FD Interest Rate: This government bank is giving the highest interest on FD, invest here

PPF Interest Rate: Currently, the government is giving 7.1 percent annual interest on PPF. But a government bank is giving even higher interest on FD. Let’s know which bank is giving how much interest?

FD Interest Rate: Along with investment, every bank wants to get maximum return on its investment and also keep it safe. Nowadays people are investing rapidly in stock market and mutual funds. But investors are always warned that investment in stock market is subject to risk. Many people also like such investment that even if their money gets low return, but the risk in it is negligible. This type of investment is considered to be PPF, Sukanya Samriddhi Yojana, Kisan Vikas Patra and bank FD etc. Recently, when RBI cut the repo rate, different banks reduced the interest given on FD.

Investment in FD never sinks

But even in the meantime, there is a government bank which is offering the highest interest. Fixed Deposit (FD) is a favorite option for investment. Its biggest advantage is that investment in FD never sinks and after a certain time you get your entire amount back with interest. After the RBI reduced the repo rate in the first week of this month, many government banks have changed the interest rates of FD in recent times. Among the government banks, Bank of Maharashtra is offering the highest interest on FD.

7.15 percent interest on 366 days FD

The bank is giving 7.15 percent interest on 366 days FD. Apart from this, the bank is offering 6.25 percent interest on one year FD, 6.3 percent for three years and 6.25 percent for 5 years. Earlier, Bank of Maharashtra was offering 7.45 percent interest on 366 days FD. Apart from this, Indian Overseas Bank is offering 7.10 percent interest rate on 444 days FD. At the same time, the bank is giving 6.70 percent interest on one year FD, 6.30 percent on three year FD and 6.30 percent on five year FD.

How much interest is given in Punjab and Sindh Bank?

Punjab and Sind Bank is offering 7.05 percent interest rate on 444 days FD, 6.10 percent on one year FD, 6.00 percent on three year FD and 6.35 percent on five year FD. Bank of India is offering 7.00 percent interest rate on 999 days green FD. At the same time, 6.50 percent interest rate is being given on one year FD, 6.25 percent on two year FD and 6.00 percent on five year FD.

7 percent interest on FDs of less than 3 years.

Central Bank of India is giving 7 percent interest on FDs of more than two and less than 3 years. Apart from this, the bank is giving 7 percent interest on FDs of 1111 days, 2222 days and 3333 days. At the same time, the bank is offering 6.70 percent interest on one year FD, 6.75 percent on three year FD and 6.50 percent on five year FD.

Understand PPF

Public Provident Fund i.e. PPF is the government’s favorite saving scheme. It has been created for long term investment and tax saving. This scheme gives safe and attractive returns. PPF account can be opened in any post office or authorized bank. In this, a minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited in a year. The period of investment in PPF is 15 years, which can be extended for 5 years each. The interest received on this is reviewed by the government, which is tax free. Currently, PPF is getting an interest of 7.1 percent per annum. Tax exemption is available on deposit amount, interest and withdrawal under Section 80C of the Income Tax Act.

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