The Reserve Bank of India (RBI) has recently cut the repo rate for the third consecutive time. This has directly affected the general public, especially on those investing in fixed deposits (FD). Due to the fall in repo rate, most banks have cut or can cut the interest rates on FD. However, this does not mean that now FD will not get good interest. Some banks are still giving high interest rates, provided you choose the right duration and the right bank. Here we are telling you which bank is currently giving the best interest rate on which period FD, so that you can make smart investment.
SBI (State Bank of India)
The country’s largest government bank, SBI, on FDs between 2 years to 3 years:
SBI’s FD remains a reliable option for older people.
Hdfc bank
The country’s largest private bank on FD of 15 to 18 months:
This bank is still among the options being considered best for short tenure investment.
Icici bank
From 18 months to 2 years period:
ICICI Bank is beneficial for investors who want to invest in the moderate period.
Bank of baroda
Bank of Baroda is giving 1 year FD:
Common citizens: 6.70%
Senior citizens: 7.20%
Super Senior Citizen: 7.20%
This is a good option for people looking for better returns with trust in public sector banks.
Punjab National Bank (PNB)
1 year FD:
Common citizens: 6.70%
Senior citizens: 7.20%
Super Senior Citizen: 7.50%
If you are 60+ or 80+ ages, FD in PNB can prove to be the best.
How to invest in FD wisely?
Decide your investment duration: short-term (6–12 months), middle-old (1-2 years), long-term (3-5 years).
Compare the interest rate: Always compare the rates of different banks.
Special benefits of senior citizens: Citizens above 60 years get more interest.
Invest from online platforms: FD facility is easily available on the websites of many banks.
conclusion
Although the repo rate cut has brought pressure on interest rates, but there are still many good opportunities for those who invest wisely. If you are thinking of investing in FD, then compare the above interest rates and banks, make smart decisions according to your need and duration.
