A fixed deposit (FD) is one of the most conventional and trusted avenues of investment. Despite falling interest rates, it is a preferred option for many as it is considered a safe avenue. FDs offer fixed returns based on a given tenure. All major private and public sector banks in the country offer FD tenures ranging from 7 days to 10 years. FD interest rates of different banks vary by deposit amount, deposit tenure and type of depositor.
Here’s a look at the latest fixed deposit rates for five years being offered by four top banks:
State Bank of India (SBI), country’s largest lender, offers 5.30% interest rates on fixed deposits below Rs 2 crore for tenure between three years and less than five years to the general public. But senior citizens will earn 0.50% extra that is 5.80% interest for the same tenure. This rate is applicable from January 1, 2021.
Punjab National Bank, the second-largest public sector bank of India, has revised the interest rates on fixed deposits for various tenure in August. At present they are offering 5.25% interest on FD’s tenure of above three years and up to five years for general customers and senior citizens will get 5.75% interest for the same tenure.
Bank of Baroda, another major public sector lender of our country, also offers 5.25% interest on FD’s tenure of above three years up to five years to general customers. Senior citizens will get additional 0.50% interest for the same tenure. This rate is applicable from November 16, 2020.
HDFC Bank is the largest private sector bank of the country. The last time they revised the fixed deposit interest rates was on May 21, 2021. As per official website of the bank, now they are offering 5.30% interest on FDs maturing from three years one day to five years up to Rs 2 crore for the general public. Like other government-owned banks, HDFC Bank is also giving extra interest on FDs to senior citizens. Now older persons can get 5.80% interest for the same tenure on their deposit.
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