FD Rates: Where is the highest interest rate of 8% available on FDs? Know the list of banks
FD Rates: If you’re looking to invest your savings in a safe investment, an FD can be a reliable option. Deposits in FDs earn you a fixed interest rate for a fixed period.
FD Rates: If you’re looking to invest your savings in a safe investment, FDs can be a reliable option. Deposits in FDs for a fixed period of time earn you a fixed interest rate. This investment is safe and unaffected by market risks. Currently, interest rates on FDs across India’s banks range from 3% to 8%. Senior citizens typically receive an additional 0.5%, providing better returns.
Highest Interest Rates Among Small Banks
Suryoday Small Finance Bank currently offers the highest annual interest rate of 8.05%. Jana Small Finance Bank, followed by Jana Small Finance Bank, offers 8% interest, and Utkarsh Small Finance Bank offers 7.65% interest. Investing in FDs with these banks for 3-year or 5-year tenures can offer higher returns. Senior citizens also receive an additional 0.5% interest. This means that if you’re over 60, the interest rate can reach 8.5%.
Public Sector Bank Rates
The State Bank of India (SBI), the country’s largest public sector bank, offers FD interest rates ranging from 6.05% to 6.60%. Union Bank of India also offers interest rates ranging from 6.40% to 6.60%. Meanwhile, Bank of Baroda offers approximately 6.40% on 5-year FDs and 6.50% on 3-year FDs. Although interest rates are slightly lower here, public sector banks are the most reliable.
Private Bank Interest Rates
Speaking of private banks, HDFC Bank, ICICI Bank, and Axis Bank are all offering a maximum interest rate of 6.60%. These banks offer interest rates of approximately 6.25% on 1-year FDs, 6.45% to 6.60% on 3-year FDs, and 6.40% to 6.60% on 5-year FDs. Senior citizens also benefit from an extra 0.50% interest rate on these deposits.
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