Business: Before investing in a fixed deposit in a bank, depositors are advised to compare the interest rates of different banks. This can help them maximize their income. Usually, depositors choose the bank with which they have a long-term banking relationship. However, this should not be seen as a general rule. Sometimes, a slightly higher interest rate offered by a bank can lead to more savings in the long term. Therefore, choosing the right bank can lead to more income. It is important to understand that long-term fixed deposits (FDs) help investors earn more income. In other words, when the period is shorter, the interest rate is lower, and vice versa, when the period is longer, the interest rate is higher. Here we list the interest rates for banks:
Banks Regular Citizens (%) Senior Citizens (%)
SBI 6.80 7.30
HDFC Bank 6.60 7.10
ICICI Bank 6.70 7.20
Kotak Mahindra Bank 7.10 7.60
Punjab National Bank 6.80 7.30
Bank of Baroda 6.85 7.35State Bank of India (SBI) offers an interest rate of 6.8 per cent per annum to depositors. However, senior citizens are entitled to 7.30 per cent per annum.
HDFC Bank offers depositors 6.60 per cent on their one-year deposits, while senior citizens are entitled to 7.10 per cent on FDs of the same tenure.
