FD Highest Interest Rate: Before opening a fixed deposit (FD) account, depositors typically compare the interest rates offered by banks on their fixed deposits. Lenders, typically, offer lower interest rates on short-term fixed deposits and higher rates on long-term deposits. This means the interest offered on a three-year FD is usually higher than that on a one-year FD.
Usually, depositors choose the bank with which they share a long-term banking partnership. However, it is not unusual to choose a new bank for the sake of earning a higher interest, particularly when the interest differential is considerable.

The top 7 banks offer these interest rates on 1-year-FD
HDFC Bank: The largest private lender offers 6.6 per cent to general citizens and 7.1 per cent to senior citizens on a 1-year-fixed deposit, as per the rates which came into force on July 24, 2024.
ICICI Bank: This private bank offers 6.7 per cent to general citizens and 7.20 per cent to senior citizens on an FD with tenure that ranges between one year to 15 months.
Kotak Mahindra Bank: It offers 7.1 per cent to general citizens and 7.6 per cent on one-year fixed deposits to senior citizens with effect from June 14.
Federal Bank: It offers 6.8 per cent to general citizens and 7.3 per cent to senior citizens on one-year fixed deposits with effect from Oct 16.
State Bank of India (SBI): The largest bank of India offers 6.8 per cent to general citizens and 7.3 per cent to senior citizens as per the rates which came into force on June 15.
Punjab National Bank (PNB): It offers 6.85 per cent to general citizens and 7.35 per cent to senior citizens on a one-year fixed deposit with effect from October 1.
Canara Bank: Even Canara Bank also offers the same interest rate on fixed deposits i.e., 6.85 per cent and 7.35 per cent on one-year fixed deposits, These rates came into force on June 11.
Note: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment-related decision.