Reserve Bank of India (RBI) The repo rate is expected to be cut in the next Monetary Policy Committee (MPC) meeting to be held in December. If there is a cut in the repo rate, then the phase of reduction in interest rates on FD will begin. Therefore, financial experts say that this is a great time to get great interest on fixed deposits (FD). If you are also thinking of investing money in FD, then we are giving you the list of those banks which are giving the highest interest on 3 year FD.
| bank | Interest being received by common people (%) | Senior citizens are getting interest (%) |
| hdfc bank | 7 | 7.5 |
| ICICI Bank | 7 | 7.5 |
| SBI | 6.75 | 7.25 |
| Punjab National Bank | 7 | 7.5 |
| Union Bank of India | 6.7 | 7.2 |
| Federal Bank | 7 | 7.5 |
| Kotak Mahindra Bank | 7 | 7.6 |
Higher interest in private than government banks
If we talk about government banks, the interest rates are somewhat lower. State Bank of India (SBI) is giving 6.75 percent interest to general citizens and 7.25 percent interest to senior citizens on 3 year FD. Punjab National Bank is offering 7 percent interest rate to general citizens and 7.5 percent to senior citizens on 3-year fixed deposits. Union Bank of India offers 6.7 percent interest rate to general citizens and 7.2 percent to senior citizens on three-year fixed deposits.
How much interest is being received in private bank
HDFC Bank is offering 7 percent interest to general citizens and 7.5 percent interest to senior citizens on its three-year fixed deposits. ICICI Bank also offers similar rates to general and senior citizens i.e. 7 percent and 7.5 percent. Another private lender Kotak Mahindra Bank offers 7 percent interest rate to general citizens and 7.6 percent to senior citizens on its 3-year FD. These rates came into effect on June 15. Federal Bank also offers 7 percent and 7.5 percent interest rates on its 3-year fixed deposits to general and senior citizens respectively.
