Fixed Deposits | Fixed deposit schemes are one of the major incentives for investors. However, the rate of interest varies not only from bank to bank but also according to the term of the deposit.
For example, when making a fixed deposit with State Bank of India (SBI), a three-month FD offers an interest rate of 5.5 percent. The same interest rates will increase to 6.8 percent after one year.
| Bank | 5 Year FD Interest Rate (%) |
| State Bank of India | 6.50% |
| ICICI Bank | 7.00% |
| HDFC Bank | 7.00% |
| Bank of Baroda | 6.50% |
| Kotak Mahindra Bank | 6.20% |
| Punjab National Bank | 6.55% |
Interest rate of banks
State Bank of India recently revised its fixed deposit interest rates. The new interest rates are effective from May 15, 2024. A 5-year FD carries an interest rate of 6.8 percent.
ICICI Bank offers 7 percent interest on 5-year FD. The new interest rates are effective from February 17. Bank of Pareda offers up to 6.50 per cent interest on 5-year FD from 15th Jan, 2024.
HDFC, another private sector bank, is offering up to 7 percent interest on 5-year deposits from February 9, 2024. 6.6 percent interest will be paid on one year deposit.
Subsequently, 6.55 per cent interest on 5-year deposit is offered for Punjab National Bank and 6.20 per cent interest for Kotak Mahindra Bank.
