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|
|City Union Bank||6.25||6.6||6.35||6.35||01-Feb-20|
|IDFC First Bank||7||7.5||7.25||7.25||01-Jan-20|
|J & K Bank||6||6.3||6.3||6.25||11-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|
|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|
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.