To secure their future, a large number of people in the country resort to fixed deposits. Different banks offer different interest rates on FD. The best interest rates on FD are currently being offered by the State Bank of India (SBI).
SBI offers 0.50 percent higher interest rates to senior citizens. Interest rates on regular fixed deposits vary between 3.50 percent and 7.50 percent for tenures ranging from 7 days to 10 years. The bank gives 7.50 percent interest on SBI Wecare Special FD.
According to the new rates of the bank, interest rates of 4 percent are being given on fixed deposits of 7 days to 45 days. Interest rates of 5.25 percent are being given from 46 days to 179 days.
The bank is offering interest rates of 6.25 percent on FD for 180 days to 210 days. Whereas the bank has fixed the rate of 6.5 percent on FD from 211 days to 1 year.
SBI gives a 7.5 percent return on FD of 2 years to 3 years, while a 7.25 percent return is being given on FD of 3 to 5 years and a 5.50 percent return is being given on FD of 5 years to 10 years.
Under the SBI Amrit Kalash Special Deposit Scheme, senior citizens can earn an interest rate of 7.60 percent on a tenure of 400 days. This scheme will remain valid till 31 March 2024.
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