After the RBI’s latest repo rate hikes, banks including government and private have also announced an increase in interest rate on term deposits
Banks hike FD rates: In the last five months, we have seen a repo rate increase of 190 bps. The RBI Monetary Policy Committee has hiked the repo rate by 50 basis points to 5.9%. The repo rate hike bring cheers to the investors as banks hike the interest rates on savings, fixed deposits (FDs) and recurring deposits (RDs). After the RBI’s latest repo rate hikes, banks including government and private have also announced an increase in interest rate on term deposits.
Canara Bank offering over 7% on fixed deposits
Leading public sector lender Canara Bank recently increased the interest rate on fixed deposits below ₹2 crore. Canara Bank has launched a special fixed deposit plan for a tenure of 666 days. According to this plan, the private-sector lender is offering an interest rate of 7% to its general customers, while senior citizens will receive 7.5% on these deposits. This special term deposit scheme introduced by the state-owned bank is for amount below ₹2 crore.
Private Banks offering more than 7% FD rates
Among the private banks, Bandhan Bank, IDFC First Bank and RBL Bank are offering the best interest rates.
Bandhan Bank FD rates
Above 18 months to less than 2 years – 7.00% to general customers and 7.50% to senior citizens
2 years to less than 3 years -7.00% to general customers and 7.50% to senior citizens
3 years to less than 5 years – 7.00% to general customers and 7.50% to senior citizens.
These rates are with effect from August 22.
RBL Bank FD rates
For deposits maturing in 15 months, RBL Bank is giving 7% to general customers and 7.50% to senior citizens.
For deposits maturing in 15 months 1 day to less than 725 days, RBL Bank is giving 7% to general customers and 7.50% to senior citizens.
For deposits maturing in 725 days, RBL Bank is giving 7.25% to general customers and 7.75% to senior citizens.
For deposits maturing in 726 days to less than 24 months, RBL Bank is giving 7% to general customers and 7.50% to senior citizens.
These rates are with effect from October 1.
IDFC First Bank FD rates
For deposits maturing in 750 days, RBL Bank is giving 7.25% to general customers and 7.75% to senior citizens.
These rates are with effect from October 10.
Small Finance Bank offering more than 7% FD rates
Fincare Small Finance Bank and Ujjivan Small Finance Bank offer 7.5% interest on FDs. The investment tenor is 1,000 days while investing at Fincare Small Finance Bank. Similarly, the investment tenors are 525 days and 990 days at Ujjivan Small Finance Bank to earn given interest rates.
Suryoday Small Finance Bank offers 7.49 % interest for deposits maturing is 999 days.
Jana Small Finance Bank offers 7.35 % on FDs maturing in more than three years but less than five years.
Equitas Small Finance Bank offers 7.32 % on FDs with tenor 888 days.
The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the central bank, guarantees investments in fixed deposits of up to ₹5 lakh.
Read Also: FD Interest Rates: ICICI vs HDFC vs Kotak Mahindra, check how much interest these three banks are paying on FD
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