An Overview – Fixed Deposit
Depending on your needs, you can receive interest on a monthly, quarterly, half-yearly, or annual basis. A cumulative option is also available, in which case the principal and interest will be paid on the maturity date. Short-term and medium-term Fixed Deposits provide the best fixed deposit interest rates. You can take the aid of fixed deposit calculators for further clarity!
Different Banks Offer Different Fixed Deposit Interest Rates
- Interest Rates on SBI Fixed Deposits
SBI is one of the country’s largest public sector banks. SBI Fixed Deposit Rates will be updated in accordance with the Reserve Bank of India’s monetary policy announcement.
Staff and pensioners will receive a greater rate of interest from SBI. The interest rate will be one percent higher than the general public’s interest rate. The interest rates will apply to new deposits as well as ones that are about to mature.
- Fixed Deposit Interest Rates at ICICI Bank
For senior citizen fixed deposits, ICICI Bank gives an extra 0.5 percent interest rate. Domestic, NRO, and NRE deposits have distinct interest rates. The interest rate will also vary depending on the amount borrowed.
Fixed deposits with and without withdrawal options are available from ICICI Bank. Fixed deposits with no withdrawal option will pay a slightly higher interest rate. The minimum and maximum tenure for NRE deposits are one year and ten years, respectively.
- Fixed Deposits at Axis Bank
Axis Bank provides fixed deposit services both online and offline. The interest rates are determined by the length of time and the amount borrowed. Senior residents receive a greater rate of interest from the bank, which is 0.65% higher than standard deposits.
For senior persons, the Fixed Deposit Interest Rates are very high. For deposits of more than 1 crore but less than 5 crores, the bank uses a different set of interest rates. Interest rates will be adjusted on a regular basis in accordance with the RBI’s monetary policy.
Wrapping Up
Conservative investors who do not want their investment returns to be volatile can put their money in FDs. When it comes to fixed deposits, it’s critical to weigh the advantages and disadvantages of each bank and read the tiny print thoroughly. However, if you want to maximise your profits, it’s a good idea to spread your money out across several years.
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