Top 5 Banks Offering the Best Fixed Deposit Rates in 2024

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Locating safe and profitable investing possibilities is more important than ever as the financial landscape changes. Stability and good returns are essential factors for investors when it comes to fixed deposits. 

Through this article, you can find out the top 5 banks offering the best fixed deposit rates in 2024. Find the banks truly shine because they offer great interest rates and stability, allowing cautious investors to develop and protect their wealth in the upcoming year.

Top 5 Banks Offering Best Fixed Deposit Rates in India 2024

Here is a table of comparison for the top 5 banks in India offering the best FD interest rate. The table will show different metrics, such as SBI FD rates for regular and senior citizen FDs and other banks and parameters.

Bank Name FD Rate (in %) Senior Citizen FD Rate (in %) Tenure
SBI 3.50 – 6.50 4.00 – 7.50 7 days – 10 years
Axis Bank 4.80 – 7.00 5.30 – 7.75 7 days – 10 years
Union Bank 3.50 – 6.50 0.50 above the average rate 7 days – 10 years
Canara Bank 4.00 – 6.70 4.00 – 7.20 7 days – 10 years
HDFC Bank 3.00 – 7.00 3.50 – 7.75 7 days – 10 years

 

The above rate differs by the tenure for which the FD will be taken. For instance, the SBI FD rates for an FD taken for 7 days will have an interest rate of 3.50%, whereas if taken for 10 years, it will give 6.50%.

SBI

State Bank of India, or SBI, is a public bank with branches worldwide. It is also the most prominent Indian Bank, with a market hold of around one-fourth of its market share. It offers many different services to its customers, including fixed deposits. FDs are often considered the most trusted source of investment, and opening one in a public sector bank offers assurance.

The SBI FD rates are also good and especially great for senior citizens. Depending on the tenure of the FD, the FD rates are offered to the customers.

Axis Bank

Axis Bank is a renowned Indian and the country’s third-largest private-sector Bank. It offers multiple FD plans for its customers where they can invest a portion of their hard-earned money. Amongst the top 5, Axis Bank offers the best interest rate on regular and senior citizens’ FD for a fixed tenure.

Union Bank

Union Bank, or the Union Bank of India, is one of India’s most prominent- government-owned banks. It is a public sector bank headquartered in Mumbai and started operations in 1919. A trusted bank that offers several products, such as NRI and domestic bank accounts, internet banking facility, and fixed deposit options. There are multiple FD schemes with different benefits from which you can choose.

Canara Bank

Canara Bank is an Indian bank with several branches across the country. The Bank works under different segments, such as treasury operations, wholesale banking, retail banking, life insurance, and other banking operations.

The Bank offers Internet, corporate, NRI, personal, and banking services for micro, small, and medium-sized businesses (MSME). Its retail lending activities include loans for housing, cars, education, and other personal purposes. It’s commonly called the Bank with the most excellent FD plan.

HDFC Bank

India-based HDFC Bank is a private-sector financial institution. The Bank offers various banking services, including transactional/branch banking for the retail and commercial market and investment banking for the wholesale market.

The treasury division of the bank encompasses the net interest earnings derived from its investment portfolio, activities related to money market borrowing and lending, gains or losses incurred from investment operations, and the management of foreign exchange and derivatives trading.

Conclusion

It would help if you took advantage of this chance to safeguard your financial success by investing your money in one of these top 5 banks offering the best interest rates. These banks provide a steady path for expansion with attractive rates for the general public and senior citizens. Refer to this article to make wise choices, optimise profits, and set a path to financial success.


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