Reserve Bank of India (RBI) After a total reduction of a total of 100 basis points in the repo rate in three consecutive policy meetings, most banks have made a major reduction in interest on fixed (FD) deposits. Due to this, there has been a decrease in returns on FD. However, it is not that the options for investors seeking fixed returns are over. Investors can get better returns on their investment by choosing the FD period correctly. Today we are telling you about 6 banks in which FD is still getting the highest interest. Let’s know about those banks.
- HDFC Bank: HDFC Bank is paying 6.6 percent interest on a period of 18-21 months. The senior citizen is getting interest at the rate of 7.10 percent for this period.
- ICICI Bank: This bank of the private sector is getting interest at a rate of 6.6 percent on fixed deposits (FD) of 2 to 10 years. Senior citizens are getting interest at the rate of 7.10 percent.
- Kotak Mahindra Bank: Kotak Mahindra Bank is getting interest at the rate of 6.6 percent on fixed deposits of 444 days. Additional interest is being given to the senior citizen 50 basis points.
- Federal Bank: This bank of the private sector is getting 6.7 percent interest on FD of 444 days duration. Senior citizens are entitled to obtain an additional 50 basis marks.
- State Bank of India (SBI): This government bank is paying 6.45 percent interest on the deposit amount of 2-3 years and additional 50 basis marks are being given to senior citizens.
- Bank of Baroda: It is getting 6.6 percent interest on FD of 444 days duration.
Invest in different periods
Financial experts say that if you want to do FD of Rs 5 lakh, do not do it for any one bank or one period. You should do that money for different periods in 2 or 3 banks. By doing this you will not need to break FD if you need money. Also you will be able to get better returns on your money. Interest rates on different period FDs in the same bank vary. Therefore, it is a compliment to get a better return to FD wisely.
Latest business news
