Good news for people looking to invest in fixed deposits (FDs) this festive season. With a handful of banks hiking their FD rates recently, bank fixed deposits have become more attractive now. For example, HDFC Bank, the nation’s largest private sector lender, has just a few days back increased its FD interest rates by up to 50 basis points across various tenors. The new rates – which have been increased on domestic, NRO as well as NRE term deposits below Rs 1 cr as well as above Rs 1 crore to less than Rs 5 crore – have become effective from November 6 this year. Earlier, HDFC Bank had revised its fixed deposit rates on October 6, 2018.
It may be noted that a majority of large and small banks – including SBI, ICICI, Kotak Bank and Bandhan Bank – have revised their fixed deposit rates upwards in recent months. With the latest revision in the fixed deposit rates, on term deposits below Rs 1 crore, HDFC Bank – for instance – is now offering 7.30% interest rate on its term deposits for one year as against 7.25% before, while for the same term it is providing 7.80% interest rate to senior citizens as against 7.75% earlier.
Likewise, on FDs of 2 years 1 day up to 3 years, HDFC Bank is offering 7.40% interest rate for the general public and 7.90% for senior citizens as against 7.10% and 7.60% before. On FDs of 8 years 1 day to 10 years, the common man will get 6.50% return and senior citizens 7.00% as against 6.00% and 6.50% earlier.
Here’s a look at how the latest FD rates of different banks – including HDFC Bank, SBI, ICICI Bank, Kotak Bank and Bandhan Bank – compare.
First take a look at the latest interest rates of HDFC Bank’s Domestic, NRO and NRE term deposits below Rs 1 crore:
Bandhan Bank’s Domestic / Non-resident Rupee Term Deposit Interest Rates, w.e.f October 09, 2018:
Various Banks’ FD rates:
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Source: Financial Express