Fixed Deposit (FD) is a popular investment choice for people looking for steady and secure returns. The State Bank of India (SBI) has recently reintroduced its special deposit scheme, ‘Amrit Kalash Yojana’, which offers attractive interest rates. However, other banks are also providing competitive rates on their FDs. Here is a comparative analysis of some of these banks and their FD offerings:
SBI Amrit Kalash Yojana
SBI’s Amrit Kalash Yojana is a savings scheme with a tenure of 400 days. The bank is offering an attractive annual interest rate of 7.10% on this scheme. The last date to invest in this scheme is June 30, 2023. For other FDs ranging from one year to two years, SBI offers an interest rate of 6.80%.
HDFC Bank
HDFC Bank provides a 6.60% interest rate on FDs with tenure from one year to less than 15 months. For FDs ranging from 15 to 18 months, the interest rate is 7.10%. The highest rate offered by HDFC is 7.25% for FDs ranging from 4 years, 7 months to 55 months.
ICICI Bank
ICICI Bank offers a 6.70% interest rate for FDs of one year to less than 15 months tenure for regular customers. For FDs ranging from 15 months to 2 years, the interest rate is 7.10%, effective from February 24, 2023.
Canara Bank
Canara Bank provides the highest interest rate of 7.25% on FDs with a tenure of 444 days, applicable from April 5, 2023.
Yes Bank
Yes Bank offers the highest interest rate of 7.50% on FDs with tenure ranging from one year to 18 months, effective from May 2, 2023.
In Summary:
- SBI’s Amrit Kalash Yojana offers an annual interest rate of 7.10% for a 400-day term.
- HDFC Bank’s highest FD interest rate is 7.25% for terms ranging from 4 years, 7 months to 55 months.
- ICICI Bank offers a 7.10% rate for FDs ranging from 15 months to 2 years.
- Canara Bank provides a 7.25% rate on FDs with a 444-day term.
- Yes Bank offers the highest rate of 7.50% on FDs ranging from one year to 18 months.
