Fixed deposit (FD) interest rates: Before opening a fixed deposit, it is advisable to first compare the interest rates offered by different banks. Typically, banks offer relatively higher interest on long tenor deposits than short tenors.Additionally, almost all banks give somewhat higher interest to depositors who are senior citizens (above the age of 60) than to regular investors. Let us find out the interest rates offered by different banks (state and private) on their term deposits across tenors.Private ...

Core Insights - The article emphasizes the importance of comparing interest rates from different banks before opening a fixed deposit (FD) account to maximize returns [1] - It highlights that the highest interest rates are not always associated with the longest tenors, indicating variability in returns based on specific deposit durations [2] Summary of Interest Rates by Banks - **HDFC Bank**: Offers 6.6% for regular citizens and 7.1% for senior citizens on deposits with a tenor of 18 to 21 months, effective from June 25, 2025 [3] - **ICICI Bank**: Provides 6.6% interest for regular citizens on 2-year deposits and 7.1% for senior citizens [3] - **Kotak Mahindra Bank**: Offers 6.6% for regular citizens on deposits between 390 days and 23 months, and 7.1% for senior citizens, effective from August 20 [4] - **Federal Bank**: Provides 6.7% interest for regular citizens on 999-day FDs and 7.2% for senior citizens, effective from August 18 [4] - **State Bank of India (SBI)**: Offers 6.45% for regular citizens on 2-3 year FDs and 6.95% for senior citizens [5] - **Punjab National Bank (PNB)**: Provides 6.6% interest on 390-day FDs for regular citizens and 7.1% for senior citizens, effective from September 1 [6] - **Union Bank of India**: Offers 6.6% for regular citizens and 7.1% for senior citizens on 3-year deposits, effective from August 20, 2025 [6] - **Canara Bank**: Provides 6.5% for regular citizens and 7% for senior citizens on 444-day term deposits, effective from August 7 [7]

Core Insights - Comparing interest rates across banks is crucial before opening a fixed deposit account, as even a small difference can significantly impact total earnings [1] Interest Rates Offered by Banks - HDFC Bank offers 6.6% for tenures between 18-21 months for regular investors and 7.10% for senior citizens, effective from June 25 [2] - ICICI Bank provides 6.6% for tenures above 2 years for regular investors and 7.10% for senior citizens [3] - Kotak Mahindra Bank also offers 6.6% for regular citizens and 7.1% for senior citizens for tenures between 391 days to 23 months, effective from August 20 [3] - Union Bank of India offers 6.6% per annum for three years, effective from August 20 [3] - State Bank of India (SBI) provides 6.45% for tenures between 2-3 years for regular citizens and 6.95% for senior citizens, effective from July 15, 2025 [4] - Bank of Baroda offers 6.60% as part of the BOB Square Drive Deposit Scheme (444 days) for regular depositors and 7.10% for senior citizens, effective from September 12, 2025 [4]