Different banks pay different interest on FD. However, at this time there has been a cut in the interest rates on FD.
Interest on fixed deposits
Fixed deposits have always been the first choice of people for investment. Investment in fixed deposits is protected and at the same time there is a guarantee of return on investment from banks. Overall, fixed deposits are considered risk free, due to which people prefer to invest in it. Different banks pay different interest on FD. However, at this time there has been a cut in the interest rates on FD. You can invest in FD not only in the bank, but also in the post office.
If you are preparing to invest, then let us know where the post office and banks are getting the best interest on FD.
Interest on fixed deposits in banks
If you want to open a fixed deposit account with the bank, then for this you have the option of online. All banks have higher interest rates for senior citizens. All banks run different schemes for senior citizens. Like ICICI Bank has started a scheme called Golden Years FD. If you invest in it, you will get 0.80 percent more interest than normal FD.
On fixed deposits ranging from Rs 1 crore to Rs 2 crore, normal customers can get returns of 4.9 per cent to 5.15 per cent in a year’s investment. At the same time, returns ranging from 5.25 per cent to 5.35 per cent on FDs of 3 years to 5 years.
|Bank||6 months to 1 year||1 to 2 years||2 to 3 years||3 to 4 years||Over 5 years|
|State Bank of India||4.40 percent||5.00 percent||5.10 percent||5.30 percent||5.40 percent|
|Canara Bank||4.45 percent||5.20 percent||5.40 percent||5.50 percent||5.50 percent|
|Axis Bank||4.15-4.40 percent||5.10-5.25 percent||5.40 percent||5.40 percent||5.75 percent|
|Union Bank of India||4.30-4.50 percent||5.25- 5. 30 percent||5.30-5.50 percent||5.50-5.55 Percent||5.55-5.60 percent|
|HDFC bank||4.40 percent||4.90 percent||5.15%5.15%||5.30 percent||5.50 percent|
Fixed Deposit in Post Office
To open a fixed deposit account in the post office, you will have to open a Time Deposit Account. You can open this account for 1 year, 2 years, 3 years and 5 years. Investments of 1 year to 3 years in the post office are getting returns of up to 5.5 percent on time deposits.
If you do it for five years, you will get a return of 6.7 percent. If you withdraw your invested amount before maturity, then you will get interest like post office savings account only.
Also read- Jio alerts 41 crore users! Do not forget this work even in the name of free… otherwise the account will be empty