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Business News » Personal Finance News

These banks provide highest Fixed Deposit (FD) rates up to 8.5% in India

Fixed Deposit Interest Rates in India: FD rates have been recently hiked by several banks including State Bank of India, Punjab National Bank, HDFC, and ICICI. 

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These banks provide highest Fixed Deposit (FD) rates up to 8.5% in India
There are at least six banks that provide FD rates over 8 per cent on several terms. Representational Image: Pixabay
Written By: ZeeBiz WebTeam
Updated: Tue, Aug 21, 2018
01:43 pm
New Delhi, ZeeBiz WebDesk
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Fixed Deposit Interest Rates in India: FD rates have been recently hiked by several banks including State Bank of India, Punjab National Bank, HDFC, and ICICI. The SBI had increased deposit rates by 30 basis points, just ahead of the key rate hike by the Reserve Bank of India (RBI) in the beginning of this month. Days after the announcements by the RBI, banks like HDFC and ICICI also announced to increase the rates. At present interest rate for a one-year FD in SBI is 6.7%; on corporate FDs are 7% and above. Most of the banks provide FD rates up to 7.5% per cent on several term deposits. There are at least six banks that provide FD rates over  8 per cent on several terms. Take a look:

ALSO READ | Important Fixed Deposit (FD) query answered: Is it safe to shift to small banks offering high rates?

IDFC Bank

The IDFC Bank provides 8.00% interest on Fixed Deposits for 731 days; 8.25% on deposits for terms 3-2 years, 5-8 years, and 8-10 years. On tax saving deposits, the interest rate is 8.25%. 

ALSO READ | Fixed Deposit rates in India rise: Why it's time to rebalance your Equity vs Debt investment portfolio

Deutsche Bank

The Deutsche Bank provides 8.25% interest rates to both senior and general citizens on five-year term deposits.

Tenure  < Rs. 1 crore  
 Interest Rate  Interest Rate for Senior Citizens*
 7 Days  4 4
 8 - 14 Days  4.35 4.35
 15 - 29 Days  4.5 4.5
 30 Days  5.00                 5.00                
 31 - 45 Days  5.00                 5.00                
 46 - 59 Days  5.25                5.25                
 60 - 89 Days  5.5 5.50                
 90 - 99 Days  5.2 5.7
 100 Days  6 6.5
 101 - 180 Days  5.7 6.2
 181 - 270 Days  6.5 7
 271 Days - 1 Yr  6.5 6.5
 > 1 Yr - 1.5 Yrs  7.75                 7.75                
 > 1.5 Yrs - 2 Yrs  7.75                 7.75                
 > 2 Yrs - 3 Yrs  7.50                 7.50                
 > 3 Yrs - 4 Yrs  7.5 7.50                
 > 4 Yrs - < 5 Yrs  7.50                 7.50                
 5 Yrs  8.25                 8.25

Equitas Small Finance Bank

Equitas Small Finance Bank provides 8.00% interest rate on FDs for 1 year to 18 months term. 

Bandhan Bank

Bandhan Bank provides an additional 0.75% interest rate to senior citizens. This means they can over 8% interest on 2-5 years term deposits. 

Jana Bank

This new bank is offering one of the highest interest on FDs at 8.5% on deposits for 366 days. 

Period Interest Rate (p.a.)
7 days to 45 days 6.00%
46 days to 60 days 6.50%
61 days to 180 days 7.00%
181 days to 365 days 8.00%
366* days 8.50%
367 days to 3 years 8.25%
More than 3 years up to 5 years 8.00%
More than 5 years up to 10 years 7.00%

AU Small Finance Bank

This bank provides 8.00 interest for 45-60 months term deposits. For the same term, senior citizens get 8.5% interest. There are also some other terms in which senior citizens get interest rates over 8%. 

TENURE BUCKETS Resident / NRE* / NRO Interest Rate (%) Senior Citizen Interest Rate p.a. (%)
7 Days to 1 Month 15 Days 5.50% 6.00%
1 Month 16 Days to 3 Months 6.75% 7.25%
3 Months 1 Day to 6 Months 6.90% 7.40%
6 Months 1 Day  to 12 Months 7.00% 7.50%
12 Months 1 Day to 18 Months 7.55% 8.05%
18 Months 1 Day to 24 Months 7.55% 8.05%
24 Months 1 Day to 36 Months 7.75% 8.25%
36 Months 1 Day to 45 Months 7.30% 7.80%
45 Months 1 Day to 60 Months 8.00% 8.50%
Above 60 Months* 7.25% 7.75%

(Data taken from official websites of respective banks on 20-08-2018)

 

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TAGS:
Fixed Depositfixed deposit rateFixed Deposit Rate in India
RELATED NEWS
Money tip: This plan set to give more money than PPF, FD or even RD Money tip: This plan set to give more money than PPF, FD or even RD
Big FD benefit! This bank is offering Rs 50 lakh insurance cover on fixed deposit Big FD benefit! This bank is offering Rs 50 lakh insurance cover on fixed deposit
Top 5 bank FD benefits you just cannot ignore; Freebies, income tax benefits and more, look beyond Fixed deposit interest rate Top 5 bank FD benefits you just cannot ignore; Freebies, income tax benefits and more, look beyond Fixed deposit interest rate
SBI customers alert! You can earn more on fixed deposits under Senior Citizen Special FD Scheme; check key benefits at sbi.co.in SBI customers alert! You can earn more on fixed deposits under Senior Citizen Special FD Scheme; check key benefits at sbi.co.in
FD Rates in ICICI Bank: Check how much you money will grow in various Fixed Deposit schemes over different periods FD Rates in ICICI Bank: Check how much you money will grow in various Fixed Deposit schemes over different periods

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