Interest rate on FDs: Many big Private Banks in India raised the interest on Fixed Deposits in order to attract funds. Fixed Deposits (FDs) is one the safest mode of investment that will give you an assured return on your deposits by the end of the maturity period. IDFC First Bank, IndusInd Bank and Yes Bank are the banks that increase the interest rates on FD. Here are the details:
IDFC First Bank’s Interest rate on FDs
IDFC First Bank’s maximum interest rate for consumers is 8.25 percent for senior citizens. Frequent depositors can earn up to 8.25% on their deposits. The advantage of these deposits is that the interest rates are 8.25% and 7.75%, with significantly longer tenures of 3 years. This is positive because banks’ interest rates on deposits with shorter maturities have risen. IDFC First Bank’s other tenures have slightly lower interest rates. IDFC First Bank is one of the top rising banks in the country, with a quick expansion.
This is yet another bank that has just raised rates, joining a growing list of institutions to do so. This significant private sector bank currently offers a maximum interest rate of 7.50% for non-senior citizens and 8.25% for seniors on deposit terms ranging from 2 years to 3 years and 3 months. Some tenures with the bank have slightly lower rates. Given that the RBI may raise rates marginally in the future, we may see one more tiny interest rate boost by banks on fixed deposits.
Yes Bank’s fixed deposit interest rates have also been raised, bringing the deposit rates for the general public to 3.25 percent-7.5 percent, and 3.75 percent-8.00 percent, depending on the FD term. This bank is also a large private bank with significant ownership by the State Bank of India. Deposits up to Rs 5 lakhs are insured and thus secure.