The interest rates on a fixed deposit (FD) remain constant from the time the FD account is initiated, unlike market-driven investments where returns fluctuate over time.
The maximum return on deposits with a maturity of two years to thirty months is 8.01 percent for senior citizens and 7.26 percent for non-senior citizens.
The bank increased the interest rate on fixed deposits maturing in the next 15 to 18 months by 15 basis points to 6.4 percent and in the following 18 to 3 years by up to 20 basis points to 6.5 percent in light of the most recent increase announced on Tuesday.