Which Bank Offers The Best FD Rates? A Detailed Breakdown For General Citizens

Fixed Deposit schemes are essential tools for those looking to grow their savings over a fixed period. While senior citizens often receive higher interest rates, this guide will focus on the FD rates available to general citizens for different durations at major banks like SBI, HDFC, ICICI, and others.

1. State Bank of India (SBI) FD Rates for General Citizens

SBI, one of India's most trusted banks, provides competitive interest rates for general citizens. Currently, SBI offers

• One-Year FD: 6.80% interest rate
  
• Three-Year FD: 6.75% interest rate
  
• Five-Year FD: 6.50% interest rate
  

SBI’s interest rates make it a reliable option for individuals seeking both short-term and long-term investments, with consistent returns.

2. Bank of Baroda (BoB) FD Interest Rates

Bank of Baroda is another major bank offering noteworthy FD interest rates. For general citizens, the rates are as follows

• One-Year FD: 6.85% interest rate
  
• Three-Year FD: 7.15% interest rate
  
• Five-Year FD: 6.50% interest rate
  

BoB's rates stand out, especially for the three-year duration, making it a strong contender for medium-term investments.

3. ICICI Bank FD Interest Rates

ICICI Bank is known for its extensive range of financial services, including competitive FD interest rates for general citizens

• One-Year FD: 6.70% interest rate
  
• Three-Year FD: 7.00% interest rate
  
• Five-Year FD: 7.00% interest rate
  

With a uniform rate of 7% for longer durations, ICICI Bank presents an attractive option for those looking to invest in three to five-year FDs.

4. Canara Bank FD Interest Rates for General Citizens

Canara Bank also offers promising FD interest rates, aiming to meet the investment goals of general citizens

• One-Year FD: 6.85% interest rate
  
• Three-Year FD: 6.80% interest rate
  
• Five-Year FD: 6.80% interest rate
  

Canara Bank provides a steady interest rate for medium to long-term investments, allowing investors to earn consistent returns over time.

5. HDFC Bank FD Interest Rates

HDFC Bank, a popular choice for many, offers the following FD rates for general citizens

• One-Year FD: 6.60% interest rate
  
• Three-Year FD: 7.00% interest rate
  
• Five-Year FD: 7.00% interest rate
  

The consistent 7% interest rate for both three and five-year tenures makes HDFC Bank appealing to those looking for longer investment durations.

6. Axis Bank FD Interest Rates for General Citizens

Axis Bank, known for its customer-centric approach, offers FD rates as follows

• One-Year FD: 6.70% interest rate
  
• Three-Year FD: 7.10% interest rate
  
• Five-Year FD: 7.00% interest rate
  

Axis Bank’s slightly higher rate for a three-year FD provides a competitive edge, attracting investors interested in mid-term returns.

Which Bank Offers the Best FD Rates?
Selecting the right FD scheme depends on individual financial goals and the duration of investment. For those seeking high returns for a three-year tenure, Bank of Baroda (7.15%) and Axis Bank (7.10%) are great choices. However, if the goal is a long-term five-year FD, ICICI Bank, HDFC Bank, and Axis Bank, all offering 7%, could be more beneficial. On the other hand, SBI remains a solid, dependable option with its steady interest rates across different tenures.

When choosing an FD scheme, consider the tenure, interest rate, and the bank’s overall reputation. Fixed Deposits continue to be a safe investment choice for general citizens, providing stable and predictable returns.