If you’re considering opening a Fixed Deposit (FD) account, comparing the interest rates offered by different banks is essential.
Generally, the longer the FD period, the higher the interest rate.
Here are six banks currently offering the best interest rates on five-year FDs:
State Bank of India (SBI)
SBI offers a 6.5% interest rate for general citizens and a 7.5% rate for senior citizens on a five-year FD.
For shorter tenures, like 2-3 years, general citizens receive a 7% interest rate, while senior citizens also enjoy 7.5%.
Bank of Baroda (BOB)
Bank of Baroda provides a 6.5% interest rate for general citizens and 7.15% for senior citizens on five-year FDs.
Under the “Monsoon Dhamaka” scheme, the rates are even higher—7.25% for general citizens and 7.75% for senior citizens on a 399-day FD.
HDFC Bank
HDFC Bank offers a 7% interest rate for general citizens and 7.5% for senior citizens on a five-year FD.
Additionally, they provide a 7.4% interest rate for general citizens and 7.9% for senior citizens on a 55-month FD.
ICICI Bank
ICICI Bank gives a 7% interest rate to general citizens and 7.5% to senior citizens on five-year FDs.
They also offer 7.25% to 7.8% interest on mutual fund FDs with tenures ranging from 15 to 18 months.
Kotak Mahindra Bank
Kotak Mahindra Bank provides a 6.2% interest rate for general citizens and 6.7% for senior citizens on five-year FDs.
The bank’s highest interest rate is 7.4%, available on a 390-day FD.
Punjab National Bank (PNB)
PNB offers a 6.5% interest rate for general citizens and 7% for senior citizens on five-year FDs.
They also provide a 7.25% interest rate on a 400-day FD.
