2024-02-06 11:13:34
Fixed deposit investment is gaining popularity among people in recent times. In this case, know about the banks that offer the highest interest rates on fixed deposit savings accounts.
- 2-MIN READ
| News18 Tamil
Tamil Nadu
Last Updated : February 6, 2024, 4:43 pm IST
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Most of the investors choose to invest in Fixed Deposits to get consistent returns. Fixed Deposit is the safest and most reliable investment among all options.
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People who want to get higher interest rates on fixed deposits can benefit by locking it in the name of their elderly parents. Because banks offer 50 basis points higher interest rate to senior citizens.
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In this post we will look at the high interest rates that prominent banks can offer to senior citizens on Fixed Deposits of various tenures.
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HDFC Bank : HDFC Bank offers 7.10 percent interest on deposits for senior citizens for one year to 15 months. This is 7.60% interest for fixed deposits with tenor of 15 to 18 months and 7.5 per cent for fixed deposits with tenor of 18 months to 2 years and 11 months.
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Private banks charge high interest rates for long term. Fixed deposits of 5 to 10 years carry a higher interest rate of 7.75%. 7.7 percent interest is paid on fixed deposits for tenors of 4 years 7 months to 55 months. Hence the interest rate for fixed deposits with tenure of one year and above is 7.1 to 7.75 percent.
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ICICI Bank : ICICI Bank offers an interest rate of 7 to 7.25 percent depending on the tenure. 7.25% interest for fixed deposits of one year to 15 months, 7.0 to 7.5 percent interest for fixed deposits of 15 months to 2 years and 7 percent interest for long term deposits.
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State Bank of India : SBI has fixed interest rate ranging from 7.3% to 7.5% for various tenors. 7.30 percent interest for one year to less than 2 years, 7.5 percent interest for 2 to 3 years, 7.25% interest for 3 to 5 years and 7.5% interest for fixed deposits with tenure of more than 5 years. 7.6 percent higher interest is paid under Amrit Kalash, a special 400-day scheme for senior citizens. The last date for this project is March 31.
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Bank of Baroda : Bank of Baroda offers an interest rate of 7.35 per cent to 7.75 per cent on fixed deposits depending on the tenure. 7.35% interest is paid to senior citizens for 1 to 2 years. Interest is fixed at 7.75 percent for a tenure of 2 to 3 years. Bank of Baroda offers 7.65 percent interest on 399 deposits under the Baroda Tairanga Plus Deposit Scheme.
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Kotak Mahindra Bank : The bank offers fixed deposits with an interest rate of 6.7% to 7.8% depending on the tenure. 7.6 per cent interest for one year deposits and 7.65 per cent interest for 390 days, 7.8 per cent interest for 23 months to less than 2 years deposits and 7.65 per cent interest for 2 to 3 years deposits.
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- First Published : February 6, 2024, 4:43 pm IST
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