Bank Fixed Deposit Rates 2024: Fixed Deposits (FDs), also known as time or term deposits, are a trusted investment option due to their low-risk nature. With FDs, you can securely park your extra funds for a predetermined period, earning guaranteed interest—either periodically or at maturity.
Interest rates for FDs typically range from 3% to 8%, depending on the duration of the deposit. Senior citizens often enjoy an added advantage with an additional 0.5% interest rate.
Before committing your funds, it’s crucial to compare the interest rates offered by various banks to ensure you’re getting the best return on your investment. In this article, we’ll explore the FD interest rates offered by four top banks to help you make an informed decision.
Fixed Deposit Rates Comparison In India
State Bank of India (Rates on deposits of less than Rs 3 Crores)
SBI FD Rates: If you invest in Fixed Deposits (FDs) with the State Bank of India, you can expect interest rates between 3.50% and 7.50%. Senior citizens receive an extra 0.50%. The bank offers a 6.80% interest rate for FDs maturing in one year and a 7% rate for tenures ranging from two years to just under three years.
Punjab National Bank (Rates on deposits of less than Rs 3 Crores)
PNB FD Rates: Punjab National Bank offers fixed deposit interest rates ranging from 3.50% to 8.05%. For one-year fixed deposits, regular investors earn 6.80%, while senior citizens enjoy a higher rate of 7.30%.
ICICI Bank (Rates on deposits of less than Rs 5 Crores)
ICICI Bank FD Rates: ICICI Bank offers interest rates between 3% and 7.80% on its fixed deposit schemes. Senior citizens receive an additional 0.5%, bringing their rates from 3.50% to 7.80% across various tenures, from 7 days to 10 years. For one-year fixed deposits, general customers are offered an interest rate of 6.70%. Senior citizens get 7.20% interest for the same period.
HDFC Bank (Rates on deposits of less than Rs 3 Crores)
HDFC Bank FD Rates: HDFC Bank offers competitive interest rates for one-year fixed deposits, with regular investors earning 6.60% and senior citizens getting a higher rate of 7.10%. The bank provides interest rates ranging from 3% to 7.90% for customers, depending on the maturity period.
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