Comparing FD interest rates for the post office, bank, and NBFC FDs

With the recent changes in FD interest rates for all financiers, experts speculate owing to the higher inflation, here’s a look at the latest FD rates in India 2022.

 
Fixed Deposit Interest Rates 2022
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When it comes to building your wealth, investing is the best way forward. Seasoned investors generally have diversified portfolios. They invest in a variety of asset classes. Some low-risk-modest-yield options, others high-risk with the capacity for higher returns. This boils down to the risk appetite factor, and in most cases, risk and return are directly proportional. However, there are vehicles like the fixed deposit, which are not only low risk, but also promise commendable returns. 

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Fixed Deposits are offered by banks, non-banking financial companies, and the post office. Each has its features and benefits, it falls on you as the investor to pick one that best suits your needs. For maximum returns, the best instrument is one that has the highest interest rate as this directly translates to returns. Here, company FDs maybe your best option as they have high FD rates, usually surpassing the competition.

With the recent changes in FD interest rates for all financiers, experts speculate owing to the higher inflation, here’s a look at the latest FD rates in India 2022. For a clearer idea of your options, read on to understand the comparison between FD interest rates.

Name of Financier

For Non-Senior Citizens (p.a.)

For Senior Citizens (p.a.)

State Bank of India FD

2.90% to 5.50%

3.40% to 6.30%

HDFC Bank FD

2.50% to 5.60%

3.00% to 6.35%

Punjab National Bank FD

2.90% to 5.25%

3.50% to 5.75%

Axis Bank FD

2.50% to 5.75%

2.50% to 6.50%

Bank Of Baroda FD

2.80% to 5.35%

3.30% to 6.35%

IDFC Bank FD

2.50% to 6.00%

3.00% to 6.50%

Shri Ram City Union Finance FD

Up to 7.75%

Up to 8.05%

Bajaj Finance FD

5.51% - 6.80%

5.75% - 7.35%

Disclaimer: Above-mentioned rates are as per listings on official websites as of April 2022.

Comparing FD interest rates from the best financial institutions is the first step to maximizing your returns. By knowing where you can get the best rate and how it compares to the others, you can make a more informed and calculated decision.

Apart from financial institutions, you can also invest in a Post Office Fixed Deposit. This is an instrument offered by the Government of India’s Department of Posts and is another lucrative option to consider. Much like other fixed deposits, interest is compounded annually. Anyone can invest in these FDs, except NRI investors. The FD interest rates here range from 5.50% to 6.70% across tenors of 1 to 5 years. The earlier you get started, the better are your returns as you stay invested for longer and enjoy the benefit of compounding interest. 

Read also: This bank enhanced the interest rate, check the new prices immediately

On comparing FD interest rates and features, it is clear that FD interest rates are very important when choosing to invest in an FD. However, checking the safety ratings is equally necessary. The higher the safety ratings from ICRA and CRISIL the safer and more secured option is. The ratings indicate the safety of funds. So, get started today, make the most of the hike in interest rates and invest to build your wealth worry-free.