FD Interest Rates: Top 6 Banks Offering The Best Returns On 3-Year FDs

The Reserve Bank of India ( RBI ) has not reduced the repo rate for more than two years. However, a rate cut is anticipated this year. This makes the current period an ideal time to lock in fixed deposits ( FDs ), as banks typically lower interest rates following a repo rate reduction. By investing in FDs now, you can secure higher returns before any potential rate cuts. Here are six banks currently offering the highest interest rates on 3-year FDs.

Banks Offering Attractive Returns

1. Punjab National Bank (PNB):

Common Investors: 7.25%
Senior Citizens: 7.75%

2. HDFC Bank:

Common Investors: 7%
Senior Citizens: 7.5%

3. ICICI Bank:

Common Investors: 7%
Senior Citizens: 7.5%

4 Bank of Baroda:

Common Investors: 6.75%
Senior Citizens: 7.25%

5. State Bank of India (SBI):

Common Investors: 7%
Senior Citizens: 7.5%

6. Kotak Mahindra Bank:

Common Investors: 7%
Senior Citizens: 7.6%

Recent Revisions in FD Rates by Private Banks

ICICI Bank:

• As of July 2, interest rates for FDs range from 3% to 7.20% for general citizens and from 3.5% to 7.75% for senior citizens.

Axis Bank:

• As of July 1, interest rates for FDs range from 3% to 7.2% for general citizens and from 3.5% to 7.75% for senior citizens.

Now is a strategic time to invest in FDs to take advantage of the current high interest rates before any potential repo rate cuts by the RBI.