Top Banks Offering Fixed Deposit Schemes with Attractive Interest Rates
Fixed Deposits (FDs) continue to be the safest investment option in India. With the government and private banks offering various attractive FD schemes, investors have a plethora of options to choose from. While the interest rates offered by different banks vary, they typically range from 7 days to 10 years.
Recently, the Reserve Bank of India (RBI) maintained the repo rate during its Monetary Policy Committee (MPC) meeting held on 8th June 2021. Banks usually change their FD interest rates after any change in the repo rate. Here’s a look at the interest rates offered by some of India’s major banks:
HDFC Bank
– HDFC Bank, the country’s largest private bank, is currently offering interest rates on FDs ranging from 3% to 7.25%. The highest interest rate of 7.25% is applicable to FDs with a tenure of 4 years 7 months to 10 years, for deposits below INR 2 crore. These rates are applicable from 29th May 2023, according to the bank’s website.
ICICI Bank
– ICICI Bank offers interest rates ranging from 3% to 7.10% for FDs with a tenure of 7 days to 10 years for regular citizens. The highest interest rate of 7.10% is applicable to FDs with a tenure of 18 months to less than 2 years. These rates are applicable from 24th February 2023, according to the bank’s website.
Kotak Mahindra Bank
– Kotak Mahindra Bank offers interest rates ranging from 2.75% to 7.20% for FDs with a tenure of 7 days to 10 years for regular citizens. The highest interest rate of 7.20% is applicable to FDs with a tenure of 23 months 1 day to 2 years. These rates are applicable from 11th May 2023, according to the bank’s website.
During the last financial year, the RBI’s MPC had consistently increased the repo rate, leading to banks increasing their FD interest rates accordingly. However, with the repo rate remaining unchanged this year, banks have not made any significant changes to their FD interest rates.
In conclusion, with FDs offering a guaranteed return on investment, investors can choose the FD scheme that best suits their investment needs and tenure.
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