If you want guaranteed returns and also security of the investment amount, then the idea of investing in fixed deposits is the best. You can deposit money in this option for short to long term. If your intention is to go for a 5 year FD scheme, then there are some banks which are currently offering attractive returns on long term FDs. That is, if you want to make the most of the prevailing interest rates, you can look for banks that are offering the highest interest rates.
Bank of Baroda
Public sector Bank of Baroda is offering interest up to 6.5 percent per annum on five-year fixed deposits (FD). Senior citizens can earn 7.5 percent interest on their deposits. Those who want to deposit their money for a shorter period (3 years) can also earn 6.5 percent on their fixed deposits, while senior citizens are offered 7.15 percent on their fixed deposits.
state Bank of India
State Bank of India, the country’s largest bank, is offering 6.5 percent interest on five-year deposits to regular citizens and 7.5 percent to senior citizens. The bank’s exclusive tenure plan Amrit Kalash which is an FD plan for 400 days offers 7.10 percent annual interest to regular citizens and 7.60 percent interest to senior citizens.
HDFC bank
The leading private sector bank offers interest at the rate of 7 percent per annum on its five-year deposits to general customers and 7.5 percent to senior citizens. These rates came into effect on February 9, 2024.
Kotak Mahindra Bank
The private sector bank offers interest at the rate of 6.25 percent per annum on its five-year fixed deposits to general customers and senior citizens. These rates have come into effect on April 19, 2024.
Punjab National Bank
This public sector bank offers 6.5 percent interest on five-year fixed deposits to regular citizens, 7 percent to senior citizens and 7.3 percent to super senior citizens i.e. people above 80 years of age.
ICICI Bank
Private sector ICICI Bank offers 7 percent interest on its five-year fixed deposits to regular citizens and 7.5 percent to senior citizens. These rates are applicable from February 17.
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