Top banks including the State Bank of India (SBI) and Axis bank have rolled out revised interest rates on Fixed deposit. The list also includes HDFC Bank, Punjab National Bank and ICICI Bank.
These banks offer term deposits for 7 to 10 years tenure. Although, FD has its own benefits but it is advisable to compare FD rates before investing.
The SBI has revised its interest rates to 2.9% for tenure of 7 to 45 days to the maximum 5.4% for FDs ranging from 5 to 10 years.
However, the deposits ranging between 1 to less than 2 years will give the highest interest rates of 5%. These all rates are for the FDs below 2 crores.
Following this, Axis bank is also offering revised interest starting from 2.5% to 5.5%. The bank also provides interest of 2.5% to 6% for senior citizens.
HDFC bank offers interest rate of 2.5% starting with the lowest range of 7 to 29 days. The maximum interest rate of 5.5% is available with deposits ranging from 5 to 10 years. However, the term lesser than 2 years and maturing after one year will fetch 4.9% of interest.
The ICICI is offering an interest of 5.50% for the term deposits maturing in 5 to 10 years. Also, the bank offers 2.5% interest on terms with 7 days to 29 days of tenure.
Punjab National Bank is offering an additional interest rate of 50 bps on domestic deposits of Rs 2 crores. However, this offer is applicable for senior citizens over applicable card rates for all maturities.
PNB is offering the maximum interest rate for the least tenured deposits. The bank is offering 3% interest on terms maturing in 7 to 45 days. However, for the terms maturing in the range of 3 to 5 years and 5 to 10 years, will fetch 5.3% interest each.
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