Fixed Deposit Rates Comparisons of Top Government Banks

Posted by Nidhi on April 28th, 2021

The top government banks in India offer the fixed deposit schemes to all their customers. The different banks offer the fixed deposits at different rates. This is why the SBI FD rates differ from the PNB FD rates. When opting for a fixed deposit, you should run a quick comparison between the different rates of interest being offered by the different banks. Since you can start a fixed deposit online these days, the process becomes quick and hassle-free. What are some of the other benefits of comparing the fixed deposit rates? Let’s find out.

Benefits of fixed deposit comparisons of top government banks

Here are a few reasons why you need to compare the FD interest rates of the top government banks before you open your fixed deposit:

• A realistic idea of the prevalent norms -
  As stated, the SBI FD rates are not identical to the FD rates of the other banks. However, the rates are pretty close to each other and when you run a comparison, you get a realistic idea of the prevalent trends that affect the fixed deposit interest rates.
  
  

• Greater flexibility to choose -
  The biggest advantage is that you get to see the best option and then make an informed and unbiased choice. Unless you compare, you won't come to know about the best rates of interest available and you may end up investing in an FD with a low-interest rate.
  
  

• Easy to compare -
  It is very easy to compare the fixed deposit interest rates online. All you have to do is go on a good financial platform such as the ETmoney app and get the results in just a few seconds. The tool is free and easy to use and so there should be no reason why you don't compare the rates before you begin an FD.  

These are some of the best advantages you get when you compare the rates and then start a fixed deposit online.

Points to keep in mind when opening a fixed deposit

While the interest rate definitely plays a crucial role, you also need to keep a few other points in mind before you start your FD investment. They are:

• The credibility of the bank -
  While the interest rate definitely plays an important role when you pick the perfect bank to start your FD, you should also look at the overall credibility of the bank. Look at the customer support services, the other banking facilities, etc. The relationship with the bank should be a good and smooth one in an overall manner.

• Fixed deposit duration -
  The next important factor is to check the fixed deposit duration. FD durations range from a few days to many years. The duration you choose will play a very crucial role and will help you to meet your financial targets.
  
  

• Ease of access -
  Since you will look to open the fixed deposit online, check out the ease of access being offered to you. The bank should have an excellent digital platform through which you can seamlessly open your FD. Also, you should be able to access your account at any time and from any place without any hiccups. 

Once you take care of these factors, your fixed deposit scheme will surely fetch you the best results and the highest yields. 

The final word

Check the SBI FD rates, as well as the FD rates of the other government banks before you start your fixed deposit investment. You will get several benefits such as higher returns and better accessibility. Keep all the tips and guidelines mentioned above and your job will become a lot simpler.