If you are planning to open a fixed deposit (FD) with a bank, it is recommended to compare the interest rates of different banks. Although most banks offer comparable interest rates in their term deposits, even a marginal difference can help you save more. For example, if you receive an extra 50 basis points on an FD of £10 Lakh, your extra income will be £5,000 in a year. And if you have locked the FD for a period of three years, the extra savings will rise £15,000.
In the meantime, it is important to note that RBI reduced its REP rate by 25 basic points on April 9, stimulating banks to reduce their FD interest rates. Therefore, if you are planning to lock your money in an FD, you can do this as soon as possible.
These banks offer the highest rates for their 1-year FDS:
I. SBI (State Bank of India): The largest lender in the country offers 6.7 percent and 7.20 percent on its fixed deposits to general citizens and seniors respectively. These rates will take effect from April 15, ie tomorrow.
Ii. Icici Bank: This private bank offers 6.7 percent to general citizens and 7.2 percent to seniors.
III. HDFC Bank: The largest private bank offers 6.60 percent and 7.10 percent respectively on the fixed down payment for general citizens and seniors respectively. These rates came into force on April 1, 2025.
Iv. Kotak Mahindra Bank: This private bank offers 7.10 percent and 7.60 percent of general and seniors on its permanent deposits for one year. These rates came into force on April 9, 2025.
V. Federal bank: This bank offers 7 percent and 7.5 percent respectively in general and seniors on a year of fixed deposits. These rates came into force on January 10, 2025.
Vi. Bank of Baroda: This bank offers 6.85 percent and 7.35 percent respectively to general citizens and seniors on its one -year fixed deposits (FDS).
VII. Union Bank of India: This state funding offers 6.8 percent to general citizens and 7.3 percent to seniors according to the rates that came into effect on January 1, 2025.
Remark: This story is only for informative purposes. Talk to an investment adviser registered by SEBI before you make an investment -related decision.
