It is beneficial to compare the interest rates of different banks before investing in FDs. This will give you more benefit in investing money.
Fixed deposit ie FD has always been considered a better option for investment. Investors invest in it due to other facilities including loans available in it. If you are also going to invest money in FD, then know where SBI, PNB and other big banks are getting the highest interest. You can get more benefit by doing this.
Fixed deposit ie FD rates of banks are fixed on the basis of changes in monetary policy of Reserve Bank of India (RBI) such as repo rate, economic condition and loan demand etc. Therefore, due to the Corona epidemic, many banks have reduced interest rates. Despite this, you can benefit by comparing the interest rates offered by different banks.
If you open an FD in SBI and invest for 3 to 5 years, then 5.4% interest will be given on it. At the same time, an additional 50 bps interest rate is provided to senior citizens for all tenors. Apart from this, 3.9% interest will be available on fixed deposits between 46 days to 179 days and 4.4% on FDs from 180 days to less than one year.
HDFC Bank offers a maximum interest rate of up to 5.5 percent on FDs for a period of up to 10 years. A minimum interest rate of up to 2.5 percent is being offered if you invest in a fixed deposit tenure of 7 days to 14 days.
In Axis Bank between 7 days to 10 years, normal customers are being given interest ranging from 2.5% to 5.50% in FD. Whereas senior citizens are given more interest on the basis of maturity period in select FD scheme.
IDFC First Bank
Here short-term FDs ranging from seven days to one year will get 2.75% per annum interest. On the other hand, on making long-term FDs from one to ten years, interest will be available at the rate of 6% per annum.
Interest of 5.10% will be available on investing in FD in Punjab National Bank for one year. If you invest for three to five years, you will get interest of up to 5.25%.
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