FD Rates: In which government bank will you get the highest profit by depositing money?

The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has ended today. The central bank has made it clear that there will be no change in the repo rate. It will remain at 5.25 percent like before. This means that there is going to be no change in the interest rates of your home loan or car loan at present. Along with this, FD interest rates of banks will also remain at their current level.

Now that the repo rate is stable at 5.25 percent, FD rates of many public sector banks also remain attractive. Given the market uncertainty, it may be a wise move to divert a portion of your savings into safe and fixed return options.

In which bank will it be most beneficial to invest money?

If you are planning to invest your savings for just one year, then it is very important for you to know which bank is giving the best returns at present. If we look at the recent figures, Indian Overseas Bank is at the forefront in this short term. This bank is offering an excellent interest of 6.50 percent on 1 year FD, which is the highest in the list of major government banks. Union Bank of India is also not lagging behind in this matter and is giving a strong return of 6.30 percent.

At the same time, if you are thinking of investing in Punjab and Sindh Bank, then note that this bank is giving interest at the rate of only 5.85 percent on one year deposit, which is the lowest. The country’s largest bank, State Bank of India (SBI), along with Punjab National Bank (PNB) and Canara Bank are offering interest of 6.25 percent for a period of one year. The rates of institutions like Bank of India and Central Bank of India are also between 6.20 to 6.25 percent.

You can bet on these banks in the long term

For those who want to earn huge lump sum profits by keeping their capital safe for a long time, FD of 3 and 5 years has always been a great option. Talking about investment period of three years, State Bank of India (SBI) and Punjab National Bank are offering the most attractive rates to the customers with 6.30 percent. In contrast, Bank of Maharashtra is offering minimum interest of only 5.25 percent for 3 years and 5.00 percent for 5 years.

If your plan is to invest for 5 years, then Bank of Baroda can prove to be the most suitable option for you. This bank is offering 6.30 percent interest on long term tenure, which is the best compared to all other government banks. Apart from this, Canara Bank is also giving a stable return of 6.25 percent on a tenure of 5 years.

Will you get the highest interest on FD here?

Also read- RBI MPC Meet: RBI did not increase loan EMI, but inflation may increase in the country