New Delhi: In today’s unpredictable financial landscape, finding a secure way to save and grow your money is essential. One tried and tested method is investing in Fixed Deposits (FDs). Not only do FDs provide a safe haven for your funds, but they also offer an opportunity to earn a substantial interest over a fixed period.
Under the Fixed Deposit scheme, you deposit your money once when opening the account. The interest rates, which vary based on the bank, deposit amount, and tenure, play a crucial role in determining your Return on Investment (ROI). (Also Read: Want To Restart Your Inactive Savings Account In Post Office? Here’s How)
The tenure for Fixed Deposits can range from a short 7 days to a long-term commitment of 10 years. At the end of this period, the interest accrued is calculated based on the principal amount, and the total amount (principal + interest) is returned to the depositor. (Also Read: Bank Of India Hikes FD Rates: Check BOI’s Latest Fixed Deposit Rates Here)
As of November 30, 2023, the fixed deposit interest rates for various tenures in public sector banks are as follows:
Bank of Baroda Latest FD Rates 2023
Bank of Baroda offers the highest interest rate at 7.25 percent for a 1-year tenure and 7.25 percent for a 5-year tenure, with a rate of 6.75 percent for a 3-year tenure.
Bank of India Latest FD Rates 2023
Bank of India provides an interest rate of 7.25 percent for the highest slab, with rates of 6.50 percent, 6.50 percent, and 6 percent for 1-year, 3-year, and 5-year tenures, respectively.
State Bank of India Latest FD Rates 2023
State Bank of India provides an interest rate of 7.1 percent for the highest slab, with rates of 6.8 percent, 6.5 percent, and 6.5 percent for 1-year, 3-year, and 5-year tenures, respectively.