Which Bank Offers the Highest Interest on 1-Year FD, Know Before You Invest

FD: Every person wants to invest their hard-earned money in a safe place, where not only his money safe, but they also gets good profits. In such a situation, when it comes to investment, the first name that comes to mind is Fixed Deposit i.e. FD.

Which banks are giving more interest on 1 year FD

At present, many government and private banks of the country are offering different interest rates on FDs of 1 year duration. While SBI is offering an interest rate of 6.50%, senior citizens are getting benefits up to 7%. On the other hand, Punjab National Bank (PNB) is offering an interest rate of 6.70% and senior citizens are getting a return of 7.20%, which can be a better option.

Bank of Baroda is also not behind, this bank is attracting investors with an FD rate of 6.80%. A great return of 7.30% is being offered here for senior citizens. If you talk about private banks, HDFC Bank is offering an interest rate of 6.6% and Axis Bank is offering 6.7%, while senior citizens are getting the benefit of interest rates of 7.1% and 7.2% respectively.

Choosing the right bank is important for safe investment

The most important thing while investing in an FD is to choose the right bank. If you invest only by looking at the interest rate, then it is important that you also keep in mind the reliability of the bank, its ability to give timely returns and the service facility.

One-year FD can be a great option for those who want a safe investment for a short period and also want to get good returns. Apart from this, this time can be even more beneficial for senior citizens as they are getting higher interest rates than normal investors.

Disclaimer: This article is written for general information purposes only. Before investing, consult the official website of the concerned bank or a financial advisor. Interest rates may change over time.

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