FD Interest Rates: While opening a fixed deposit i.e. FD, it is very important to compare the interest rates offered by different banks. Although the FD rates of most banks are almost the same, but even a slight difference of 40-50 basis points can make a difference. So always make it a habit to compare interest rates.
Keep this in mind
Banks usually pay interest on FD according to the tenure. This means that if you get a 5-year FD, then the interest received on it may be different from the interest received on a 20-year FD. In such a situation, even a slight difference of 40-50 basis points can make a big difference in the amount you get in the end. In this story, we are telling you about some such banks which are offering more attractive interest rates on 5-year FD.
Interest in private banks
Private sector HDFC Bank is offering 7% interest to general customers and 7.5 percent to senior citizens on 5-year fixed deposits. Similarly, ICICI Bank is offering 7% to 7.5 percent and Axis Bank is offering 7% to 7.75 percent interest. Another private lender Yes Bank is offering 7.25% interest to general customers and 8% to senior citizens on five-year FDs.
Interest in government banks
Talking about government banks, State Bank of India (SBI) is giving interest at the rate of 6.5 percent to general customers and 7.5 percent to senior citizens on five-year FD. Similarly, as per the interest rates applicable from January 1, 2025 of Punjab National Bank (PNB), general customers get 6.5 percent interest on five-year FD and senior citizens get 7 percent interest.
Slightly higher than others
Bank of Baroda (BoB) is offering slightly higher interest to general citizens than the other two public sector banks. General citizens opening FDs for 5 years in this bank get 6.8 percent interest and senior citizens get 7.4 percent interest. So always compare the interest rates of different banks while deciding to open an FD.
