The repo rate has not been cut by the Reserve Bank of India (RBI) for more than two years. However, this year RBI is expected to cut the repo rate. In such a situation, the current time is the best to lock money in fixed deposits.
This is because banks will reduce interest rates on the reduction of repo rate. That is, the return on FD will decrease. Before the repo rate cut, you can get more interest on your investment by making FD. We are telling you about those 6 banks which are giving the highest interest on 3-year FD.
These banks are giving great returns
Punjab National Bank is offering the highest interest rate of 7.25 percent on 3-year FDs to common investors. At the same time, senior citizens are being given interest at the rate of 7.75 percent. HDFC Bank is giving 7 percent interest to common people and 7.5 percent interest to senior citizens on 3-year FDs.
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ICICI Bank also gives 7 percent interest on 3-year FDs, while senior citizens are getting interest at the rate of 7.5 percent. Bank of Baroda is giving 6.75 percent per annum and 7.25 percent interest to senior citizens on 3-year deposits. State Bank of India (SBI) is giving 7 percent interest to common citizens and 7.5 percent interest to senior citizens. Kotak Mahindra Bank is also giving 7 percent interest to common people and 7.6% interest to senior citizens on 3-year deposits.
Two private banks increased rates on FD
ICICI Bank has revised interest rates on fixed deposits from July 2. The new interest rates range between 3 per cent and 7.20 per cent for general citizens and between 3.5 per cent and 7.75 per cent for senior citizens. Axis Bank has also revised interest rates on fixed deposits from July 1. Interest rates range between 3 per cent and 7.2 per cent for general citizens, and between 3.5 and 7.75 per cent for senior citizens.
