Current Fixed Deposit Interest Rates: Top Banks Offering Up to 7.65% for 1-Year FDs

Current Fixed Deposit Interest Rates: Top Banks Offering Up to 7.65% for 1-Year FDs

November 17, 2024 Catherine Williams Business

Before opening a fixed deposit (FD) account, depositors compare interest rates from different banks. Generally, banks offer lower rates for short-term fixed deposits and higher rates for long-term deposits. For instance, the interest on a three-year FD is typically higher than that on a one-year FD.

Many depositors prefer banks with which they have established relationships. However, some may switch to a new bank to take advantage of significantly higher interest rates.

Here are the current interest rates offered by the top seven banks for one-year FDs:

1. HDFC Bank:

  • General citizens: 6.6%
  • Senior citizens: 7.1%
  • Effective from: July 24, 2024

2. ICICI Bank:

  • General citizens: 6.7%
  • Senior citizens: 7.2%
  • Tenure: 1 year to 15 months

3. Kotak Mahindra Bank:

  • General citizens: 7.1%
  • Senior citizens: 7.6%
  • Effective from: June 14

4. Federal Bank:

  • General citizens: 6.8%
  • Senior citizens: 7.3%
  • Effective from: October 16

5. State Bank of India (SBI):

  • General citizens: 6.8%
  • Senior citizens: 7.3%
  • Effective from: June 15

6. Punjab National Bank (PNB):

  • General citizens: 6.85%
  • Senior citizens: 7.35%
  • Effective from: October 1

7. Canara Bank:

  • General citizens: 6.85%
  • Senior citizens: 7.35%
  • Effective from: June 11

Consider these rates when choosing a bank for your fixed deposit. Higher interest rates can lead to better earnings on your investment.