Which bank Provides Better Interest Rates in Fixed Deposit?

The interest rates on Fixed Deposits (FDs) in india can vary significantly based on the bank, the tenure of the deposit, and whether the depositor is a general citizen or a senior citizen. As of 2024, both public sector and private sector banks offer competitive interest rates on FDs, with some small finance banks typically providing higher rates compared to traditional banks.

1. Small Finance Banks:
AU Small Finance Bank: Known for offering some of the highest FD rates in the market.
Utkarsh Small Finance Bank: Also provides competitive rates, especially for longer tenures.
Equitas Small Finance Bank: Offers attractive rates, particularly for deposits of 1 to 3 years.
2. Private Sector Banks:
IDFC First Bank: Often offers higher-than-average interest rates on FDs.
RBL Bank: Known for providing competitive rates, particularly for shorter tenures.
Yes Bank: Offers good rates, especially on special tenure deposits.
3. Public Sector Banks:
State bank of india (SBI): While sbi may not offer the highest rates, it is considered one of the safest options for FD investments.
Punjab National bank (PNB): PNB offers competitive rates, especially for senior citizens.
Bank of Baroda: Provides decent interest rates with additional benefits for senior citizens.
4. Other Considerations:
Tenure: The interest rate generally increases with the tenure, but the highest rates are often offered for 1 to 3-year deposits.
Senior Citizen Benefits: Most banks offer an additional 0.25% to 0.50% interest rate for senior citizens.
Special Schemes: Some banks introduce special FD schemes with higher interest rates for specific tenures.
For the most up-to-date and specific interest rates, it's advisable to check directly with the banks or their official websites, as rates can change frequently.
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Kokila Chokkanathan

31/08/2024 09:38 AM