With the Reserve Bank of India (RBI) expected to cut repo rates later this year, now is seen as a good time to park funds in fixed deposits.
Ideally, you'll want to lock in your money for a long period of time to make the most of high interest rates. Interest rates usually rise with the length of time you deposit, meaning the longer the term, the higher the interest rate and the shorter the term, the lower the interest rate.
Here we take a closer look at the top banks and the interest rates they offer on 3-year fixed deposits.
As can be seen from the table below, Punjab National Bank offers a maximum interest rate of 7.25% for general depositors on three-year deposits and 7.75% for senior citizens.
At the same time, HDFC Bank is offering 7% interest rate on three-year deposits to the general public and 7.5% to senior citizens.
Similarly, ICICI Bank is also offering 7% annual interest on three-year deposits with an additional 50 basis points of interest being offered to senior citizens.
Bank General Public (%) Senior Citizens (%) HDFC Bank 77.5ICICI Bank 77.5Bank of Baroda 6.757.25State Bank of India (SBI) 77.5Punjab National Bank 7.257.75Kotak Mahindra Bank 77.6
(Interest rate for 3-year fixed term deposit)
Bank of Baroda is offering an interest rate of 6.75 per cent per annum on three-year deposits and 7.25 per cent to senior citizens. State Bank of India (SBI) is offering an interest rate of 7 per cent to the general public and 7.5 per cent to senior citizens. Kotak Mahindra Bank is also offering the same interest rate on three-year deposits.
Two private financial institutions raise interest rates on fixed term deposits
It is worth noting here that ICICI Bank and Axis Bank have recently revised their fixed deposit (FD) interest rates.
ICICI Bank has revised interest rates on fixed deposits from July 2. The new interest rates are between 3% and 7.20% for the general public and 3.5% to 7.75% for senior citizens.
Meanwhile, Axis Bank has revised interest rates on fixed deposits from July 1.
The interest rates range from 3% to 7.2% for the general public and 3.5% to 7.75% for senior citizens.
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