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Business News/ Money / These five banks offer highest fixed deposit interest rates. Details here
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These five banks offer highest fixed deposit interest rates. Details here

The lowest interest rate offered by most commercial banks hovers in the range of 3 to 4.25 percent, while the maximum interest rate is in the range of 7 to 7.25 percent.

Kotak Mahindra Bank offers interest in the range of 4 to 7.25 percent based on the tenure. The maximum interest rate of 7.25 percent is given when the tenure is between 365 days to 2 years. Photo by Aniruddha Chowdhury/MintPremium
Kotak Mahindra Bank offers interest in the range of 4 to 7.25 percent based on the tenure. The maximum interest rate of 7.25 percent is given when the tenure is between 365 days to 2 years. Photo by Aniruddha Chowdhury/Mint

Before investing money in a fixed deposit (FD), investors often compare the interest rates offered by different banks.

Here we list out the interest rates offered by most major private and public sector banks. The lowest interest rate is in the range of 3-4.25 percent while the maximum interest rate is between 7-7.25 percent.

These are the rates offered by top banks:

HDFC Bank: HDFC Bank offers interest rate in the range of 3 to 7.25 percent per annum. The highest interest rate of 7.25 percent is offered on the deposit of tenure that ranges between 18 to 21 months.

When the deposit tenure is between 2 years 11 months to 35 months, the bank offers 7.15 percent. And when the FD tenure is between 4 years 7 months to 55 months, bank offers an interest of 7.20 percent. When the tenure is between one year to 15 months, the interest rate is 6.6 percent.

Interest rates offered by HDFC Bank on its term deposits.
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Interest rates offered by HDFC Bank on its term deposits.

ICICI Bank: ICICI Bank offers interest rates in the range of 3 to 7.2 percent based on the tenure. The maximum interest of 7.20 percent is offered on FDs with tenure between 15 months to 2 years. When the tenure is between 2 years to 5 years, the interest rate is 7 per cent. When the tenure is between one year to 15 months, the bank offers 6.7 percent.

Intersest rate offered by ICICI Bank on its FDs for amounts below  <span class='webrupee'>₹</span>2 crore
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Intersest rate offered by ICICI Bank on its FDs for amounts below 2 crore

Bank of Baroda: Bank of Baroda offers interest rate in the range of 4.25 percent to 7.25 percent based on the FD's tenure.

The maximum interest rate of 7.25 percent is offered on the FDs which have a tenure between 2-3 years. On 399 days deposits, the bank offers 7.15 percent per annum.

On a 360 days tenure, the bank offers 7.10 percent and the FDs with 1-2-year tenure earn an interest at the rate of 6.85 percent.

State Bank of India: SBI offers interest in the range of 3.5 to 7 per cent to general public based on the tenure. Senior citizens are entitled to receive an extra interest of 50 basis points.

The maximum interest rate of 7 per cent is given when the tenure is between 2 years to 3 years. The interest rate falls to 6.75 percent when the tenure is between 3 to 5 years. The interest rate falls further to 6.5 percent when the tenure is between 5 to 10 years.

For FDs of 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 based on the tenure. The maximum interest rate of 7.25 percent is given when the tenure is between 365 days to 2 years.

On a 180-day tenure, the bank offers 7 percent. Also, the FDs with tenure between 2-3 years, the bank offers 7 percent.

When the tenure is between 3-4 years, the bank offers 6.5 percent and on the longer tenure (4-7 years), the intertest rate offered is 6.25 percent.

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Published: 17 Feb 2024, 04:48 PM IST
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