Check FD interest rates comparison among four private sector banks — HDFC Bank, RBL Bank, Bandhan Bank, and ICICI Bank.
Even as the equity market in the country is facing selloff pressure amid FPI outflows, investors have renewed their interest in fixed-income instruments, especially fixed deposits (FDs). Banks in the country are currently offering interest rates in the range of 2.75 per cent-8.1 per cent to the general public and 3.25 per cent-8.6 per cent to senior citizens (above 60 years ago age).
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Here’s the interest rates comparison among four private sector banks — HDFC Bank, RBL Bank, Bandhan Bank, and ICICI Bank.
Among these, RBL Bank is currently offering the highest FD rates in the range of 3.5 per cent-8.1 per cent per annum to the general public and 4 per cent-8.6 per cent to senior citizens, which is the highest among all banks in India, according to Bankbazaar.com.
The applicable interest rate depends upon the age of the depositor and tenure of the deposit.
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Bandhan Bank comes second with the highest general public interest rates in the range of 3 per cent-8.05 per cent. The rate range for senior citizen depositors is 3.75 per cent-8.55 per cent per annum.
ICICI Bank and HDFC Bank are offering almost similar interest rates. However, the highest FD rate is higher for HDFC Bank.
HDFC Bank is offering FD rates in the range of 3 per cent-7.4 per cent to general public and 3.5 per cent-7.9 per cent for senior citizens. ICICI Bank is offering FD interest rates in the range of 3 per cent-7.25 per cent and 3.50 per cent-7.80 per cent.
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The FD rates are applicable on deposits below Rs 3 crore.
Finance Minister Nirmala Sitharaman has asked banks to make concerted efforts to garner deposits by conducting special drives. She also advised banks to have better relationships with their customers for efficient customer service delivery.
While the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably and asked banks to make concerted efforts to garner deposits by conducting special drives, she said.
