There is no strange on all Indians knowing the saving instrument Fixed Deposit(FD). Due to its secure and predictable maturity value many Indians are preferring to do FD’s even today.
Inspite of falling interest rates in the recent times, due to its safety nature many savers(not investors)are doing FD’s. Whatever the savers intention may be FD is a good option to save for short term needs. FD’s can also be used for emergency needs as it can be easily encashed on any bank working day.
Let’s discuss the current interest rates of all popular banks in detail-
|Bank Name||Morethan 6 Months to Less than 1 Year||1Year to 2 Years||2 Years to 3 Years||3 Years to 5 Years|
|State Bank of India(SBI)||4.4||5||5.10||5.30|
|Union Bank of India||4.4||5.1||5.3||5.4|
|Kotak Mahindra Bank||4.4||5.15||5.3||5.3|
|Karur Vysya Bank||4.25||5.25||5.25||5.75|
|IDFC First Bank||4.75||5.25||5.75||6|
|Punjab National Bank||4.4||5||5.1||5.25|
|Bank of Baroda||4.4||5||5.1||5.25|
|Central Bank of India||4.25||5||5||5|
Please note that the above interest rates are gathered from the official websites of the banks and are subject to change from time to time.
Do visit your preferred bank branch and enquire on the latest fd rates applicable at that point of time.(Interest Rate applicable on the day of the deposit)
Senior citizens will be entitled 0.5% extra interest on FD’s where as SBI offers 0.80% extra interest rate(0.5%+0.30% extra interest for SBI “WeCare Deposit”). Do visit your bank for more details