Fixed deposits (FDs) remain one of the most reliable investment options for conservative investors, offering stable returns over a fixed tenure. By investing a lump sum for a defined period, ranging from a few days to up to 10 years, depositors can earn higher interest compared to regular savings accounts.
Experts highlight that even a slight difference in interest rates can have a significant impact on overall returns, particularly for long-term investments. As a result, comparing rates across banks is essential before making a decision.
Here’s how major banks in India stack up on FD rates right now:
SBI: The State Bank of India
(SBI) is offering FD interest rates starting from 3.05% to 6.40% per annum for the general public and up to 7.05% for senior citizens. A one-year fixed deposit pays 6.25% for regular depositors and 6.75% for older persons.
HDFC Bank: The HDFC Bank FD interest rates from 2.75% to 6.50% p.a. for the general public and 3.25% to 7% p.a. for senior citizens. The exact rates depend on the deposit tenure, which ranges from 7 days to 10 years.
PNB: The Punjab National Bank (PNB) is offering FD interest rates of 3-6.60% p.a. to the general public as well as 3.5-7.10% p.a. to senior citizens. The Tax Saving FDs have interest rates from 5.85% to 6.25% per year for the general public and 6.35% to 6.75% for senior citizens.
Axis Bank: Axis Bank customers can get fixed deposit (FD) interest rates from 3% to 6.45% p.a. for the general public and from 3.50% to 7.20% p.a. for senior citizens across tenures of 7 days to 10 years.
ICICI Bank: This bank offers FD interest rates from 2.75% to 6-5% for general citizens and 3.25% to 7.1% for senior citizens across tenures of 7 days to 10 years.
Yes Bank: In this bank, general customers can avail from 3.25% to 7% interest on FDs, while the same for senior citizens ranges between 3.75% to 7.75%.
