Fixed Deposit (FD) rates are rising, even as recent repo rate hikes have come as a good news for borrowers. But if you are planning to see your wealth grow steadily sans risks, this is probably one of the best times to invest in Fixed Deposits. In the last few months, several banks have increased FD rates. The SBI had increased its rates by 5-10 basis points (bps) just a couple of days before the RBI monetary policy announcement on August 1. Following in the footsteps of SBI, HDFC increased FD rates by 60 bps.
Here we take a look at the highest FD rates, and their respective terms, offered by several banks, newly listed lenders and small finance banks. (For more details check the websites of respective banks).
SBI: For 1-3 year of regular FDs (non-senior citizens), SBI offers 6.7-6.35% interest per annum. For 3-5 year term, SBI offers 6.80% interest and for 5-10 years, the rate is 6.85%.
Punjab National Bank (PNB): This public sector bank offers 6.75% interest on deposits for 1-3 years.