With a handful of banks hiking their FD rates recently, bank fixed deposits have become more attractive now. Check out which is more suitable for you.
Good news for people looking to invest in fixed deposits (FDs) this festive season. With a handful of public and private banks hiking their FD rates recently, bank fixed deposits have become more attractive now. For instance, HDFC Bank, the nation’s largest private sector lender, has just a few days back increased its FD interest rates by up to 50 basis points across various tenors. The new rates – which have been increased on domestic, NRO as well as NRE term deposits below Rs 1 crore as well as above Rs 1 crore to less than Rs 5 crore – have become effective from November 6 this year. Earlier, HDFC Bank had revised its fixed deposit interest rates on October 6, 2018.
It may be noted that a large number of large and small banks – including SBI, ICICI, Kotak Bank and Bandhan Bank – have revised their fixed deposit rates upwards in recent months. With the latest revision in the fixed deposit rates, on term deposits below Rs 1 crore, HDFC Bank – for instance – is now offering 7.30% interest rate on its term deposits for one year as against 7.25% before, while for the same term it is providing 7.80% interest rate to senior citizens as against 7.75% earlier.
Likewise, on FDs of 2 years 1 day up to 3 years, HDFC Bank is offering 7.40% interest rate for the general public and 7.90% for senior citizens as against 7.10% and 7.60% before. On FDs of 8 years 1 day to 10 years, the common man will get 6.50% return and senior citizens 7.00% as against 6.00% and 6.50% earlier.
Kotak Bank, on the other hand, which had revised its interest rates for Domestic, NRO and NRE fixed deposits of less than Rs 1 crore – effective from 30th October 2018 – is offering up to 7.30% interest rate for the general public and 7.80% for the senior citizens.
Here’s a look at how the latest fixed deposit rates of different banks – including HDFC Bank, SBI, ICICI, Axis, Kotak, Yes Bank and Bandhan Bank – compare.
First take a look at the latest interest rates of HDFC Bank’s Domestic, NRO and NRE term deposits below Rs 1 crore:
Bandhan Bank’s Domestic / Non-resident Rupee Term Deposit Interest Rates, w.e.f October 09, 2018:
Various Banks’ FD rates: