PremiumListen to this article |
Debt investors can establish a healthy wealth over time by investing in fixed deposits, and bank deposits are particularly common among older individuals since they provide a steady income during their golden years. No matter whether your investment goal is short-term, mid-term, or long-term, fixed deposits are the ideal choice for your portfolio because the maturity tenure ranges from 7 days to 10 years. In addition to receiving secure returns, one can also claim tax benefits under Section 80C if invested for 5 years. Since interest rates are on the rise, top banks including PNB, SBI, IDFC First Bank, Kotak Mahindra Bank, and Canara Bank have increased their interest rates, which can be compared below. Before investing in fixed deposits, it is best to check for higher interest rates offered by the bank.
PNB has increased interest rates by 10 to 20 bps on fixed deposits of less than ₹2 Cr maturing in 1 to 3 years. The revised rates will be in force from 4th July 2022, and senior citizens will continue to get an additional rate of 0.50% over the regular rate across all tenors.
Last month on 14th June 2022, the largest lender in the country, State Bank of India (SBI) hiked interest rates on fixed deposits of less than ₹2 Cr. The bank hiked interest rates on deposits maturing in 211 days to less than 3 years, and the new rates are as follows.
The private sector lender Kotak Mahindra Bank increased interest rates on some tenors by 10 bps on July 1st, 2022. On deposits maturing in 3 years or more but up to 10 years, the bank is now giving a maximum interest rate of 5.90 per cent to the general public and 6.40 per cent to senior citizens.
The interest rate on fixed deposits with maturities ranging from 1 to five years and less than ₹2 Cr was hiked from July 1st, 2022, according to private sector lender IDFC First Bank. The bank is now giving a maximum interest rate of 6.50 per cent to the general public on deposits of three years, one day or less than five years and a maximum interest rate of 7 per cent to senior citizens.
On June 23, 2022, Canara Bank revised the interest rates on its fixed deposits. The bank is currently offering an interest rate range of 2.90 per cent - 5.75 per cent to the general public and 2.90 per cent - 6.25 per cent to senior citizens on term deposits of less than ₹2 Cr maturing in 7 days to 10 years.
