5 Years Bank FD Scheme : The Reserve Bank of India has reduced the repo rate by 1.00% this year. Due to the RBI cutting the repo rate, many banks across the country have also lowered their FD interest rates. However, fixed deposits are still offering attractive returns. Interestingly, the Post Office has overtaken major banks in offering the highest FD returns. Yes, the Post Office is offering higher interest rates on FD accounts compared to big banks like SBI and HDFC. Here, we will look at the interest rates offered on 5-year fixed deposits.
Post Office FD Scheme
The Post Office is offering the highest interest rate of 7.5% on a 5-year fixed deposit. No bank in the country is currently offering 7.5% interest on a 5-year FD. However, the Post Office offers the same interest rate to all age groups.
State Bank of India (SBI) FD Scheme
India’s largest public sector bank, SBI, offers interest rates between 6.05% and 7.05% on 5-year FDs. For regular customers, the bank offers 6.05%, while senior citizens receive 7.05% interest on a 5-year FD.
HDFC Bank FD Scheme
HDFC Bank, the country’s largest bank by market capitalization, offers 6.40% to 6.90% interest on a 5-year FD. Regular customers receive 6.40%, and senior citizens receive 6.90% on a 5-year fixed deposit.
Punjab National Bank (PNB)
Punjab National Bank (PNB), a major public sector bank, offers interest rates ranging from 6.25% to 7.05% on 5-year FDs. Regular customers get 6.25%, senior citizens get 6.75%, and super senior citizens (above 80 years) receive 7.05% on 5-year fixed deposits.