FIXED DEPOSIT: When it comes to saving money without much risk, people feel most secure to take the help of the bank.
For the sixth time in a row, the MPC of the Central Bank (RBI) did not change the Repo Rate, after which experts now believe that in the coming time, banks will increase the interest rates on fixed deposits (FD).
Meanwhile, private sector banks like HDFC Bank and ICICI Bank have also increased the interest rate. Let’s know about those banks
HDFC Bank
The country’s largest private bank HDFC Bank gives the highest interest on fixed deposits i.e. FD. A day after the RBI MPC meeting, on February 9, the bank increased the interest rates on FD by 0.50 percent.
After the latest update, HDFC Bank offers a special interest rate of 7.20 percent on FD for 35 months and 7.25 percent for 55 months. Senior citizens are given an additional 0.50% interest.
if you are doing FD for more than 5 years i.e. from 5 years 1 day to 10 years, then you will get 7% interest, while senior citizens will get 7.75%. On FD from 4 years 7 months to 5 years, general people are given only 7% interest, while senior citizens get 7.50%.
IndusInd Bank
If you are doing FD for more than 5 years but 10 years or less, then the bank will give you 7 percent annual interest. Senior citizens will get 7.50 percent interest.
IDFC First Bank
If you are doing FD for more than 5 years and up to 10 years, then you will get 7 percent annual interest. Whereas senior citizens will get 7.50 percent annual interest for this period.
If you want the highest rate of interest on FD, then FD with a period of 549 days to 2 years will be beneficial. Because it gives 7.75% interest to adults and 8.25% interest to senior citizens.
Axis Bank
If you make FD for 5 years to 10 years, then you get 7% interest, and 7.75% interest is given to senior citizens.
If adults make FD for 17-18 months, then they get 7.20% interest, which is the highest rate. However, senior citizens do not get any special benefits for this period. They get only 7.70% annual interest, which is less than the period of more than 5 years.
Yes Bank
The bank gives 7 percent interest to adults and 7.75 percent interest to senior citizens on FDs of more than 5 years and 10 years or less.
If you want to make FD at the highest annual interest rate, then FDs from 1 year 1 day to 18 months in this bank will prove beneficial for you, because the annual interest on FDs of this period is 7.50 percent. However, there is no benefit for senior citizens in this period.
