Know Your FD Rate: SBI, HDFC Bank, other major banks offer these interest rates to depositors

A fixed deposit (FD), also referred to as a term deposit or time deposit, presents a secure investment opportunity provided by banks and financial institutions. It involves depositing a lump sum of money at a fixed interest rate for a predetermined duration, ensuring assured returns.

During this period, withdrawals are restricted, typically incurring penalties. FDs generally offer higher interest rates compared to standard savings accounts, making them an attractive option for individuals seeking guaranteed returns with minimal risk.

Here are the current fixed deposit rates for the State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, HDFC Bank, and ICICI Bank 1, 3 and 5 year tenure: (Source: Paisabazaar.com)

State Bank of India (SBI)

1-year tenure: 6.80%
3-year tenure: 6.75%
5-year tenure: 6.50%

Punjab National Bank (PNB)

1-year tenure: 6.75%
3-year tenure: 7.00%
5-year tenure: 6.50%

Canara Bank

1-year tenure: 6.85%
3-year tenure: 6.80%
5-year tenure: 6.70%

HDFC Bank

1-year tenure: 6.60%
3-year tenure: 7.00%
5-year tenure: 7.00%

ICICI Bank

1-year tenure: 6.70%
3-year tenure: 7.00%
5-year tenure: 7.00%

These rates are subject to change and may vary based on the bank's policies and prevailing market conditions. Always check with the respective banks for the most current rates.