Top Banks offering upto 8% interest on fixed deposits - Details here

Investing in Fixed Deposits (FD) remains the preferred choice for many individuals seeking stable returns on their investments. In recent developments, several public and private sector banks are now offering attractive interest rates of up to 8% on three-year FDs, particularly catering to senior citizens. Common investors can also benefit from competitive interest rates, with returns reaching up to Rs.7.50 on maximum three-year FDs.

Here's a detailed look at the interest rates provided by prominent banks for three-year Fixed Deposits:

1. Bank of Baroda:

• Senior citizens can enjoy an impressive 7.75% interest rate on their three-year FD investments.
• A Rs.1 lakh investment grows to Rs.1.26 lakh over the three-year tenure.

2. Yes Bank:

• Yes Bank, along with IndusInd Bank, leads among private banks by offering an attractive 8% interest rate for senior citizens on three-year FDs.
• An investment of Rs.1 lakh will grow to Rs.1.27 lakh in three years.

3. Axis Bank:

• Axis Bank provides a competitive 7.60% interest rate on three-year FDs for senior citizens.
• A Rs.1 lakh investment will grow to Rs.1.25 lakh over the three-year period.

4. HDFC Bank, ICICI Bank, and Punjab National Bank:

• These major banks offer a solid 7.50% interest rate on three-year FDs for senior citizens.
• An investment of Rs.1 lakh will grow to Rs.1.25 lakh in three years.

5. Canara Bank:

• Canara Bank provides a 7.30% interest rate on three-year FDs for senior citizens.
• An investment of Rs.1 lakh will grow to Rs.1.24 lakh over the three-year tenure.

6. Bank of India:

• Bank of India is offering a competitive 7.25% interest rate on three-year FDs for senior citizens.
• An investment of Rs.1 lakh will grow to Rs.1.24 lakh in three years.

7. Federal Bank:

• Federal Bank offers a steady 7.10% interest rate on three-year FDs for senior citizens.
• An investment of Rs.1 lakh will grow to Rs.1.24 lakh in three years.

Important Note: Investors are advised to check the official websites of the respective banks for the most up-to-date FD rates, as these rates are subject to change. It is crucial to verify the latest information before making any investment decisions.

This enticing opportunity for high-interest returns on three-year FDs provides a valuable option for those looking for a secure and reliable investment avenue.