Top Banks Offering High Interest Rates on 3-Year Fixed Deposits

As the Reserve Bank of India (RBI) is expected to slash the repo rate later this year, it is a good time to consider locking your money in fixed deposits. This move can help you make the most of the prevailing high interest rates, especially if you opt for a long duration deposit.

Various banks are offering competitive interest rates on 3-year fixed deposits, with Punjab National Bank leading the pack by offering 7.25 percent to regular depositors and 7.75 percent to senior citizens. HDFC Bank and ICICI Bank are also offering attractive rates of 7 percent and an additional 50 basis points to senior citizens on their 3-year deposits.

In a recent development, ICICI Bank and Axis Bank have revised their fixed deposit interest rates. ICICI Bank’s new rates range from 3 to 7.20 percent for regular citizens and 3.5 to 7.75 percent for senior citizens, effective from July 2. Similarly, Axis Bank’s revised rates range from 3 to 7.2 percent for regular citizens and 3.5 to 7.75 percent for senior citizens, effective from July 1.

With the possibility of a repo rate cut on the horizon, locking your money in fixed deposits now could be a smart financial move. Consider exploring the various options available from different banks to make the most of the current high interest rates.