Banks are currently offering good interest rates on deposits, but these rates are likely to decrease soon. For those looking to make a long-term investment, 5-year fixed deposits are a better option. We would like to know the list of the top 6 banks offering high interest rates for these 5-year maturity tenure deposits.
Attention to those interested in making fixed deposits in banks: The Reserve Bank of India is expected to cut key interest rates by the end of this year, which will lead to a bank interest rate reduction. Therefore, long-term fixed deposits would benefit those seeking higher interest rates more. With that in mind, let’s explore the top 6 banks offering high interest rates on 5-year maturity tenure fixed deposits.
SBI Bank, the largest public sector bank, offers regular citizens a 6.5% interest rate on deposits with a maturity period of 5 years and senior citizens a 7.5% interest rate. Additionally, the highest interest rate offered by the bank is 7.10% on the Amrit Kalash 400-day special FD, and senior citizens are eligible for a 7.60 % interest rate.
HDFC Bank, the country’s largest private sector bank, currently offers general customers a 7% interest rate on five-year fixed deposits, while senior citizens are eligible for a 7.5 % interest rate. These rates came into effect on February 9, 2024.
ICICI Bank, one of the leading private banks, is offering a 7% interest rate on five-year tenure fixed deposits. Senior citizens above 60 years will receive 7.5% interest. These rates will come into effect on February 17, 2024.
Punjab National Bank (PNB) is offering a 6.5% interest rate to general customers on five-year tenure deposits. Senior citizens are eligible for a higher rate of 7%. These rates will be effective April 12, 2024.
