in india Fixed Deposit (FD) Is seen as a safe and reliable investment option. People who want to avoid stock market risk and want stable returns often prefer to invest their money in FD.
Investing in FD is not only safe, but it is also a better way to grow your money in future. However, it is important to compare interest rates before investing, as the difference can significantly affect your returns.
Benefits of investing in FD
- Safety:
FD is a safe option to protect against stock market fluctuations.
- Stable Returns:
The interest rates on FD are fixed, due to which your returns remain stable.
- resilience:
Freedom to choose the investment period (from a few months to 10 years).
Why is it important to compare interest rates before making FD?
When you invest in FD, it is beneficial to compare the interest rates of different banks.
How does interest rate difference benefit?
Example:
- If you make an FD of ₹5 lakh for two years and there is a difference of 0.50% in the interest rate, you will get an additional return of ₹5,000.
- If the same FD is for five years, then there can be a benefit of ₹ 12,500.
Therefore, a small difference can increase your returns significantly.
FD interest rates offered by major banks
1. HDFC Bank
- For regular citizens: 7%
- For Senior Citizens: 7.5%
- Duration: 5 years
2. ICICI Bank
- For regular citizens: 7%
- For Senior Citizens: 7.5%
- Duration: 5 years
3. Axis Bank
- For regular citizens: 7%
- For Senior Citizens: 7.75%
- Duration: 5 years
4. Yes Bank
- For regular citizens: 7.25%
- For Senior Citizens: 8%
- Duration: 5 years
5. State Bank of India (SBI)
- For regular citizens: 6.5%
- For Senior Citizens: 7.5%
- Duration: 5 years
6. Punjab National Bank (PNB)
- For regular citizens: 6.5%
- For Senior Citizens: 7%
- Duration: 5 years
7. Bank of Baroda
- For regular citizens: 6.8%
- For Senior Citizens: 7.4%
- Duration: 5 years
Tips for FD investment
- Set investment goals:
The tenure of FD should be based on your financial needs.
- Special Schemes for Senior Citizens:
If you are above 60 years, take advantage of the additional interest rates offered by the bank.
- Bank Reliability:
Before making FD, check the creditworthiness and financial position of the bank.
