FD Interest Rates: Which Bank Offers the Best Returns in 2024?

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.

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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%.

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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.

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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.

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