125428Deepfake videos by top bosses of NSE and BSE circulating on net!
Federal Bank has hiked interest rates to 7.50 per cent on fixed deposits of 500 days
Federal Bank has hiked interest rates to 7.50 per cent on fixed deposits of 500 days. Senior citizens will get 8.00 per cent interest on this FD. But is 7.50 per cent currently the highest interest rate that one can get by opening an FD with any of the private banks in the country?
No. Currently, DCB Bank is giving the highest interest rate on fixed deposits to both general and senior citizens. Barring Small Finance Banks, no other private bank is giving as much interest rate on fixed deposits as DCB Bank. If account holders open an FD with DCB Bank, then, they can get as high as 7.90 per cent RoI. But for this, they will have to open the FD for 25 months. Senior citizens too will get 0.60 per cent additional rate on this FD. They will get 8.50 per cent RoI on this term deposit.
Let’s see which other private lenders are giving industry best interest rates on fixed deposits:
Private banks with highest interest rates on fixed deposits:
| Bank | RoI (in %) General Citizens | RoI (in %) Senior Citizens | Tenure |
| DCB Bank | 7.90 | 8.50 | 25 months |
| IndusInd Bank | 7.85 | 8.25 | 1 year 6 months < 1 year 7 months |
| Bandhan Bank | 7.85 | 8.35 | 1 year, 4 months, 11 days |
| RBL Bank | 7.80 | 8.30 | 15 months < 2 years |
| IDFC First Bank | 7.75 | 8.25 | 549 days- 2 years |
| Yes Bank | 7.75 | 8.25 | 18 months to 24 months |
| J&K Bank | 7.50 | 8.00 | 555 days |
| Federal Bank | 7.50 | 8.00 | 500 days |
| South Indian Bank | 7.30 | 7.30 | 500 days |
| Dhanlaxmi Bank | 7.25 | 7.75 | 555 days |
| Kotak Mahindra Bank | 7.25 | 7.75 | 23 months < 2 year |
| HDFC Bank | 7.20 | 7.70 | 4 year 7 months |
| Karur Vysya Bank | 7.20 | 7.70 | 444 days |
| ICICI Bank | 7.10 | 7.60 | 15 months to 18 months |
| Axis Bank | 7.10 | 7.60 | 13-14 months |
| City Union Bank | 7.00 | 7.50 | 400 days |
| IDBI Bank | 7.00 | 7.50 | > 2 years to <3 years |
We have taken into consideration only private banks and not small finance banks.
If account holders open FD with IndusInd Bank, then, they can get as high as 7.85 per cent RoI. But for this, they will have to open the FD for 1 year 6 months to below 1 year 7 months. Senior citizens will get 0.40 per cent additional rate on this FD. They will get 8.25 per cent RoI on this deposit.
Bandhan Bank also gives as high as 7.85 per cent rate of interest on FDs of 1 year, 4 months, 11 days. Elderly will get 0.50 per cent additional rate.
RBL Bank is giving the third highest interest rate on fixed deposits as compared to other banks. The Mumbai based private lender is giving as high as 7.80 per cent RoI on FDs of 15 months to less than 2 years. Elderly will get 8.30 per cent interest rate on this FD.
While, account holders can earn highest interest rate of only 7.75 per cent if they open a fixed deposit with Yes Bank. The tenure of this particular FD is 18 months to 24 months. Senior citizens will get 8.25 per cent interest on this term deposit.
IDFC First Bank is also giving RoI of 7.50 per cent on FDs of 1 year 1 day to 550 days. Senior citizens will get 8 per cent on this FD. J&K Bank is also giving up to 8.00 per cent interest on fixed deposits of 555 days to senior citizens. General citizens will get 7.50 per cent.
With Dhanlaxmi Bank, depositors can get as high as 7.25 per cent rate. But for this, they will have to open the FD for 555 days.
Kotak Mahindra Bank also offers as high as 7.25 per cent interest but on fixed deposits of 23 months to less than 2 years tenure.
Next in line is HDFC Bank with 7.20 per cent interest rates. Account holders will now be able to earn highest interest rate of 7.20 per cent on fixed deposits with the private lender. They will have to open an FD of 4 Year 7 Months or 55 months to get 7.20 per cent RoI. Senior citizens will get 7.70 per cent interest on this FD.