FD interest rates: These banks offer the highest rates on 1-year fixed deposits

Depositors typically opt for a bank with which they share a long-term banking relationship. However, it should not be a rule of thumb since a marginally higher interest rate offered by a bank can lead to significantly higher income in the hands of depositors in the long run.

Vimal Chander Joshi
Updated24 Aug 2024, 07:55 AM IST
State Bank of India (SBI) offers an interest of 6.8 percent per annum to depositors, while senior citizens are entitled to receive 7.30 percent per annum
State Bank of India (SBI) offers an interest of 6.8 percent per annum to depositors, while senior citizens are entitled to receive 7.30 percent per annum

Prior to investing in a fixed deposit in a bank, depositors are recommended to compare the interest rates of different banks. This can help them maximise their earnings.

Typically, depositors opt for a bank with which they share a long-term banking relationship. However, it should not be seen as a rule of thumb. Sometimes, a little higher interest rate offered by a bank can lead to higher savings in the long run.

Also Read | Top Indian banks launch special FD schemes with higher interest rates

Therefore, choosing the right bank can lead to a higher income.

It is vital to realise that longer-tenure fixed deposits (FDs) help investors earn higher incomes. In other words, when the tenure is short, the interest rate is lower, and on the contrary, when the tenure is long, the interest rate is higher.

Here we list out the interest rates for banks:

Bank                                     Regular citizens (%) Senior Citizens (%)
SBI                                                            6.807.30
HDFC Bank                                                              6.607.10
ICICI Bank                                                    6.707.20
Kotak Mahindra Bank                                     7.107.60
Punjab National Bank                                                       6.807.30
Bank of Baroda6.857.35

(Source: Bank websites)

State Bank of India (SBI) offers depositors an interest rate of 6.8 per cent per annum. However, senior citizens are entitled to 7.30 per cent per annum.

HDFC Bank offers 6.60 per cent to depositors on their one-year deposits, while senior citizens are entitled to 7.10 per cent on the FDs of the same tenure.

Also Read | Union Bank offers interest up to 8.15 percent on 333-day fixed deposits

At the same time, ICICI Bank offers an interest of 6.7 per cent on their one-year deposits to general citizens and 7.20 per cent to senior citizens.

Kotak Mahindra Bank offers 7.10 per cent interest to depositors on their one-year FDs and 7.60 per cent to senior citizens. Punjab National Bank (PNB) offers 6.8 per cent to general citizens and 7.3 per cent to senior citizens. Meanwhile, Bank of Baroda offers 6.85 percent and 7.35 percent on one-year FDs to regular citizens and senior citizens, respectively. 

Note: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment-related decision.

Catch all the Instant Personal Loan, Business Loan, Business News, Money news, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:24 Aug 2024, 07:55 AM IST
Business NewsMoneyPersonal FinanceFD interest rates: These banks offer the highest rates on 1-year fixed deposits

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Power Grid Corporation Of India share price

    338.70
    03:50 PM | 26 NOV 2024
    -4.15 (-1.21%)

    Adani Power share price

    437.75
    03:58 PM | 26 NOV 2024
    -9.1 (-2.04%)

    Bharat Electronics share price

    297.80
    03:54 PM | 26 NOV 2024
    5.35 (1.83%)

    GAIL India share price

    193.90
    03:54 PM | 26 NOV 2024
    -5.25 (-2.64%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Piramal Enterprises share price

    1,197.35
    03:47 PM | 26 NOV 2024
    89.55 (8.08%)

    Laurus Labs share price

    545.00
    03:29 PM | 26 NOV 2024
    12.85 (2.41%)

    Wipro share price

    589.05
    03:58 PM | 26 NOV 2024
    6.3 (1.08%)

    Federal Bank share price

    213.55
    03:51 PM | 26 NOV 2024
    0.55 (0.26%)
    More from 52 Week High

    Poly Medicure share price

    2,775.00
    03:29 PM | 26 NOV 2024
    -227.7 (-7.58%)

    Adani Green Energy share price

    899.40
    03:59 PM | 26 NOV 2024
    -68.25 (-7.05%)

    DCM Shriram share price

    1,160.00
    03:29 PM | 26 NOV 2024
    -67.3 (-5.48%)

    Fortis Healthcare share price

    664.60
    03:59 PM | 26 NOV 2024
    -36.15 (-5.16%)
    More from Top Losers

    Piramal Enterprises share price

    1,197.35
    03:47 PM | 26 NOV 2024
    89.55 (8.08%)

    Triveni Turbines share price

    824.30
    03:54 PM | 26 NOV 2024
    60.4 (7.91%)

    Capri Global Capital share price

    210.00
    03:29 PM | 26 NOV 2024
    15.35 (7.89%)

    Vodafone Idea share price

    7.53
    03:59 PM | 26 NOV 2024
    0.55 (7.88%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      78,555.00-1,090.00
      Chennai
      78,561.00-1,090.00
      Delhi
      78,713.00-1,090.00
      Kolkata
      78,565.00-1,090.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      100.90/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in Money

        HomeMarketsloanPremiumMint Shorts