Investment: FDs Can Be Good Option In New Year; Check New Rates Before Investing

FD Rates in 2024: If you are planning to invest in a scheme where you get fixed returns without any risk then FD could be a better option for you. Before the new year, many banks have revised their interest rates on FDs as well.

So, you need to check the interest rates provided by banks on FDs before putting your money into the investment option. The interest rates of banks remain at their highest levels. Below are the latest interest rates on FDs.

State Bank of India

State Bank of India (SBI) is offering interest up to 6.75 per cent on three-year FDs. Recently, the bank has revised the interest rate on FDs. Union Bank of India (UBI), Bank of India (BOI) and Indian Overseas Bank (IOB) offer the same interest rate on FDs

Bank of Baroda

Bank of Baroda is offering interest up to 7.25 per cent on three-year FD. The bank has the best FD interest rate among public sector banks.

UCO Bank, Punjab National Bank and Canara Bank

UCO Bank is offering interest of up to 6.3 per cent on a three-year FD. Punjab National Bank is offering interest up to 7 per cent on three-year while, Canara Bank is offering interest up to 6.8 per cent on three-year FD.

Bank of Maharashtra and Indian Bank

Bank of Maharashtra, Punjab and Sindh Bank are offering up to 6 per cent interest on three-year FDs. while the Indian Bank offers interest rates up to 6.25 per cent on three-year FD.

Benefits of Investing in FD

- Fix return in a certain period

- It is risk risk-free investment. The Ups and downs in the stock market do not affect the return

- Investors can apply for cheap loans against the FD's investment. It helps in any unprecedented situation.

- Customers can even withdraw their money before maturity. But it would cost them some chunk from their return. 

Also Read: FirstCry Files Draft Documents With SEBI To Bring IPO