Highest Fixed Deposit Interest Rates: Fixed deposits (FDs) offered by banks are secure and interest-generating investment options. With FDs, you can expect a guaranteed return on your invested funds, which remain unaffected by market fluctuations. This is the reason that FDs are a go to investment option for most risk averse investors.
Interest rates for fixed deposits are near all time highs, with RBI pausing the rate cycle for several monetary policy meetings now.
Investors have the flexibility to choose between the re-investment deposit option, which allows for the accumulation of compound interest, or the option to receive interest payments at regular intervals (monthly/quarterly) to support their financial planning and budgeting needs, notes an ET report.
The interest rates offered on fixed deposits in August 2024 can vary based on several factors, including the specific bank, the age of the depositor, the tenure of the deposit, and the amount invested.
In India, private banks are financial institutions where private companies or individuals hold the majority of the equity, in contrast to public-sector banks where the government is the primary shareholder.
Public Sector Undertaking (PSU) banks are ones where the government owns the majority of the shares. These banks receive government subsidies with the aim of facilitating their growth and expansion.
For investors interested in comparing fixed deposit interest rates between private and public sector banks, a brief analysis of the fixed deposit rates offered to both general citizens and senior citizens is provided below.

PSU Banks: Latest Fixed Deposit Interest Rates For General Citizens

Private Banks: Latest Fixed Deposit Interest Rates For General Citizens

PSU Banks: Latest Fixed Deposit Interest Rates For Senior Citizens

Private Banks: Latest Fixed Deposit Interest Rates For Senior Citizens

Source: ET quoting Paisabazaar for interest rates data as on August 14, 2024.