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1 vs 3 vs 5 Year FD Rates: Check How Much Return You Will Get From Major Banks
Continue reading to find out the latest FD rates of major public sector banks on different tenures.
Highlights
- The maturity period of FDs is from 7 days to 10 years.
- Here's the comparison of different FD rates.
- The rates mentioned above are as of March 20.
New Delhi: Investing in fixed deposits is widely regarded as one of the safest and most lucrative ways to secure your money. Not only does it allow you to save your hard-earned cash, but it also enables you to earn a substantial interest on your investment. Before investing, one needs to explore various aspects of it.
One of them is interest rates. It plays a crucial role in ensuring a good Return on Investment (ROI) over a fixed tenure. Here are the latest fixed deposit interest rates offered by various public sector banks as of March 20, 2024, across all tenures. (Also Read: Explainer: Should Ultra Rich Pay Higher Tax? Check Why This Topic Is Gaining Momentum)
Fixed Deposits (FD) Tenures
The maturity period of fixed deposits is ranging between 7 days to 10 years. (Also Read: Do You Know How To Convert Your Credit Card Bill Into Easy EMI Options? Here's How To Do It)
1-Year Tenure FD Rates 2024
Canara Bank, Central Bank of India, Indian Bank, Punjab National Bank, and State Bank of India offer interest rates ranging from 7.1 percent to 7.25 percent for a 1-year tenure.
3-Year Tenure FD Rates 2024 Rates
Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas Bank, Punjab National Bank, and Union Bank of India provide interest rates ranging from 6.75 percent to 6.9 percent for a 3-year tenure.
5-Year Tenure FD Rates 2024 Rates
Bank of Baroda, Canara Bank, Indian Overseas Bank, and Punjab National Bank offer interest rates between 6.2 percent and 6.5 percent for a 5-year tenure.