If you want to open a fixed deposit (FD) account with a bank, it is recommended to first compare the interest rates offered by different lenders. Recently most banks have slashed their interest rates after RBI cut the repo rate by 25 basis points following the three-day monetary policy committee (MPC) which concluded on April 9. Let us find out which banks now offer the highest interest rate on their term deposits.
These 6 banks offer highest interest on their FDs
HDFC Bank: It offers 6.6 percent interest on one-year FD and 7.10 percent to senior citizens. The bank gives highest interest of 7.05 percent on tenure between 15 to 21 months to regular citizens and 7.55 percent to senior citizens.
ICICI Bank: On one-year tenure, ICICI Bank offers 6.7 percent to general citizens and 7.2 percent to senior citizens. This bank offers highest interest of 7.05 percent on 18 month to two year tenure to general citizens and 7.55 percent to senior citizens.
Kotak Mahindra Bank: This private bank offers 6.8 percent on 1-year fixed deposit to regular citizens and 7.30 percent to senior citizens. The highest interest (7.15% and 7.65%) is offered on deposits of tenure between 391 days to 23 months.
Federal Bank: This private sector bank offers 6.75 percent and 7.25 percent on 1-year fixed deposit (FD). On a 444-day fixed deposit, the bank offers highest interest of 7.15 percent and 7.65 percent to regular and senior citizens, respectively.
SBI (State Bank of India): The largest lender offers 6.7 percent to regular citizens and 7.20 percent to senior citizens. The highest interest of 6.75 percent is given to regular citizens and 7.25 percent to senior citizens for tenure between 3-5 years.
Punjab National Bank: This bank offers 6.7 percent and 7.2 percent on 1-year fixed deposits to general and senior citizens, respectively. The highest interest rates are offered on 390 days to general (7.1%) and senior citizens (7.6%).
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