Fixed Deposit: Since the Reserve Bank raised the repo rate, consumers opening FDs in the bank have become more valuable. In the last one week, many private and government banks have increased interest rates on deposits. Meanwhile, one of the leading public sector banks has come up with a special scheme at a higher interest rate of 6 percent. Bank of Baroda provides this program (BOB).
Here are all of the plan’s specifics.
- ‘Baroda Tiranga Deposit Scheme’ has been started on the occasion of the 75th Independence Day of India.
- This scheme started on 16th August and will be available till 31st December 2022.
- The plan has two maturity periods of 444 and 555 days
- 5.75 percent interest will be available after the 444-day maturity period.
- Interest will be given at the rate of 6 percent per annum on the maturity of 555 days.
- Retail deposits under Rs 2 crore are eligible for the scheme.
- Under this scheme, senior citizens will get additional interest on their deposits.
These banks are giving the highest interest on FD
If you are preparing to take Fixed Deposit, then before investing money, know which banks are giving the highest interest on FD. By doing this you will not only be able to get the highest return on your FD but will also be able to meet your financial goals with ease. Please let us know which banks offer the best interest rates for the various loan terms.
| Bank | Duration | Interest in Simple FD (%) | Interest in Senior Citizen FD (%) |
| SBI | 1 to 2 years | 5.45 | 5.95 |
| 2 to 3 years | 5.50 | 6.00 | |
| 3 to 5 years | 5.60 | 6.10 | |
| 5 to 10 years | 5.65 | 6.45 |
Punjab National Bank
| Bank | Duration | Interest in Simple FD (%) | Interest in Senior Citizen FD (%) |
| PNB | 1 to 2 years | 5.61 | 6.00 |
| 2 to 3 years | 5.60 | 5.88 | |
| 3 to 5 years | 5.75 | 6.23 | |
| 5 to 10 years | 5.65 | 6.48 |
HDFC Bank
| Bank | Duration | Interest in Simple FD (%) | Interest in Senior Citizen FD (%) |
| HDFC Bank | 1 to 2 years | 5.35 | 5.85 |
| 2 to 3 years | 5.50 | 6.00 | |
| 3 to 5 years | 5.70 | 6.20 | |
| 5 to 10 years | 5.75 | 6.50 |
Yes Bank
| Bank | Duration | Interest in Simple FD (%) | Interest in Senior Citizen FD (%) |
| Yes Bank | 1 to 1.5 years | 6.25 | 6.75 |
| 18 months to 3 years | 6.75 | 7.25 | |
| 3 to 10 years | 6.75 | 7.50 |
ICICI Bank
| Bank | Duration | Interest in Simple FD (%) | Interest in Senior Citizen FD (%) |
| ICICI Bank | 1 year to 389 days | 5.90 | 5.90 |
| 2 to 3 years | 5.90 | 5.90 | |
| 3 to 5 years | 5.90 | 5.90 | |
| 5 to 10 years | 5.90 | 5.90 |
Axis Bank
| Bank | Duration | Interest in Simple FD (%) | Interest in Senior Citizen FD (%) |
| Axis Bank | 1 year to 376 days | 5.45 | 6.20 |
| 18 months to 2 years | 5.60 | 6.35 | |
| 3 to 5 years | 5.70 | 6.45 | |
| 5 to 10 years | 5.75 | 6.50 |
Read More: India’s Service Sector Growth: Growth of the service sector in India at a 4-month low, know what was the reason.
Keep these things in mind before getting FD
- How long to take FD: Before getting FD in any bank, decide for how long you have to take FD. With this, you will not have to wander anywhere when you need money. Also, you will be able to get more interest from the bank.
- Interest Rate: Compare the interest rates before getting an FD in any bank. This will help you in getting higher returns.
- More Benefits to Senior Citizens: You can earn more interest by getting an FD in the name of the parents.
- Tax: If you make an FD for 5 years, then you get an exemption from income tax.
- Withdrawal of interest: Many banks offer the facility of withdrawal of interest earned on FDs. Check this before making an FD.
- Loan Facility: If you need money then you can take a loan against FD. Know the term and conditions of the loan from the bank.
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