In the last few times, the interest rate has increased a lot. A record increase has been seen in the interest from government schemes to bank FDs. There has been an increase in interest under the post office savings schemes. Even the post office fixed deposit interest rate maturing in five years has gone up to 7.5 per cent for the July-September quarter of 2023.
Where is getting moreinterest
If we compare post office time deposit and bank FD, then post office time deposit is getting 7.5 percent interest for five years. On the other hand, in other banks, a lower interest rate is being given on FDs of five years. Let’s see where what percentage of return is being given.
5-year FD returns in public sector banks
- Bank of Baroda 5-year FD interest 6.5 per cent
- Bank of India 5-year FD 6 per cent
- Bank of Maharashtra 5.75 per cent Interest
- Canara Bank 6.7% interest
- Central Bank of India 6.25% interest
- Indian Bank 6.25% interest
- Punjab National Bank 6.5% interest
- State Bank of India 6.5% interest
- Union Bank 6.7% interest ;paying interest
Private Sector Bank FD Interest Rates
Talking about private sector banks, Axis Bank is offering 7 percent interest on five-year FDs. Bandhan Bank is offering an interest of 5.85 percent. Whereas DBS Bank is offering an interest of 6.5 per cent. DCB Bank is offering an interest of 7.75 per cent. HDFC, ICICI and IDFC First Bank are giving 7% interest. IndusInd Bank is paying 7.25 per cent and Kotak Mahindra Bank is paying 6.25 per cent.
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