Business News Desk, Are you thinking of opening a fixed deposit (FD) account in a bank? First of all, it is important that you compare the interest rates offered by different banks. Although there is not much difference in the interest rates of most banks, but a general rule is that the longer the period of FD, the higher the interest rate. Here we are telling you about those six banks, which are giving the highest interest rates on five-year FD.
State Bank of India (SBI)
SBI gives 6.5% interest rate to general citizens and 7.5% interest rate to senior citizens on its five-year FD. However, on 2-3 year FDs, general citizens get 7% interest rate and senior citizens get 7.5% interest rate.
Bank of Baroda (BOB)
Bank of Baroda gives 6.5% interest to common citizens and 7.15% interest to senior citizens on FD of five years. Whereas, under the Monsoon Dhamaka scheme, common citizens get 7.25% interest and senior citizens get 7.75% interest on FD of 399 days.
HDFC Bank
HDFC Bank gives 7% interest to general citizens and 7.5% interest to senior citizens on 5-year FD. On the other hand, general citizens get 7.4% interest and senior citizens get 7.9% interest on 55-month FD.
ICICI Bank
ICICI Bank gives 7% interest to general citizens and 7.5% interest to senior citizens on FDs of five years. Apart from this, 7.25% to 7.8% interest is available on mutual fund FDs of 15 to 18 months.
Kotak Mahindra Bank
Kotak Mahindra Bank offers 6.2% interest to general citizens and 6.7% interest to senior citizens on five-year FDs. The highest interest rate of the bank is 7.4%, which is offered on 390-day FDs.
Punjab National Bank
PNB gives 6.5% interest to general citizens and 7% interest to senior citizens on its five-year FD. This bank also gives 7.25% interest on 400 days FD. Among all these banks, the highest interest rate is being given on FDs of less than five years period. Therefore, if you are also planning to make FD, then definitely compare the interest rates of banks.
