This article compares the interest rates offered on Fixed Deposits (FDs) by leading banks in India, including SBI, Bank of Baroda, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and PNB. It highlights the varying interest rates for general citizens and senior citizens, encouraging readers to compare and choose the best option for their investment needs.
In an era where financial stability is paramount, finding the best investment options is crucial. Fixed Deposits (FDs) continue to be a popular choice for risk-averse investors looking to secure steady returns. With banks in India offering competitive interest rates on 5-year Fixed Deposits, choosing the right bank can significantly impact your financial growth. This article explores the best 5-year FD interest rates offered by leading banks in India, helping you make an informed decision.
1. State Bank of India
SBI offers an interest rate of 6.5% to the general public and 7.5% to senior citizens. However, on Fixed Deposits for 2-3 years, the general public gets an interest rate of 7% and senior citizens get 7.5%.
2. Bank of Baroda
Bank of Baroda offers an interest rate of 6.5% to the general public and 7.15% to senior citizens on five-year Fixed Deposits. At the same time, under the 399-day Monsoon Dhamaka scheme, the general public can get 7.25% interest and senior citizens can get 7.75% interest.
3. HDFC Bank
HDFC Bank offers an interest rate of 7% to the general public and 7.5% to senior citizens on five-year Fixed Deposits. At the same time, in a 55-month FD, the general public will get 7.4% interest and senior citizens will get 7.9% interest.
4. ICICI Bank
ICICI Bank offers an interest rate of 7% to the general public and 7.5% to senior citizens on its five-year Fixed Deposit scheme. Apart from this, interest ranging from 7.25% to 7.8% is available on Mutual Fund Fixed Deposits for 15 to 18 months.
5. Kotak Mahindra Bank
Kotak Mahindra Bank offers 6.2% interest to the general public and 6.7% interest to senior citizens on five-year Fixed Deposits. The bank's highest interest rate is 7.4%. This is offered on 390-day Fixed Deposits.
6. Punjab National Bank
PNB Bank offers an interest rate of 6.5% to the general public and 7% to senior citizens on its five-year Fixed Deposit scheme. This bank also offers 7.25% interest on 400-day FDs.
Compare Interest Rates
All these banks offer higher interest rates on Fixed Deposits for less than five years. If you are planning to invest in Fixed Deposits, it is beneficial to compare the interest rates of banks and then make a decision.
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