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Banks Offering FD Interest Rates upto 7%. Which One Will You Pick?

Team BankBazaar

Fixed deposits are immensely popular with people as they are safe investment bets and returns are guaranteed. Many banks have recently revised their fixed deposit rates for select tenures. After the Reserve Bank of India hiked the repo rate by 25 bps last week, it is expected that many banks will hike their FD rates further. This is because banks pass on any hike by RBI in overall banking system and raise interest rates for both lending and deposits. This may not be the case when the RBI goes for a reduction in rates.

In case you are looking to open a fixed deposit account in the rising rate scenario, then this is what prominent banks are offering for deposits under Rs. 1 crore.

Bank <1 Year Years     W.E.F
    >=1 to <=2 2 to <=3 3 to <=5  
FOREIGN          
Citi Bank 6.25 7 6 6 14-Jun-18
DBS Bank 6.1 6.75 7.2 6.5 16-Apr-18
Deutsche Bank 6.75 7.5 7.5 8.25 23-May-18
HSBC 6 6.25 7 5 07-Jun-18
Scotia Bank 4 4.5 4.5 5 01-Apr-17
StanChart 7 7.4 7 6.5 13-Jun-18
INDIAN- PUBLIC SECTOR          
Allahabad Bank 6.5 6.6 6.5 6.5 27-Feb-18
Andhra Bank 6.25 6.6 6.5 6.5 07-May-18
Bank of Maharashtra 6 6.5 6.6 6 07-May-18
BOB 6.35 6.7 6.6 6.7 14-Jun-18
BOI 6.25 6.6 6.65 6.4 11-Jun-18
Canara Bank 6.35 7 6.2 6.2 28-May-18
CBOI 6.5 6.6 6.5 6.5 26-Apr-17
Corp Bank 6.25 6.8 6.5 6.5 13-Jun-18
Dena Bank 6.25 6.6 6.6 6.3 01-May-18
IDBI Bank 6.5 6.75 6.5 6.75 23-Apr-18
Indian Bank 6.25 6.5 6.25 6 10-May-18
IOB 6.25 6.6 6.75 6.8 05-Apr-18
OBC 6.5 6.6 6.7 6.75 24-May-18
PNB 6.35 6.75 6.75 6.25 01-Mar-18
Punjab & Sind 6.4 6.75 6.6 6.55 19-Mar-18
SBI 6.4 6.65 6.65 6.75 28-May-18
Syndicate Bank 6.25 6.8 6.6 6.6 14-May-18
UCO Bank 6.35 6.6 6.6 6.6 10-Jun-18
Union Bank 6.75 6.75 6.5 6.5 27-Mar-18
United Bank 6 6.1 6 6 15-Apr-17
Vijaya Bank 6.5 6.75 6.75 6.75 11-Jun-18
INDIAN- PRIVATE SECTOR          
Axis Bank 6.5 7.1 7 7 08-Jun-18
Bandhan Bank 6.8 7.4 7.4 7.4 04-Jun-18
Catholic Syrian 6.25 6.5 6.75 6.5 03-Mar-17
CUB 7 7.1 7.1 7.1 09-Feb-18
DCB 7 7.25 7.3 7.75 25-May-18
Dhanlaxmi Bank 6 6.6 6.5 6.5 31-Aug-17
Federal Bank 6.5 7.3 7 7 14-Jun-18
HDFC Bank 6.25 7 7 7 NA
ICICI Bank 6.5 6.75 7 7 07-Jun-18
IDFC Bank 7 7.25 7.75 7.2 14-May-18
IndusInd Bank 7 7.65 7.25 7.25 01-Jun-18
J & K Bank 6.25 7 7 6.25 11-May-18
Karnataka Bank 6.5 7.25 6.5 6.5 31-May-18
Kotak Bank 7 7.35 7 6.75 15-Jun-18
KVB 6.9 7 7 7 07-Jun-18
LVB 7 7.5 7.5 7.5 12-Jun-18
RBL Bank 7.15 7.35 7.35 7.25 15-May-18
SIB 6.5 7.4 6.5 6.5 04-Jun-18
TMB 6.75 7.15 7 6.9 01-Jun-18
TNSC Bank 6.65 6.8 6.5 6.5 14-Mar-18
Yes Bank 6.9 7.1 7.1 7.1 05-Jun-18
Data taken from respective bank’s website as on 15 Jun 18
For each year range, maximum offered interest rate is considered; Interest Rate for normal fixed deposit amount below Rs 1 Cr

 

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