IndusInd Bank offers 6.99% interest on 1-year FDs, while HDFC Bank, Axis Bank, and Punjab National Bank offer 6.6%, and SBI offers 6.45% interest rate on 1-year FDs.
Unity is the latest lender to join the war for deposits as banks scramble to raise funds amid tight competition. Unity SFB’s rate hikes are effective February 15
Floating rate fixed deposits have been introduced by a few banks but analysts say that it is unlikely many others will follow suit as it could affect profitability.
From May 1, IDFC First Bank also lowered its interest rates on the savings account.
On FDs with maturity between 7 days and 29 days, Axis Bank is offering an interest rate of 2.50 percent. FDs maturing between 30 days and less than 3 months, bank offers 3 percent. 3.5 percent for FDs between 3 months and less than 6 months.
Fixed deposit interest rates: Here are latest FD rates of SBI, Kotak Mahindra, Canara, Yes Bank.
Fixed deposits (FDs) are considered to be a safer investment choice.
This special FD scheme was launched in May to safeguard the interests of senior citizens as the interest rates were falling rapidly amid the coronavirus pandemic.
Kotak Mahindra Bank offers an interest rate of 2.5 percent, 2.75 percent, and 3.25 percent for FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days respectively. Kotak Mahindra Bank pays 4.40 percent interest for term deposits maturing in 180 days to less than a year.
Bank also slashed interest on bulk deposits of Rs 2 crore or more by up to 50 basis points. The maximum offered by SBI under this category is 3%. The new rates under this category is also applicable from today.
Here are the list of Banks and NBFC that offers highest rates on fixed deposit
There are still some banks that are offering interest rates of 8 percent and above.
Latest fixed deposit rates offered by Punjab National Bank.
State-owned Bank of India (BoI) on Tuesday raised fixed deposit rates on various maturities by up to 2.5%.
Banking major HSBC India today said that it has upped its resident fixed deposit rates by 0.5% to 0.75% on select maturities.
In an exclusive interview with CNBC-TV18, Dhawal Dalal of DSP Blackrock MF speaks about the current mutual fund trends where he sees tax adjusted one-year fixed maturity plans returning double-digit gains.