Foreign banks hike FD rates for select tenures; check details
Foreign banks are offering a higher rate of interest compared to leading private and public sector banks. These banks are offering interest rates as high as 7.25 percent.
Most of the private, public sector and small finance banks have raised interest rates across tenures after four consecutive repo rate hikes by the Reserve Bank of India (RBI) this year. Foreign banks have also raised the interest rates on retail fixed deposits (FDs) for select tenures. Some of the foreign banks are offering a higher rate of interest compared to leading private and public sector banks such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, State Bank of India, Bank of Baroda and others.
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Fixed deposits offer liquidity and assured interest income at regular intervals. Thanks to the ample liquidity they promise, FDs can be useful while building an emergency corpus. The average interest rates of the top five foreign banks is 6.64 percent for FDs, while the tenor varies with the bank, according to data compiled by BankBazaar.
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Deutsche Bank offers 7.25 percent interest on FDs. Among foreign banks, it offers the best interest rates. The investment tenor is 3 to 4 years.
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Citibank offers 6.75 percent interest. The investment tenor is 181-400 days.
SBM Bank offers 6.60 percent interest. The investment tenor is 18 months to 5 years.
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DBS Bank and HSBC Bank offer 6.50 percent interest. The investment tenor at DBS Bank is 541 days to 3 years and at HSBC Bank it’s 732 days to 36 months.
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Standard Chartered offers 6.25 percent interest. The investment tenor is 391 days to 18 months.
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Compiled by BankBazaar.com. Interest rates as advertised by the bank/company on November 8, 2022. Rates pertain to retail deposits. Rates will change as per the bank's or company's policies. Highest rates for each bank or company are mentioned here. Some rates are as per special schemes for limited periods. In some cases, higher rates may be available to super senior citizens, employees, bulk depositors, or non-callable depositors. Please contact your bank or preferred company for details of deposit schemes.
Hiral Thanawala is a personal finance journalist with 9 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.
