Bank fixed deposits (FDs) are still considered to be one of the safest investment options. Almost all banks provide term deposits ranging between 7 days to 10 years tenure. The interest rates vary from one bank depending upon the tenure. It’s always advisable to compare the FD rates of various banks before you decide to put a lumpsum chunk of your money in an FD.
In this article, we take a comparative look at the best bank FD rates, whether it is offered by SBI, HDFC Bank, ICICI, Axis, or Canara Bank, read below to know more.
Axis Bank latest FD rates
Axis Bank offers interest rates ranging from 3.5% to 7.3% on deposits maturing in seven days to ten years for the general public. Senior citizens will get an interest rate in the range of 3.50% to 8.05% on these deposits. According to the bank’s website, these rates are effective from August 14, 2023.
Canara Bank latest FD rates
Canara Bank offers interest rates ranging from 4% to 7.25% on deposits maturing in seven days to ten years for the general public. Senior citizens will get an interest rate in the range of 4% to 7.75% on these deposits. According to the bank’s website, the these rates are effective from August 12, 2023.
SBI FDs between 7 days to 10 years will give 3% to 7.1% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective February 15, 2023.
HDFC Bank offers an interest rate ranging from 3% to 7.25 % to general customers on deposits maturing in 7 days to 10 years. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. These rates are effective from 29 May 2023.
ICICI Bank offers the Fixed Deposit (FD) scheme with interest rates ranging between 3.00% and 7.10% p.a. Senior citizens are provided an additional interest rate. The tenure of the scheme ranges from 7 days to 10 years. 3.50% and 7.60%. These rates are effective from February 24.
The Reserve Bank of India (RBI) on August 10 left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices continue to drive inflation higher.
Since May 2022, the repo rate has increased by 250 basis points (bps). The last hike was by 25 bps in February 2023, bringing the repo rate to 6.5 per cent. The consecutive rate hike has made the returns on fixed deposits quite attractive.
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Updated: 20 Aug 2023, 02:38 PM IST
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