If you want to take full advantage of the high interest rates prevalent in the current market, you may consider putting some of your savings into a term deposit. With the stock market in decline due to foreign investors’ selling, and the Nifty 50 already down 8% from its all-time high, putting your money in fixed deposits looks like an attractive proposition.
With the current structure, relying on bonds is not a bad idea. Here we list the highest interest rates offered by top banks over the entire term. Some banks offer the highest interest rates on holding periods of 2-3 years, while others offer higher interest rates on fixed deposits held for longer periods.
(Source: Bank website)
As you can see from the table above, HDFC Bank offers the highest interest rate of 7.4 per cent to the general public if the tenure is 4 years and 7 months or 55 months. As per the tax rate announced on July 24 this year, senior citizens will be provided with an additional 50 basis points.
ICICI Bank’s highest interest rate is 7.25% with a tenor of 15 to 18 months. Meanwhile, senior citizens are entitled to an additional 50 basis points. At the same time, Kotak Mahindra Bank is offering the highest interest rate of 7.4% (7.9% for senior citizens) for a tenure of 390-391 days, as per the interest rate table released on June 14 this year.
Federal Bank offers maximum interest rates of 7.4 percent and 7.9 percent (for senior citizens) in two terms: 777 days and 50 months. These tax rates went into effect on October 16th.
country’s financial institutions
State Bank of India (SBI) is offering 7% (7.5% for senior citizens) for a tenure of 2-3 years, as per the latest interest rate that came into effect on June 15. Bank of Baroda, another state-run bank, is offering 7.15% (7.65%). For senior citizens) 2-3 year term deposit based on interest rate effective October 14th.
Union Bank of India offers a relatively high interest rate of 7.4 per cent (7.9 per cent for senior citizens) for a tenure of 333 days, as per the interest rate table published on August 2, 2024.
