Fixed Deposit: The general principle of FD is that the shorter your FD’s duration, the lower the interest you earn. Conversely, the longer the duration of your FD, the higher the interest you receive. For instance, when you open a fixed deposit in the State Bank of India (SBI), the interest rate for a three-month FD is 5.5 percent.
Interest rate for a one-year period rises to 6.8%
Concurrently, the interest rate for a one-year period rises to 6.8 percent. State Bank of India (SBI) offers an interest rate of 6.5% on fixed deposits that have a duration of 5 years. Simultaneously, the interest rate for FDs with a duration of under a year is 6.8%. These rates have been put into effect starting May 15, 2024. ICICI Bank, a private sector lender, offers a 7% interest rate on 5-year fixed deposits.
HDFC Bank offers 7% interest on fixed deposits
The bank offers a 6.7% interest rate on fixed deposits for a duration of one year. The bank has put these rates into effect from 17 February 2024. HDFC Bank offers 7% interest on fixed deposits for a duration of five years. However, when discussing a fixed deposit of one year or shorter, the rate is 6.6%. These rates have been put into effect starting February 9, 2024. Bank of Baroda (BOB) offers an annual interest rate of 6.50% on five-year fixed deposits.
According to the interest rate effective from 15 January 2024, the one-year FD will earn an annual interest of 6.85 percent. Kotak Mahindra Bank offers a 6.20% yearly interest rate on five-year fixed deposits. Simultaneously, the bank offers 7.10% yearly interest on a one-year fixed deposit.
This interest rate has been effective since February 27, 2024. Punjab National Bank (PNB) offers an interest rate of 6.55 percent on fixed deposits (FD) with a tenure of up to 5 years. However, the interest rate for a one-year FD stands at 6.8%. These interest rates have taken effect as of April 12, 2024.
Disclaimer : For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.