Fixed deposits have been one of the preferred options for Indians to park their money for the future. These deposits offer a stable rate of return with absolutely little or no risk. Fixed deposits emerged as an attractive investment option thanks to hikes in repo rates announced by the Reserve Bank of India last year.
While the central bank put a stop to raising repo rates in its last meeting, banks are still offering FDs at attractive interest rates to customers. If you have also been looking to invest money in FDs but were confused by the options, here’s some help. Take a look at the interest rates on FDs being offered by leading Indian banks.
State Bank of India FD rates:
SBI is offering interest rates ranging from 3 to 7 per cent to general customers for deposits below Rs 2 crore. For senior citizens, the interest rate will be 50 basis points higher. Under the special Amrit Kalash scheme of the SBI, an interest rate of 7.1 per cent to the general public and 7.6 per cent to senior citizens will be given. The scheme is valid for a tenor of 400 days.
HDFC Bank FD rates:
HDFC Bank is offering interest ranging from 3 to 7.1 per cent on terms deposits below Rs 2 crore. The maturity of the FD can range from 7 days to 10 years. Senior citizens can earn 0.5 per cent extra interest on deposits. It is to be kept in mind that the senior citizen rates being offered by HDFC are not applicable to Non-Resident Indians (NRIs). The rates came into effect on February 21.
Axis Bank FD rates:
Axis Bank is also offering good returns on fixed deposits. For term deposits below Rs 5 crore, the private sector bank is providing interest rates between 3.5 and 7.2 per cent. Senior citizens can earn returns between 3.5 and 7.95 per cent on their investments. The rates became effective from April 21.
ICICI Bank FD rates:
ICICI Bank customers can get interest rates between 3 and 7.1 per cent on term deposits of various tenors. Senior citizens will be given extra 50 basis points on their returns.
Apart from these banks, other entities like Canara Bank and IDFC Bank are also offering attractive returns on term deposits. To get the best possible returns on your savings, you must have a diversified investment portfolio. The best way to ensure this is to divide your overall investment between multiple options like fixed deposits, mutual funds, equities, and more. This will help you accumulate more savings in the longer run.
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