Everyone seeks safe investments with good returns. While the stock market provided great returns for some time, it has recently seen a sharp decline.
As a result, investors are now exploring safer options, and bank FDs are one of the most secure choices.
When investing in a Fixed Deposit (FD), the goal is to earn maximum interest while ensuring safety. The interest rates vary based on the bank and the tenure of the FD.
Here’s a breakdown of the 5-year FD interest rates offered by top banks:
SBI (State Bank of India):
For a 5-year FD, SBI offers an interest rate of 6.5%.
For FDs with a tenure of less than one year, the interest rate is 6.8%.
These rates will be effective from May 15, 2024.
ICICI Bank:
ICICI Bank offers 7% interest on a 5-year FD.
For a 1-year FD, the interest rate is 6.7%.
These rates came into effect on February 17, 2024.
HDFC Bank:
HDFC Bank offers 7% interest on a 5-year FD.
For a 1-year FD, the interest rate is 6.6%.
These rates were introduced on February 9, 2024.
Bank of Baroda (BOB):
BOB provides 6.5% interest on a 5-year FD.
For a 1-year FD, the interest rate is 6.85%.
These rates were implemented on January 15, 2024.
Kotak Mahindra Bank:
Kotak Mahindra Bank offers 6.2% interest on a 5-year FD.
For a 1-year FD, the interest rate is 7.1%.
These rates became effective on February 27, 2024.
Punjab National Bank (PNB):
PNB offers 6.55% interest on a 5-year FD.
For a 1-year FD, the interest rate is 6.8%.
These rates are valid from April 12, 2024.
