Are you looking for investment plans that offer reasonable interest with zero risk? This is for you! Many banks offer the highest interest rates on Fixed Deposits (FDs).
While it’s true that the more risk you take in investments, the more you can earn, it’s also important to remember that it increases the potential for loss.
If you prefer peace of mind and are looking for zero-risk investments, many banks have recently offered high interest on Fixed Deposits (FDs).
Senior citizens, being valued customers, often enjoy the advantage of higher interest rates from banks. These special fixed deposits offer higher interest rates and empower you with the knowledge that your savings are working for you.
Fixed deposit (FD) rate changes have recently caught savers’ attention. Several central banks have revised their FD rates, including ICICI Bank, HDFC Bank, Bank of India, and Punjab National Bank. Find out the latest FD rates of these banks, including the State Bank of India (SBI).
Punjab National Bank (PNB) Latest FD Rates: Punjab National Bank (PNB) has revised its fixed deposit (FD) interest rates, effective from August 1, 2024. The maximum rate for a tenure of 400 days is now 7.25% interest.
The rates are 7.05% for 300-day FDs, 6.80% for one- to two-year FDs, 7.00% for three-year FDs, and 6.50% for four-year and five-year FDs. PNB offers 3.50% interest for short-term FDs of 7-45 days, 4.50% for 46-179 days, 6.25% for 180-270 days, and 6.50% for 271-299 days. The bank offers 6.50% interest on fixed deposits with a tenure of 301 days to one year.
Bank of India Latest FD Rates: The Bank of India has revised its fixed deposit (FD) rates for deposits below Rs 3 crore, between Rs 3 crore and Rs 10 crore, effective August 1, 2024. Revised rates range from 3% to 6% on deposit tenures from 7 days to 10 years.
The highest interest rate is 7.30% on deposits below Rs 3 crore, with a tenure of 666 days. For complete information, visit the Bank of India’s official website.
ICICI Bank Latest FD Rates: Effective July 30, ICICI Bank offers fixed deposit rates ranging from 3% to 7.20% for regular customers, applicable in time frames ranging from 7 days to 10 years.
HDFC Bank Latest FD Rates: HDFC Bank offers interest rates ranging from 3% to 7.4% on term deposits of seven days to ten years. General customers will get 7.40% interest, and senior citizens will get 7.90% interest for deposits with a tenure of 4 years, 7 months, or 55 months. These updated rates are effective July 24, 2024.
SBI Latest FD Rates: State Bank of India (SBI) offers fixed deposit rates ranging from 3.50% to 7.00% for general customers, applicable for 7 days to 10 years, effective June 15. The SBI also provides 7.25% interest on a 444-day deposit named Amrit Vrishti.
Kotak Mahindra Bank: Kotak Mahindra Bank offers a 7% interest rate on 3-year fixed deposits. Senior citizens will get 60 basis points, i.e. 7.6% higher interest. It provides a maximum interest rate of 7.4% on 390 and 391-day deposits. These rates are effective June 14, 2024.
Union Bank of India offers the highest interest rate of 7.40% on a 333-day tenure deposit. Senior citizens receive an additional interest of 50 basis points, while super senior citizens receive an extra 25 basis points, totalling 75 basis points more interest.
Bank of Baroda offers a range of high-interest deposit options, allowing you to choose the one that best suits your needs. The highest interest rate of 7.25% is for a 399-day special fixed deposit, with one-year deposits earning 6.85%, three-year deposits earning 7.15%, and five-year deposits earning 6.50%.
- Bank of Maharashtra offers 7.25% interest on a 777-day fixed deposit,
- and Canara Bank provides 7.25% interest on a 444-day fixed deposit.
- Indian Bank’s 400-day Ind Super FD earns 7.25% interest,
- and Punjab National Bank offers the same interest rate for a 400-day deposit.
Senior citizens will get an additional 0.50% interest on these rates for all deposit tenures, meaning they will benefit from a rate 0.50% higher than the standard rates for general customers. You can visit these banks’ official websites to stay updated on the latest FD rates.