Want to deposit money for 5 years? These 6 banks offer highest interest rate on long term fixed deposits
repo rate towards the year-end, thus triggering the lower interest rate cycle — it is recommended to lock your deposits at higher rates for the long term. And in case you want to make the most of the prevailing interest rates, you can explore the banks which offer the highest interest rates. Here we give a lowdown on banks offering highest rates of interest on their five-year-fixed deposits.
Bank of Baroda: This state lender offers interest up to 6.5 percent per annum on five-year fixed deposits (FDs). Senior citizens are entitled to receive 7.5 percent on their deposits. Those who want to deposit their money for a shorter duration (3 years) can also earn 6.5 percent on their fixed deposits while senior citizens are offered 7.15 percent on their fixed deposits.
These rates came into effect on Jan 15, 2024. State Bank of India (SBI): SBI offers 6.5 percent on five-year deposits to regular citizens and 7.5 percent to senior citizens. At the same time, specific tenor scheme Amrit Kalash which is an FD scheme for 400 days offers 7.10 percent annual interest to regular citizens, and 7.60 percent to senior citizens.
HDFC Bank: This private lender offers interest at the rate of 7 percent per annum on its five-year deposits to regular citizens, and 7.5 percent to senior citizens. These rates came into effect on Feb 9, 2024. (Source: Bank websites) Kotak Mahindra Bank: The private lender offers interest at the rate of 6.25 percent per annum on its five-year fixed deposits to regular and senior citizens.
These rates came into effect on April 19, 2024. Also Read: Higher interest rates than Sukanya Samriddhi Yojana? These six banks offer best interest rates. What should you do? Punjab National Bank: This state lender offers 6.5
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