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Fixed Deposits: These Private Banks Are Still Giving 7.5% Returns

Team BankBazaar

Fixed deposit interest rates have been falling these past few months. Banks have been cutting deposit rates in consonance with the RBI’s directives. Therefore, returns from fixed deposits have also reduced.

Interest rates on FDs at government banks have slipped below the 6% mark on certain tenures. However, some private banks are still offering 7.5% returns on select tenures.

Fixed income is critical to senior citizens and for conservative investors looking for a steady rate of return with capital safety.

Therefore, if you’re looking for FD options, do have a look at interest rates offered by these private banks.

Bank <1 Year >=1 to <=2  2 to <=3 3 to <=5 W.E.F
Axis Bank 6.4 6.55 6.65 6.5 01-Feb-20
Bandhan Bank 6.7 6.95 6.95 6.75 08-Jan-20
Catholic Syrian 6 6.5 6.25 6.25 06-Dec-19
City Union Bank 6.25 6.6 6.35 6.35 01-Feb-20
DCB Bank 6.85 7.5 7.6 7.5 02-Jan-20
Dhanlaxmi Bank 6.5 6.9 6.5 6.5 02-Sep-19
Federal Bank 6.4 6.6 6.5 6.5 17-Jan-20
HDFC Bank 6.05 6.3 6.4 6.3 16-Nov-19
ICICI Bank 6 6.3 6.4 6.4 07-Dec-19
IDFC First Bank 7 7.5 7.25 7.25 01-Jan-20
IndusInd Bank 6.25 6.75 6.75 6.75 02-Jan-20
J & K Bank 6 6.3 6.3 6.25 11-Jan-20
Karnataka Bank 6.25 6.5 6.4 6.4 10-Jan-20
Kotak Bank 6.05 6.3 6.25 6.2 30-Jan-20
Karur Vysya Bank 6.15 6.45 6.45 6.75 09-Dec-19
Lakshmi Vilas Bank 7.35 7.8 7.6 7.5 21-Oct-19
RBL Bank 6.65 7.45 7.45 7.35 16-Jan-20
South Indian Bank 6.35 6.7 6.5 6.5 22-Jan-20
Tamilnad Mercantile Bank 6.5 6.7 6.75 6.6 20-Jan-20
TNSC Bank 6.75 7.3 6.75 6.75 15-Mar-19
Yes Bank 7.15 7.5 7.5 7.25 25-Oct-19

Data taken from respective banks’ websites on 04 Feb 2020. For each year range, maximum offered interest rate is considered. Interest rates for normal fixed deposit up to Rs. 1 crore.

Data compiled by BankBazaar.com, India’s leading online marketplace for loans, credit cards, and more.