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FD interest rates: Amidst stock market volatility, fixed deposits (FDs) are a safe investment option. Several banks, including HDFC, ICICI, and SBI, offer interest rates in excess of 7%. Senior citizens receive higher interest rates. It’s important to compare interest rates across banks before investing. Longer-term FDs tend to have higher interest rates.
FD interest rates: If you’re looking for a safe investment amid the constant fluctuations in the stock market and gold and silver prices, a fixed deposit (FD) is a good option. It offers fixed interest (high FD interest rates) and your money remains safe. Long-term FDs generally offer higher interest rates. Senior citizens also receive higher interest rates than regular citizens.
There are several banks in the country that offer 7% higher interest rates. These include both private and public sector banks. Understanding bank interest rates in simple calculations, if you open an FD of ₹1 lakh (1 lakh FD return calculation), your money will double after 10 years. Now the question is, which banks are offering interest rates of more than 7% (top banks fixed deposit)? Let’s find out.
Private Bank FD Rates
1. HDFC Bank
Term: 18–21 months
Interest Rate: 6.60% (General), 7.10% (Senior Citizen)
Return on ₹1 lakh after 10 years:
General: ₹1,90,000
Senior: ₹2,00,000
2. ICICI Bank
Term: 2–10 years
Interest Rate: 6.60% / 7.10%
Return on ₹1 lakh:
General: ₹1,90,000
Senior: ₹2,00,000
3. Kotak Mahindra Bank
Term: 23 months
Interest Rate: 6.60% / 7.10%
Return on ₹1 lakh:
General: ₹1,90,000
Senior: ₹2,00,000
4. Federal Bank
Term: 999 days
Interest rate: 6.70% / 7.20%
Return on ₹1 lakh:
General: ₹1,93,000
Senior: ₹2,03,000
Public Bank FD Rates
1. State Bank of India (SBI)
Term: 2–3 years
Interest rate: 6.45% / 6.95%
Return on ₹1 lakh:
General: ₹1,86,000
Senior: ₹1,97,000
2. Union Bank of India
Term: 3 years
Interest rate: 6.10% / 6.60%
Return on ₹1 lakh:
General: ₹1,81,000
Senior: ₹1,90,000
3. Punjab National Bank (PNB)
Term: 390 days
Interest rate: 7.10%
Return on ₹1 lakh: ₹2,00,000
4. Canara Bank
Term: 444 days
Interest rate: 6.50% / 7.00%
Return on ₹1 lakh:
General: ₹1,87,000
Senior: ₹1,97,000
It’s important to note that interest rates change periodically on banks’ websites. Be sure to compare before investing to maximize your returns.
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