Introduction
In recent times, many private and government banks in India have increased the interest rates on fixed deposits (FDs). This move has made FDs more attractive to investors looking for safe and stable returns. In this article, we will compare the interest rates offered by four major banks: ICICI, HDFC, Punjab National Bank (PNB), and State Bank of India (SBI).
ICICI Bank FD Rates
ICICI Bank is one of the leading private sector banks in India. The bank offers competitive interest rates on fixed deposits, with variations based on the tenure and the amount deposited. Currently, ICICI Bank provides interest rates ranging from 3.50% to 6.50% per annum for regular customers. Senior citizens can enjoy an additional 0.50% interest rate, making the highest rate for them 7.00%.
HDFC Bank FD Rates
HDFC Bank, another prominent private sector bank, also offers attractive interest rates on FDs. For general customers, the interest rates vary from 3.50% to 6.50% per annum, depending on the deposit tenure. Like ICICI Bank, HDFC Bank offers an extra 0.50% interest rate for senior citizens, bringing their highest rate to 7.00%.
PNB FD Rates
Punjab National Bank (PNB) is a major public sector bank that has also revised its FD interest rates. PNB offers interest rates between 3.50% and 6.25% per annum for regular customers. Senior citizens receive an additional 0.50% on their FDs, with the maximum rate for them being 6.75%.
SBI FD Rates
State Bank of India (SBI), the largest public sector bank in the country, has increased its FD interest rates as well. For general customers, the rates range from 3.50% to 6.50% per annum. Senior citizens benefit from an extra 0.50%, making the highest rate for them 7.00%.
Conclusion
Among ICICI, HDFC, PNB, and SBI, the interest rates on fixed deposits for regular customers are quite similar, ranging from 3.50% to 6.50%. However, PNB offers slightly lower maximum rates at 6.25%.
For senior citizens, ICICI, HDFC, and SBI offer the highest rates at 7.00%, while PNB offers a maximum of 6.75%. When choosing where to invest, it’s essential to consider other factors like the tenure, additional benefits, and the bank’s credibility.
