New Delhi: Everyone dreams of investing in a place where their money remains safe while yielding substantial returns. Many people opt for various schemes offered by the Government of India. If you are looking for a reliable way to grow your money, a Fixed Deposit (FD) is an excellent option; investing in bank FDs can help you earn impressive returns.
You can boost your financial prospects by investing a significant portion of your savings in an FD. The process is hassle-free, and there is no upper limit on the investment amount in banks. You can find details about the interest rates offered on FDs in the article below.
Know the Interest Rates
Interest rates on bank FDs vary across institutions. Investing up to ₹5 lakh in an FD can earn you substantial interest without any complications. Below, we have listed the FD interest rates offered by various banks. Bank of India and Indian Overseas Bank offer the highest interest rates for one-year FDs. Check the rates offered by the banks below.
Which Bank Offers What Interest Rate?
Major banks like Bank of India and Indian Overseas Bank are offering an annual interest rate of 6.50% on FDs. Additionally, Bank of Maharashtra offers an annual interest rate of 6.40%, while Bank of Baroda provides 6.25% per annum.
Canara Bank offers an annual interest rate of 6.25%. Similarly, Punjab National Bank and the State Bank of India (SBI) also offer an annual interest rate of 6.25% on FDs.
Private Banks Also Offer Attractive Interest Rates
Private sector banks are also offering attractive interest rates on one-year FDs. You may have heard of SBM Bank India, which is offering 7.10% interest on one-year fixed deposits (FDs). Bandhan Bank is also offering an annual interest rate of 7%.
RBL Bank is providing an annual interest rate of 7%. DBS Bank is offering an annual rate of 6.90%, while Jammu & Kashmir Bank is offering 6.80%. IndusInd Bank is also offering 6.75% interest on FDs.
Check the interest rates of Small Finance Banks
Suryoday Small Finance Bank is offering an annual interest rate of 7.25%. Ujjivan Small Finance Bank is also offering 7.25% annual interest. Equitas Small Finance Bank is providing an annual interest rate of 7.10%, and Jana Small Finance Bank is offering 7% annual interest.
It is worth noting that many consider FDs a safe way to grow their money, as banks provide regular annual interest earnings. Returns depend on the nature of the investment. You have a golden opportunity to earn substantial interest by opening an FD with a bank.
