SBI, ICICI Bank, HDFC Bank Interest Rates: Get Up To 7.75% Returns On 1-Year Fixed Deposit
HDFC Bank provides one-year fixed deposit rates of 6.6% for the general public and 7.1% for senior citizens.
Fixed deposits are great savings instruments for those who do not have a risk appetite and want stable returns on their investments. FDs are a safe option, offering interest rates depending on the tenure and deposit amount that are not subject to market risk. Further, some banks also offer higher interest rates to senior citizens.
Fixed deposit tenures can vary from seven days to over 10 years. While longer tenures typically offer better interest rates, one-year fixed deposits are also popular.
Several banks are offering the best one-year fixed deposit rates as the Reserve Bank of India (RBI), in its latest monetary policy review on 9 October, kept the repo rate unchanged at 6.5% for the 10th consecutive time. Risk-averse investors could use this opportunity to invest in the best fixed deposit schemes for 2024 as rates are likely to drop in the coming months, according to experts.
Here are the top banks providing the best interest rates on their one-year fixed deposits, or FDs:
State Bank of India
State Bank of India (SBI) offers fixed deposits with tenures of one year to less than two years. The SBI one-year FD rate is 6.80% for the general public, and 7.30% for senior citizens.
HDFC Bank
HDFC Bank, India’s largest private sector bank, has a tenure provision of one year to 15 months. The HDFC one-year FD rate is 6.6% for the general public, and 7.1% for senior citizens.
Bank of Baroda
Bank of Baroda FD rates for one year are 6.85% for the general public, and 7.35% for senior citizens.
ICICI Bank
ICICI Bank FD interest rates for one year to less than 15 months are 6.70% for the general public, and 7.20% for senior citizens.
IndusInd Bank
IndusInd Bank offers one of the highest interest rates for its one-year FD tenures. IndusInd Bank one-year FD rates are 7.75% for the general public, and 8.25% for senior citizens.
YES Bank
The one-year FD rate at YES Bank is 7.25% for the general public, and 7.75% for senior citizens.
Kotak Mahindra Bank
For a maturity period of 365 days to 389 days, Kotak Mahindra Bank FD interest rates are 7.10% and 7.60% for the general public and senior citizens, respectively.
