FD Update: These banks are giving the highest interest on 5-year FDs, take advantage of the opportunity...

FD Rates: RBI i.e. Reserve Bank has recently cut the repo rate by 5.5 percent for the third consecutive time. This decision of RBI has brought relief to the loan holders. Along with this, the government and private banks of the country have also reduced their FD interest rates.

RBI's Monetary Policy Committee (MPC) cut the repo rate by 50 basis points on June 6. Changes in the repo rate have a direct impact on the interest rate on FD and savings accounts. However, even after reducing the repo rate, many banks in the country are giving strong interest to investors. Today we will tell you about those banks that are currently offering the highest interest on five-year FD.

SBI is giving this much interest-

The country's largest bank, State Bank of India (SBI FD Scheme), has reduced its FD rates from 6.5 percent to 6.25 percent for a period of one to two years. Accordingly, HDFC Bank, Bank of Maharashtra, Axis Bank, and other banks have also reduced their FD rates to 6.25 percent on deposits up to Rs 3 crore for one year (FD Tenure).

This much interest will be available every year.

Apart from this, for five years, SBI has been offering an interest rate of 6.05 percent per annum (FD interest rate). While HDFC is giving a return of up to 6.4 percent. Other banks are also giving returns in the same range. Because of this, investors who are planning to invest money in FD (FD Investment plan) should check whether the returns from FD match their financial goals or not.

Investing 5 lakh rupees will give you this much interest-

For example, if you have invested 5 lakh rupees in HDFC FD for five years (HDFC Bank FD Scheme), then let's see how your fund is going to grow. HDFC is offering up to 6.4 percent interest on Rs 5,00,000. In five years (5-Year FD Scheme), you will get an interest of Rs 1,86,823 on Rs 5 lakh. That is, after 5 years, you will be given a total of Rs 6,86,823.

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