Before investing money in Fixed deposit (FD), investors often compare the interest rates offered by different banks. Here we list the interest rates offered by most of the major private and public sector banks. The minimum interest rate ranges between 3-4.25 percent while the maximum interest rate ranges between 7-7.25 percent.
[ez-toc]
These are the rates offered by top banks:
HDFC bank, HDFC bank Offers interest rates in the range of 3 to 7.25 percent per annum. The highest interest rate of 7.25 percent is offered on deposits with tenure between 18 and 21 months.
When the deposit tenure is between 2 years and 11 months to 35 months, the bank offers 7.15 percent. Whereas, if the tenure of FD is between 4 years and 7 months to 55 months, the bank gives interest of 7.20 percent. When the tenure is between one year and 15 months, the interest rate is 6.6 percent.
Interest rates offered by HDFC Bank on its fixed deposits. ICICI Bank, ICICI Bank Offers interest rates in the range of 3 to 7.2 percent depending on the tenure. Maximum interest of 7.20 percent is given on FD with a tenure of 15 months to 2 years. When the tenure is between 2 years to 5 years, the interest rate is 7 percent. When the tenure is between one year and 15 months, the bank offers 6.7 percent.
Bank of Baroda, Bank of Baroda Offers interest rates in the range of 4.25 percent to 7.25 percent depending on the tenure of the FD.
A maximum interest rate of 7.25 percent is offered on FDs with a tenure of 2-3 years. The bank gives 7.15 percent annual interest on deposits of 399 days.
The bank gives interest at the rate of 7.10 percent for a period of 360 days and interest at the rate of 6.85 percent on FD for 1-2 years.
state Bank of India, State Bank of India Provides 3.5 to 7 percent interest to the general public depending on the tenure. Senior citizens are entitled to an additional interest of 50 basis points.
If the tenure is between 2 years to 3 years, a maximum interest rate of 7 percent is given. If the tenure is between 3 to 5 years, the interest rate becomes 6.75 percent. When the tenure is between 5 to 10 years, the interest rate drops to 6.5 percent.
For FDs with a tenure between 1-2 years, the bank offers 6.8 percent per annum.
Kotak Mahindra Bank, Kotak Mahindra Bank Offers interest in the range of 4 to 7.25 percent depending on the tenure. If the tenure is between 365 days to 2 years, the maximum interest rate given is 7.25 percent.
On a tenure of 180 days, the bank offers 7 percent. Also, the bank gives 7 percent interest on FDs with a tenure between 2-3 years.
When the tenure is between 3-4 years, the bank offers 6.5 percent and on longer tenures (4-7 years), the interest rate is 6.25 percent.