Banks have started hiking interest rates on fixed deposits
There is a ray of light for fixed deposit (FD) investors after a few years of struggling with low-interest rates. Banks have begun hiking interest rates payable on fixed deposits in response to the Reserve Bank of India (RBI) raising its policy rate and the possibility of more hikes. One of the most popular investment options is a fixed deposit. Because bank FDs are perceived to be safer than stocks, many investors prefer them to equities. Term deposits are another name for fixed deposits. This is because money is deposited with a bank for a set length of time or term.
Let’s look at some of the best bank fixed deposit rates for amounts less than Rs 2 crore, as of June 2022.
1) RBL Bank: For general citizens, the rates range from 3.25% to 6.30%, annually, and it’s between 3.75% and 6.80% for senior citizens.
2) DCB Bank: The interest rates are 6% and 6.5% for a 1-year FD for general citizens and senior citizens, respectively.
3) State Bank of India: The rates are from 2.90% to 5.50% for general citizens and between 3.40% and 6.30% for senior citizens.
4) HDFC Bank: For general citizens, the rates are from 2.75% to 5.75%, while for senior citizens they are from 3.25% to 6.50%.
5) IDFC First Bank: The rates are from 3.50% to 6% for general citizens and 4% to 6.25% for senior citizens.
6) IndusInd Bank: The interest rates are 6% and 6.5% for a 1-year FD for general citizens and senior citizens, respectively.
7) Bandhan Bank: The interest rates are 5.75% and 6.5% for a 1-year FD for general citizens and senior citizens, respectively.
8) Kotak Mahindra Bank: For general citizens, the rates are from 2.5% to 5.5%, while for senior citizens they are from 3% to 6%.
9) Punjab National Bank: The rates are from 3% to 5.2% for general citizens and between 3.5% and 5.7% for senior citizens.
10) Canara Bank: The interest rates are 5.3% and 5.8% for a 1-year FD for general citizens and senior citizens, respectively.
