Looking to invest in bank FDs? Check out the latest fixed deposit rates of SBI, HDFC and many other banks

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Updated: June 27, 2018 1:32:31 PM

Fixed deposit rates have started rising again, which is good news for investors. Here's a look at the latest FD rates of banks ranging from SBI to HDFC Bank and from ICICI Bank to Kotak Mahindra Bank.

FD interest rates, FD rates, fixed deposit interest rates, FD rates in SBI, FD rates in HDFC, fixed deposit SBI, fixed deposit HDFC, PNB, ICICI Bank, Kotak Mahindra BankFor those looking for assured regular income with minimum risk, FDs are still one of the best investment options.

After a long time, fixed deposit rates have started rising again, which is good news for investors. For instance, many banks – including the State Bank of India and HDFC Bank – have raised their deposit rates in recent months. And with the Reserve Bank of India’s recent rate hike, which came after a gap of more than 4 years, the trend of rising interest rates has been formally established. Now more and more banks will hike both their lending and deposit rates further.

Financial experts say that in the rising interest rate scenario, this is bound to happen, which will benefit small investors going ahead. Anyway FDs have been an ideal investment instrument for investors looking for assured regular income with minimum risk. Although in the falling interest rate scenario, FDs had started losing their sheen, but that trend will get reversed now and fixed deposits will again become a hot saving and investment avenue for investors.

However, while rising rates are good for investors, does it make sense to break out of old FDs and reinvest in the new ones?

“With rising interest rates, the interest earned on FDs will also rise. However, for most small depositors, it wouldn’t make sense to break out of old FDs and reinvest in the new ones unless the interest earned is sizeable post penalty cuts. For example, reinvesting from a 6.5% FD to a 6.75% one will not make a big difference to returns, and you still have to give a penalty for pre-mature withdrawal. However, you can consider this option if you are reinvesting from an existing FD that offers 6.5% return to one that gives 8%,” says Adhil Shetty, CEO, Bankbazaar.com.

Whatever be the case, for those looking for assured regular income with minimum risk, FDs are still one of the best investment options. Here we are taking a look at the latest FD rates of banks ranging from SBI to HDFC Bank and from ICICI Bank to Kotak Mahindra Bank:

Fixed Deposit Interest Rates (upto – Rs 1 crore as on 25 Jun, 2018)
 
Bank Name6 mths – < 1 Year1 – < 2 Year2 – < 3 Year3 – < 5 Year5 Years & above
Allahabad Bank6.50%6.60%6.50%6.50%6.50%
Andhra Bank6.25%6.60%6.5%- 6.6%6.50%6.50%
Axis Bank6.25%-6.5%7%- 7.1%7.00%7.00%7.00%
Bank of Baroda5.5%-6.35%6.6%-6.7%6.6%-6.7%6.6%-6.7%6.6%-6.7%
Bank of India6.25%6.60%6.65%6.40%6.35%
Bank of Maha6.00%6.50%6.5%-6.6%6%-6.6%6.00%
Canara Bank6.35%6.5%-7%6.20%6.20%6.00%
Central Bank6.50%6.60%6.50%6.50%6.50%
Corporation Bank6.0%-6.35%6.5%-6.8%6.50%6.50%6.50%
Dena Bank6.25%6.6%-6.65%6.70%6.25%6.30%
Federal Bank6.50%6.85%-7.3%7.00%7.00%7.00%
HDFC Bank6.25%-6.4%6.65% – 7%7.00%7.00%6%-7%
ICICI Bank6% – 6.50%6.6%- 6.75%7.00%7.00%7.00%
IDBI Bank6.25% – 6.5%6.7%-6.75%6.70%6.70%6%-6.75%
IDFC Bank6.75%-7%7%-7.25%7.2%-7.75%7.20%7.20%
Indian Bank6% – 6.25%6.5% – 6.6%6.50%6.00%6.00%
IndusInd Bank6.5% – 7%7.4% – 7.65%7.25%7.00%6.75%-7%
IOB5.75% – 6.25%6.60%6.75%6.80%6.80%
J & K Bank6.25%7.00%7.00%6.25%6.25%
Kotak Mahindra Bank6.7%- 7%7.1%-7.35%6.75%6.75%6.50%
Oriental Bank6.35%-6.5%6.75%6.75%6.70%6.75%
Punjab & Sind Bank6.25%-6.4%6.75%6.6%-6.75%6.55%6.55%
Punjab National Bank6.35%6.6%-6.75%6.75%6.25%-6.75%6.25%
State Bank of India6.35%-6.4%6.65%6.65%6.70%6.75%
Syndicate Bank6.25%6.7%-6.8%6.6%- 6.75%6.60%6.50%
UCO Bank6% – 6.35%6.60%6.60%6.60%6.60%
Union Bank (I)6.5%-6.75%6.5%-6.75%6.50%6.50%6.50%
United Bank (I)5.00% – 6.00%6%-6.1%6.00%6.00%6.00%
Vijaya Bank6% – 6.75%6.75%6.75%6.75%6.75%
Yes Bank6.70%7.10%7.10%7.10%7.10%
NBFCs*
Mahindra FinanceNA7.7%- 7.75%8.25%8.50%8.50%
Shriram Transport FinanceNA7.49%7.72%8.28%8.28%
Bajaj FinanceNA7.60%8.15%8.15%-8.4%8.40%
PNB HFLNA7.50%7.60%7.90%8.00%
LIC HFLNA7.3%- 7.35%7.4%-7.45%7.45%7.45%
DHFLNA7.7%-7.9%8.00%8.45%- 8.5%8.50%

 

Note- Data taken from respective bank’s website as on 25 June 2018

*Max tenure considered up to 5 years

(Source: Bankbazaar.com)

The above table will help you compare the latest FD rates, and park your funds in the most suitable fixed deposits offered by banks and NBFCs.

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