Fixed Term Deposit (FD) is a traditional and reliable investment option in India. Even today, most of the people prefer to invest money in Bank FD. One of the specialties of FD is that customers have the option of making deposits from 7 days to 10 years. That means you can park your money in a safe place for as long as you want and get a guaranteed return.
Those who are planning to invest money in FD for 1 year can know which bank will give them the most returns here: SBI, PNB, HDFC Bank or ICICI Bank.
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FD interest rates in SBI
The State Bank of India (SBI) currently offers an interest rate of 5.0 percent per year for one-year FD. However, customers must note that if the term of the FD is shortened by just one day, the interest rate drops directly to 4.40 percent per year.
The bank now offers senior citizens 5.50 percent annual interest on a one-year FD. These rates apply from January 8, 2021.
FD interest rates in PNB
The Punjab National Bank (PNB) currently offers an interest rate of 5.10 percent per year for one-year FDs. If the term of the FD is shortened by just one day, the interest rate drops directly to 4.50 percent per year.
At the same time, seniors receive 5.60 percent annual interest for one year FD. These interest rates apply from May 1st, 2021.
FD interest rates in the HDFC Bank
The HDFC Bank currently offers a 4.90 percent stake in annual FDs. However, the interest rate drops to 4.40 percent per year if the term of the FD is reduced by even one day.
Seniors receive 5.40 percent annual interest for one year of FD. These interest rates apply from May 21, 2021.
FD interest rates in the ICICI bank
The ICICI Bank offers an interest rate of 4.90 percent per year on annual FDs. If the term of the FD is shortened by just one day, the interest rate drops directly to 4.40 percent per year.
At the same time, seniors receive 5.40 percent annual interest for one year FD. These rates apply from October 21, 2020.
FD rate for deposits under Rs 2 billion
Customers who deposit money at SBI, PNB, HDFC Bank or ICICI Bank for a year should know that they will receive the above interest rates on deposits of less than Rs.2 billion. If your deposit is more than Rs 2 billion, the interest rates will change.
