, 2023. Senior citizens are entitled to receive 50 basis points higher.
(Source: Banks’ official websites)
ICICI Bank: The second largest private lender offers 6.7 percent interest rate on an FD of one year. The maximum interest of 7.10 percent is offered on fixed deposits with tenure between 15 months to 2 years. Senior citizens are entitled to receive an extra 50-55 basis points.
HDFC Bank: It offers an interest of 6.6 percent per annum for a deposit of one-year tenure. The highest rate of interest of 7.2 percent is offered on deposits of tenure between 4 years 7 months to 55 months. Senior citizens are entitled
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