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Here’s looking at FD interest rates offered by leading banks

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Here’s looking at FD interest rates offered by leading banks

Fixed Deposits are popular investment choices for many individuals. FDs offer security with decent returns. Several banks and other financial institutions offer FDs in India. The rates of FDs have recently been increasing with the increase in loan interest rates. There are two kinds of FDs on offer at most banks, namely regular ones and the tax-saver variety. The latter needs minimum lock-in periods of 5 years and one cannot withdraw the same before the conclusion of this tenor. Regular FDs enable withdrawals prematurely and investing in these means that the interest is taxable once it crosses Rs. 10, 000 annually. There are multiple tenors for FDs varying from 7 days to even 10 years.

At the moment, SBI (State Bank of India) offers 6.65% as the interest rate on FDs which are lower than Rs. 1 crore with tenors of up to 1 year. This rate for the same threshold stands at 6.85% in case of HDFC Bank and 6.60% for ICICI Bank in addition to 6.60% for Punjab National Bank (PNB). The rate is 7.10% for Axis Bank as well.

For tenors of up to 3 years, the FD interest rates are 6.70% for SBI and 7% for ICICI Bank while they stand at 7% each for Axis Bank and HDFC Bank. The rates are 6.75% in case of Punjab National Bank. For tenors up to 5 years, the rates are 6.75% and 6.25% for SBI and Punjab National Bank respectively. The rates are 7% for Axis Bank, ICICI Bank and HDFC Bank alike. The rates are also 6.75% at SBI for tenors up to 10 years while they are 7% at both Axis Bank and ICICI Bank. The rates are 6% at HDFC Bank for tenors up to 10 years and 6.25% at Punjab National Bank for similar tenors.

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