New Delhi: More and more Indians are looking to invest their money nowadays in some schemes instead of just keeping it in their bank account. The schemes with their lucrative rate of interest help them to increase the money. One of the most favoured investment options in recent years has been the Fixed Deposit (FD).
FD is a type of investment where the individual invests a lump sum amount for a specific time with a bank. The deposited amount earns interest at a fixed rate and the interest is fixed when the account is opened. The holders of the FD account can choose to receive the interest earned either monthly, quarterly, half-yearly or annually.
FD is a very safe investment option with guaranteed returns and no real risk of a capital loss. For anyone not looking to take risks, Fixed Deposits is a safe yet attractive investment option. However, before investing in FD, one must always compare the deposit rates that different banks offer. Here we list out the interest rates offered by different banks. If someone opens an account in a bank that offers a higher interest rate, it can lead to a considerably higher income.
Banks giving the highest rates on 3-year Fixed Deposits
HDFC Bank
HDFC Bank, on its 3-year fixed deposit, is giving a rate of interest of 7 per cent per annum to general citizens and 7.5 per cent to senior citizens. On July 24 this year, the latest rates came into force.
ICICI Bank
On its 3-year fixed deposits, ICICI Bank is offering a 7 per cent rate of interest to common people and a 7.5 rate of interest to senior citizens.
Kotak Mahindra Bank
To the general citizens, this bank is offering a 7 per cent rate of interest and an interest rate of 7.6 per cent to senior citizens. On June 14, 2024, these rates were introduced.
Federal Bank
Announced on October 16, the Federal Bank is offering a 7 per cent rate of interest to general citizens and a 7.5 per cent interest rate to senior citizens.
State Bank of India
The interest rates of SBI were introduced on June 15. It is offering a rate of 6.75 per cent to general citizens and a 7.25 per cent interest rate to senior citizens.
