When you are on the lookout for bank fixed deposits, one of the key things that you zero in on is the highest rate of interest offered by different banks.
While the general thumb rule is that the banks tend to offer higher interest rates for long duration deposits and lower rates for shorter duration. A five-year FD will offer a higher rate of interest than one-year FD.
It has launched a fixed deposit for 333 days – Union Sumvridhi – where the interest rate would go as high as 8.15 per cent for depositors. The deposit amount would range from ₹1,000 to ₹3 crore. For general citizens, the rate of interest would be 7.4 per cent, for senior citizens it would be 7.90 per cent and for super senior citizens it would be 8.15 per cent.