October 20, 2024 12:28 PM (IST)
With a possible interest rate cut by RBI on the horizon, a 3-year fixed deposit may be of interest to many.
With the possibility of a Reserve Bank of India (RBI) rate cut looming at the next Monetary Policy Committee (MPC) meeting in December, three-year fixed deposits (FDs) are interesting for those looking to lock in their savings before the financial crisis. Maybe. There is also a possibility that interest rates will be cut.
Currently, most private banks offer slightly higher FD interest rates compared to PSU banks.
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What will happen if RBI cuts interest rates?
This is because if the RBI lowers the repo rate (the rate at which banks can borrow from the RBI), banks may also lower their lending and deposit rates.
What are the current three-month fixed deposit interest rates from various banks?
The following table lists all the current interest rates of 7 banks including both private banks and PSU banks.
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Banks General (%)Senior Nationals (%)HDFC Bank 77.5ICICI Bank 77.5SBI 6.757.25Punjab National Bank 7 7.5Union Bank of India 6.7 7.2Union Bank of India 7 7.5Kotak Mahindra Bank 7 7.6
Source: Each bank’s website
As you can see, most private banks’ FD interest rates are slightly higher, with Kotak Mahindra Bank’s senior citizen FD interest rate being the highest at 7.6%.
Currently, the lowest interest rate is 6.7% on Union Bank of India’s FD for non-senior citizens.
It is also important to remember that fixed deposit returns are also taxable and their returns may not always be the best, especially when compared to other investment products.
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Stay informed…
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