Investors must be mindful of the fact that all the banks offer varying interest rates for different time periods.
These 6 banks offer highest interest rate on long term fixed depositsIf you are planning to invest in a fixed deposit for one year, it is vital that you check the interest rates offered by multiple lenders for one year duration only.
Here we list out the interest rates offered by top banks for one year duration.
ALSO READ | State Bank of India raises fixed deposit interest rates on these tenors.
The latest fixed deposit interest rates came into effect on February 27, 2024.
When the Reserve Bank of India ( RBI ) is expected to cut down repo rate towards the end of the year, investors are recommended to lock their investments in fixed deposits (FDs) in order to make the most of the prevailing high interest rates.
It is worth mentioning that the repo rate cut is likely to kick off the onset of low interest rate cycle in the market. So, if RBI happens to slash the benchmark repo rate in this calendar year, banks would also follow suit by reducing the interest rates they offer on their term deposits.
Investors must be mindful of the fact that all the banks offer varying interest rates for different time periods. So, based on the time period for which you want to lock your fixed deposit, you should opt for the bank.
ALSO READ | Want to deposit money for 5 years? These 6 banks offer highest interest rate on long term fixed deposits
If you are planning to invest in a fixed deposit for one year, it is vital that you check the interest rates offered by multiple lenders for one year duration only. Here we list out the interest rates offered by top banks for one year duration.
Top 5 banks offer high interest rates on 1-year FDs
State Bank of India (SBI): The largest bank in the country offers 6.8 percent per annum on its 1-year fixed deposits to regular citizens and 7.3 percent to senior citizens. These are the latest interest rates which came into force on May 15, 2024.
ALSO READ | State Bank of India raises fixed deposit interest rates on these tenors. Check latest FD rates here
HDFC Bank: The largest private lender offers 6.6 percent per annum interest rate on its one-year fixed deposit to regular citizens and 7.1 percent to senior citizens. These dates came into force from Feb 9 this year onwards.
ICICI Bank: This private bank offers 6.7 percent on 1-year FD and 7.2 percent to senior citizens. These rates came into force from February 17 this year.
Banks Interest rate (%) Interest rate for senior citizens (%) HDFC Bank 6.6 7.10 ICICI Bank 6.7 7.2 State Bank of India (SBI) 6.8 7.3 Kotak Mahindra Bank 7.1 7.6 Bank of Baroda 6.85 7.35
(Source: Bank websites)
Kotak Mahindra Bank: This bank offers 7.1 percent on one-year fixed deposit to regular citizens and 7.6 percent to senior citizens. The latest fixed deposit interest rates came into effect on February 27, 2024.
Bank of Baroda (BOB): The state lender offers 6.85 per cent to its fixed deposits of one-year duration to regular citizens and 7.35 percent to senior citizens. These rates came into force from Jan 15, 2024.
BANK OF BARODA More Information
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