Fixed deposit (FD) offer some great returns Rate of interest And are often the most stable and reliable option for your savings. In recent times, interest rates have come down, yet it still stands as a safe bet to build your savings. One . when choosing FD SchemeHowever, it is important to note which banks can give you the best returns, and often it is the tenure of one year which is a good indicator of these schemes. FDs provide protection for investors who want to reduce the risk in the market and still earn interest on their money. Having said that, it is important to note which banks offer the best rates of interest.
Small private banks are the way to go
Small private banks these days offer the best return on interest in the financial market to the customers considering the low risk nature of the scheme. When it comes to one-year FDs, data from BankBazaar and official banking websites shows that RBL Bank and Induslnd Bank offer customers the highest interest rates in the private sector. These banks offer an interest rate of 6 percent to 6.1 percent on one-year FDs.
For example, in the case of RBL Bank, the fixed deposit scheme is applicable on deposits up to Rs 3 crore. In the bracket of 12 months to less than 24 months, this private bank offers an interest rate of 6.10 per cent to its customers in the general citizen category. In the same time frame, it offers an interest rate of 6.60 per cent to its senior citizen customers.
IndusInd Bank, on the other hand, offers an interest rate of 6 per cent per annum to its customers who fall under the category of ordinary citizens, which is covered under a 12-month package. Senior citizens opting for this bank for their FD can expect to see an annual interest rate of 6.50 per cent on their returns. Another notable contemporary offering account holders have something similar in Yes Bank, with an interest rate of 6 per cent per annum for general citizens and 6.50 per cent per annum for senior citizens.
Beware of Jumping With Leading Private Banks
It should be noted that small finance private banks tend to offer relatively higher interest rates than major private sector lenders. For example, when considering ICICI Bank or HDFC Bank, the one year FD savings scheme will fetch only 4.90 per cent interest. From these two banks, senior citizens can get interest at the rate of as much as 5.4 percent per annum. Another good example is Axis Bank.
This lender gives an estimate of 5 per cent to its account holders for a time frame of 11 months, 25 days to 1 year or 5.15 per cent FD interest rate if the individual opts for the time frame of 1 year to 1 year, 5 days. gives. It also depends on whether the said person falls in the general citizen category or not. A senior citizen can see an interest rate of 5.5 or 5.6 per cent respectively depending on the scheme he/she opts for.
Large private lenders such as Kotak Mahindra Bank and IDFC offer annual FD interest rates of 4.50 per cent and 4.25 per cent respectively. These are among the lowest interest rates offered by private banks in India.
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