Several banks have lowered interest rates on fixed deposits (FDs) after the Reserve Bank of India cut the repo rate by 0.75 percent in March. After this cut in the repo rate, the government has also cut the interest rates of small savings schemes from 0.70 to 1.40 percent. Following the recent cut in fixed deposit interest rate, major banks in the country such as State Bank of India, HDFC Bank, ICICI Bank, and Punjab National Bank are offering interest rates of up to 6.5% on FDs from their customers. Some small finance banks are still offering an interest rate of 8 to 9.5 percent on FDs. Customers can earn good returns by putting some of their money in the fixed deposit account of these banks. Deposit deposits in small finance banks are also covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Let us know how much interest rates different banks are offering on FD.
This is the interest rates of FD of top banks:
The state bank of India, the country's largest bank, offers a 5.70% interest rate from ordinary citizens and 6.20% from senior citizens for FDs ranging from one year to 10 years. Punjab National Bank offers an interest rate of 5.75% from general citizens and 6.25% from senior citizens for the same period of FD. Talking about HDFC Bank, it offers a 6% interest rate from general citizens and 6.50% from senior citizens for FDs ranging from 2 years a day to 10 years. In addition, ICICI Bank is offering a 6% interest rate from general citizens and 6.50% from senior citizens for Fds ranging from two years to 10 years.
These banks are offering interest rates above 8%:
In small finance banks, Utkarsh Small Finance Bank is offering a 9% interest rate from general citizens and 9.5% from senior citizens for 777 days FD. Equitas Small Finance Bank is offering an 8% interest rate from general citizens and 8.60% from senior citizens for 888 days FD. Fincare Small Finance Bank is offering a 9% interest rate from general citizens and 9.5% from senior citizens for FD from 42 months a day to 48 months. In addition, Jan Small Finance Bank is offering an 8.25% interest rate from general citizens and 8.75% from senior citizens for 1555 days FD. All these interest rates are valid on term deposits of less than two crores.
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