Fixed Deposit rates in Post Office vs SBI, PNB, HDFC, Axis Bank: Highest FD rates in India compared

Fixed Deposit (FD): India Post is offering 7.4 % interest rate on 5-year term deposits. It offers other interest rates for different terms.

Fixed Deposit rates have increased recently. Representational image/Pixabay

Fixed Deposit (FD): India Post is offering 7.4% interest rate on 5-year term deposits. It offers other interest rates for different terms. For a one-year term deposit account, you can get 6.6% interest rate in return, for two-year deposit, the rate is 6.7%. For the three-year FD, the interest rate offered by the Post Office in 6.9 per cent. As compared to Post Office, which provides only four types of term deposits, other banks have many term deposit plans that come with different interest rates.

Here we take a look at what other leading banks like SBI, PNB, HDFC, Axis Bank, ICICI are offering:

SBI: The State Bank of India is offering the highest interest rate on a fixed deposit of 5-10 years at 6.85%. For senior citizens, this is 7.23%.

PNB: Punjab National Bank is offering the highest interest rate of 7.25% on deposits of 1 year and 1-3 years.

Axis Bank: The highest FD rate offered by the Axis bank is 7.45% on deposits of 17-18 months.

HDFC Bank is offering the highest interest rate of 7.25% on deposits of 1 year-2 years term. For senior citizens, the rate of interest of the same plans is 7.75%.

ICICI Bank is offering the highest FD rate of 7.25% on deposits of 2 years one day up to five years. For senior citizens, it is offering 7.75 % for the same term.

AU Small Finance Bank: It gives 8.00 interest for 45-60 months term deposits. For the same term, senior citizens get 8.5% interest. There are also some other terms in which senior citizens get interest rates over 8%.

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Jana Bank is offering one of the highest interest on FDs at 8.5% on deposits for 366 days.

Equitas Small Finance Bank provides 8.00% interest rate on FDs for 1 year to 18 months term.

Deutsche Bank provides 8.25% interest rates to both senior and general citizens on five-year term deposits.

IDFC Bank is offering 8.00% interest on Fixed Deposits for 731 days; 8.25% on deposits for terms 3-2 years, 5-8 years, and 8-10 years. On tax saving deposits, the interest rate is 8.25%.

(Data taken from respective websites of the banks on August 25, 2018.

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