FD Rates: If you have decided to open a fixed deposit (FD) account in a bank, then first of all, compare the interest rates offered by different banks. Here we are telling about the top 6 banks which are giving high interest on their five-year FD.
State Bank of India (SBI): SBI gives 6.5 percent interest on five-year fixed deposits, while it is offering 7.5 percent interest to senior citizens. Apart from this, SBI offers the highest rate (7 percent) on FDs of 2 to 3 years. Senior citizens are getting 7.5 percent for this period.
Bank of Baroda (BoB): This government bank is offering 6.5 percent interest on its five-year fixed deposit (FD) and 7.15 percent interest to senior citizens for this period. At the same time, it is offering the highest rate of 7.25 percent on FD of 399 days (Monsoon Dhamaka Deposit Scheme) and an additional 50 basis points to senior citizens.
HDFC Bank: The country’s largest private bank is offering 7 per cent interest to general public and 7.5 per cent to senior citizens on five-year term deposits, while the highest interest rate (7.4 per cent) is offered to citizens on 55-month FDs with an additional 50 basis points given to senior citizens.
ICICI Bank: ICICI Bank offers 7 and 7.5 per cent interest rates for regular and senior citizens on its 5-year fixed deposits. Mutual funds with a tenure of 15 to 18 months offer the highest interest rates (7.25 per cent and 7.8 per cent).
Kotak Mahindra Bank: It offers relatively low interest rates of 6.2 per cent and 6.7 per cent to regular and senior citizens respectively. The highest interest rate of 7.4 per cent is offered on 390 days FD.
Punjab National Bank: PNB offers 6.5 and 7 per cent to regular and senior citizens respectively, while the highest interest rate of 7.25 per cent is given on 400 days FD.