Before locking their money in fixed deposits (FDs), investors typically evaluate interest rates offered by various banks in order to maximize their earnings.
Banks are currently offering the highest rewards on term deposits in order to match the current high repo rates. The RBI maintained the repo rate at 6.5 percent on Friday for the seventh day in a row.
However, when the RBI begins decreasing interest rates at the next monetary policy committee (MPC) meeting, interest rates will fall precipitously.
However, until that happens, deposits are urged to take advantage of the current high interest rates.
Here are the interest rates offered by top banks:
HDFC Bank: HDFC Bank offers the highest fixed deposit interest rate of 7.25 percent on its deposits with tenure of 18 to 21 months.
