When it comes to saving, everyone has different tastes. The type of savings instrument a person chooses is determined by the quantity of money that may be saved, the time horizon, the reason for saving, and other factors.
Magazine headlines scream “Lock in Lucrative Returns!” as banks compete for top spots in the Best FD Interest Rates race.
Fixed deposit (FD) accounts have long been a popular way to save money since they are not subject to market fluctuations and offer the best fd interest rates at maturity.
India’s Top Bank FDs in 2021
Many of India’s biggest banks provide a wide selection of Fixed Deposit (FD) alternatives that include features such as nomination, attractive interest rates, joint accounts, and loan/overdraft facilities, among others. Let’s look at some of the greatest banks and their FD interest rates in detail. Uncover the best FD interest rates for your savings goals through interactive content that allows you to compare rates and terms based on your desired investment amount and timeframe.
*Interest rates are subject to fluctuation and may be changed at any moment.
*Senior persons will be offered higher and best fd interest rates.
Rates on SBI FDs
- SBI is one of India’s most well-known and well-established banks, falling into the top tier.
- SBI FDs have interest rates ranging from 5.25 percent to 6.25 percent per annum.
- The bank rate paid on deposits kept for less than a year is 5.25 percent to 6.25 percent.
- The yearly rate of return for an investment term ranging from one to three years is 6.00 percent per year to 6.25 percent per year.
- If you keep your bank deposit for three to five years, you’ll get a 6.25 percent annual interest rate.
Rates of ICICI Bank’s Fixed Deposits
- Another leading Indian bank, ICICI, provides reasonable interest rates on all deposit programs.
- The rate paid for a term of less than one year will range from 4.00 percent per year to 6.50 percent per year.
- Those who invest for two years will receive a 6.75 percent annual interest rate.
- A deposit rate of roughly 6.50 percent p.a. to 6.75 percent p.a. is available for terms ranging from one to three years.
- Those who invest for a period of five years will earn interest at a rate of 6.50 percent each year.
Rates on Citibank FDs
- For any FD held for less than a year, an interest rate of 4.00 percent per year to 5.00 percent per annum will be paid.
- Citibank pays the highest rate of interest for an investment term of 1,096 days, with a rate of return of 5.25 percent per year.
- From 151 days through 1,095 days, the rate of return will be 5.00 percent per annum.
- Senior citizens will receive a higher rate of interest.
Bank Rates in Punjab and Sind
- Punjab and Sind Bank offers FDs with interest rates ranging from 3.00 percent to 5.30 percent.
- The rate paid on deposits kept for less than a year ranges from 3.00 percent to 5.15 percent.
- The yearly rate of return for an investment term of one to three years is 5.15 percent to 5.30 percent.
- If the deposit is retained for a period of three to five years, a rate of 5.30 percent per year is paid.
FD Rates at Axis Bank
- According to Axis Bank, the highest rate of return is provided for deposits maintained for a period ranging from 17 months to 10 years, with an annual percentage increase of 6.90 percent p.a.
- Axis Bank’s second-highest interest slab is for deposits kept for 1 year to less than 17 months.
- Deposits of less than Rs.1 crore are subject to interest rates.
- For a term of 9 months to less than a year, an interest rate of 6.50 percent per annum is paid.
FD rates at HDFC Bank
- HDFC Bank’s top deposit rate is 6.75 percent per year for terms ranging from one year to three days.
- The rate of return paid fluctuates between 6.00 percent per year and 6.75 percent per year for tenures ranging from one to three years.
- The rate of return for individuals who invest for more than two years is 6.00 percent every year.
- The bank provides a variety of loan terms.
FD Rates at Canara Bank
- Canara Bank offers rates of interest ranging from 4.20 percent per year to 6.50 percent per annum on all term deposits of less than Rs.1 crore.
- The maximum rate of interest is paid for a one-year term, with a rate of return of 6.50 percent per annum.
- The rate provided is 6.45 percent p.a. for a time period of more than one year but less than two years.
- Investors may get a 6.00 percent annual interest return on 5-year deposits.
FD Rates at Punjab National Bank
- Punjab National Bank is another bank that offers reasonable interest rates on term deposits.
- The highest rate of interest paid is for a one-year period, with a deposit rate of 8%.
Banks and other financial organizations provide fixed deposit accounts as an investment option. Investors would deposit a big payment over a period of time into this account. In exchange, customers would get the best fd interest rates for the duration of the investment. While maximizing your Fixed Deposit interest rate is important, understanding Duty-Free Import allowances is crucial for managing your finances when traveling abroad.
The interest rate on FDs is substantially greater than the interest rate on a standard savings account. Investors can withdraw their funds at the conclusion of the deposit’s term. They can, on the other hand, reinvest their money over a longer period of time.
