Whenever it comes to investing money, most people think of bank FDs. The biggest reason for this is the fixed return that is received in FDs. If we talk about senior citizens, investing in FDs is even more beneficial for senior citizens because all banks give senior citizens a higher interest rate than normal citizens.
If you are also thinking of investing, but you need to avoid risk, then Fixed Deposit can be a great option. Fixed Deposit is an investment that always gives stable returns, and the risk on it is also low. But recently big banks like SBI, ICICI Bank, HDFC Bank and Canara Bank have reduced their FD rates. So now, it has become more important to choose the right bank and the right period while investing in FD. Let us know about the recent interest rates of these banks.
Why Is FD The First Choice Of People?
When it comes to safe investment, the first name that comes to mind is Fixed Deposit (FD). Its biggest feature is that your money is completely safe in it and the return is also guaranteed. This is the reason why senior citizens prefer to invest in it. Government and private banks give more interest to senior citizens than to general customers, due to which their savings increase more.
SBI FD Interest Rates
If you want to make a fixed deposit in SBI, then general customers can get interest ranging from 3.30% to 7.05%. But if you are a senior citizen, then you will get slightly higher interest i.e. from 3.5% to 7.35%. If you are 80 years or older (super senior citizen), then you will get interest up to 7.45%. The highest interest is being given on 444 days Fixed Deposit.
Canara Bank Fixed Deposit Interest Rates
General customers get interest from 4% to 7% in Canara Bank. At the same time, senior citizens can get interest from 4% to 7.50%. The highest interest rate is being given in this bank on 444 days Fixed Deposit. If you want a decent return and want to invest a little longer, then Canara Bank can be a great option.
HDFC Bank FD Interest Rates
HDFC Bank’s FD interest rates are somewhat similar to ICICI Bank. Here general customers can get interest from 3% to 6.85% and senior citizens can get interest from 3.5% to 7.35%. The highest interest is being given on FDs ranging from 15 months to 21 months. You can also get very good interest in HDFC, especially if you are investing for medium-term.
ICICI Bank FD Interest Rates
General people get interest ranging from 3% to 6.85% in ICICI Bank. Whereas, for senior citizens, this rate can be from 3.5% to 7.35%. The highest interest in ICICI Bank is being given on FDs of 18 months to 2 years. If you want to invest for a long period, then this can be a good option.
Conclusion
Fixed Deposit is a safe and easy way to invest money, especially if you want to avoid risk. But, it is very important to choose the right bank and FD period so that you can benefit from better interest rates. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
