Fixed Deposit Interest Rate: Here we have brought for you a list of interest rates offered by both private and government banks. An additional 1% interest on a fixed deposit of Rs 5 lakh for 3 years can yield additional earnings of Rs 15,000. This ‘additional’ amount becomes Rs 30,000 for fixed deposits up to Rs 10 lakh. Furthermore, most banks usually offer higher interest rates on their long term fixed deposits while lower interest rates are offered on short term fixed deposits. For example, a six-month fixed deposit usually offers lower interest rates than a 2-year term deposit. Here we are going to give information about the interest rates offered by eight top banks on fixed deposits for a period of three years.
List of banks and interest rates for common citizens
HDFC Bank – 7 percent
ICICI Bank – 7 percent
Kotak Mahindra Bank – 7 percent
Federal Bank – 7 percent
State Bank of India – 6.75 percent
Bank of Baroda – 7.15 percent
Punjab National Bank – 7 percent
Union Bank of India – 6.7 percent
private bank
As can be seen in the list below, HDFC Bank is offering an interest rate of 7 percent per annum to general citizens and 7.5 percent to senior citizens on its 3-year fixed deposits. The latest interest rates came into effect on July 24 this year.
ICICI Bank is offering 7 percent and 7.5 percent interest rates to general citizens and senior citizens on its 3-year fixed deposits. Kotak Mahindra Bank is offering 7 percent interest rate to general citizens and 7.6 percent interest rate to senior citizens. These rates were introduced on June 14, 2024.
As per the latest announcement made on October 16, Federal Bank is offering 7 percent and 7.5 percent interest rates to general and senior citizens.
Interest rates of public sector banks
Meanwhile, State Bank of India (SBI) offers slightly lower rates of 6.75 per cent to general citizens and 7.25 per cent to senior citizens on three-year fixed deposits. These rates were introduced on June 15 this year.
Meanwhile, Bank of Baroda offers a slightly higher rate of 7.15 percent to general citizens and 7.65 percent to senior citizens. Public sector banks have implemented these rates from October 14. Punjab National Bank offers 7 percent and 7.5 percent interest to general citizens and senior citizens on its three-year fixed deposits. Lastly, Union Bank of India offers the lowest interest rates on three-year fixed deposits to general citizens and senior citizens at 6.70 and 7.20 percent respectively.
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