Many people prefer to make a fixed deposit in a bank, and big banks are usually their first choice as they believe their money will be safe in them. If you are looking to invest in fixed deposits, you may be wondering about the term deposit interest rates in State Bank of India, Bank of Baroda, and IDBI.
Investing in fixed deposits is a great option for those who want good returns without taking any risks. It is recommended that you choose reputable banks for this type of investment. It is important to find out which bank offers the highest interest rate before depositing your money.
Currently, investing in things that give good returns is a wise decision to help employees and working classes in the country get out of high inflation and avoid financial difficulties during emergency situations.
By depositing Rs.1 lakh in any of these three banks, you can get more returns. So, let’s find out which bank offers the latest term deposit interest rates.
BOB FD Rates 2024
Most banks in the country offer term deposit schemes for periods ranging from 7 days to 10 years. These schemes offer interest rates that range from 3% to 8% for deposits that are less than Rs.2 crores.
Bank of Baroda (BoB) is currently offering a maximum interest rate of 7.25% on term deposits that are held for 2 to 3 years. This is a slightly more attractive rate than what is offered by other government sector banks.
In addition, the BOB Advantage fixed deposit scheme offers an interest rate of 7.40%. If you deposit Rs.1 lakh under this scheme, you will receive over Rs.24 thousand in interest if you choose to mature the deposit after three years.
SBI FD Rates 2024
SBI, which is the largest government-owned bank in the country, currently offers attractive interest rates on its deposit schemes. For instance, its 2-3 year mature term deposits are providing a 7% interest rate. Additionally, SBI’s We Care FD scheme is offering a 7.5% interest rate.
Meanwhile, the SBI Amrit Kalash 400 Days FD is providing a 7.10% interest rate. These rates are applicable to general customers, while senior citizens will get an extra 50 basis points of interest.
If you invest Rs. 1 lakh in We Care FD, you can receive up to Rs. 1.10 lakh after 10 years as interest after maturity at the 7.5% interest rate. This means a total of Rs. 2.10 lakhs will be available to you.
IDBI Bank FD Rates 2024
IDBI, a government bank, is offering a 7% interest rate on deposits for a period of two to three years. Additionally, a 7.10% interest rate is being offered for a 375-day period through a scheme called Utsav, and a 7.25% interest rate is being offered through a special scheme for a period of 444 days.
If you deposit Rs. 1 lakh through the Utsav scheme, you will receive a total of Rs. 1.07 lakh upon maturity with a 7.10% interest rate. If you deposit the same amount for the three-year tenure, you will receive up to Rs. 1.23 lakh with a 7% interest rate.
We recommended comparing interest rates across all banks by visiting their official websites or nearby branches.