Name of Bank | Interest rate (p.a.) | Tenure |
7.80% | 453 days to less than 24 months | |
7.75% | 18 Month < 36 Months | |
7.75% | 1 Year 6 Months to3 years 3 months | |
7.90% | 25 months to 26 months | |
6.00% |
| |
7.85% | 500 days | |
7.50% | 1 year 1 day– 550 days | |
7.20% | 444 Days | |
7.25% | 1 year |
As seen in the table, some private banks are offering good interest rates on FDs when compared to other banks operating in the country.
While some big private sector banks like HDFC bank are offering up to 6.10% p.a., RBL Bank is offering 7.80% p.a. on a term deposit having a tenure of 453 days to less than 24 months.
The lender YES Bank is offering 7.75% p.a. on a tenure that ranges between 18 months to < 36 months. IndusInd Bank offers 7.75% p.a. for tenures of 3 years 3 months while DCB Bank is offering an interest rate of7.90% p.a. for tenures of 25 months to 26 months.
The highest interest rates offered by TNSC Bank and Lakshmi Vilas Bank are 6.00% p.a. and 5.75% p.a., respectively. IDFC First Bank and Bandhan Bank offer 7.50% p.a. and 7.50% respectively. The highest interest rates offered by Tamilnad Mercantile Bank and Karur Vysya Bank stand at 7.25% p.a. and 7.20% p.a., respectively
It needs to be mentioned here that the rates mentioned in the table are for deposits below Rs.2 crore and are for general citizens. Senior citizens are eligible for additional interest up to 0.75% depending on the bank.
Investing your funds in a FD will be ideal only if the lender is offering a high rate of return during these troubled times.
