September 2, 2024: Are you considering opening a Fixed Deposit (FD) account with a bank? The first step is to compare the interest rates offered by different banks. While most banks may not have significant differences in their interest rates, a common rule is that the longer the tenure of the FD, the higher the interest rates tend to be. Here, we provide information about the six banks offering the highest interest rates on a five-year FD.
State Bank of India (SBI):
SBI offers an interest rate of 6.5% to regular customers and 7.5% to senior citizens on its five-year FD. However, for a 2-3 year FD, regular customers receive a 7% interest rate, while senior citizens get 7.5%.
Bank of Baroda (BOB):
Bank of Baroda offers 6.5% interest to regular customers and 7.15% to senior citizens on a five-year FD. Additionally, under the Monsoon Dhamaka Scheme, regular customers receive 7.25% and senior citizens get 7.75% interest on a 399-day FD.
HDFC Bank:
HDFC Bank provides a 7% interest rate for regular customers and 7.5% for senior citizens on a five-year FD. Additionally, on a 55-month FD, regular customers earn 7.4%, and senior citizens receive 7.9% interest.
ICICI Bank:
ICICI Bank offers 7% interest to regular customers and 7.5% to senior citizens on a five-year FD. It also offers an interest rate of 7.25% to 7.8% on mutual fund FDs of 15 to 18 months.
Kotak Mahindra Bank:
Kotak Mahindra Bank offers an interest rate of 6.2% for regular customers and 6.7% for senior citizens on a five-year FD. The highest interest rate of 7.4% is offered on a 390-day FD.
Punjab National Bank (PNB):
PNB offers a 6.5% interest rate to regular customers and 7% to senior citizens on a five-year FD. The bank also provides 7.25% interest on a 400-day FD.
Among all these banks, the highest interest rates are available on FDs with a tenure of less than five years. Therefore, if you are planning to invest in an FD, make sure to compare the interest rates offered by different banks.
