The inflation has gone high but the interest rates on fixed deposits have also increased. This is the right time and would be the right decision to make investments in the fixed deposits as the deposit rates are currently ranging from 9.5% to 10.50%. The fixed deposits with the tenure of 400 days will get the maximum benefits.
DNA carried out the survey and found out that five of 20 banks - ABN AMRO Bank, Bank of Baroda, Bank of India, Development Credit Bank and Indus Ind Bank — are offering higher interest rates on 400-day fixed deposits in comparison to other maturities.
The ABN AMRO Bank is offering an interest rate of 10.25%; while the other four banks are giving an interest of 10% on deposits fixed for 400 days. But if we compare it with other maturities having almost a similar tenure, offer on 400-day deposits tand out to be lower.
For instance, ABN Amro Bank is giving an interest of 9.75% on a fixed deposit of 399 days and 9.5% on a fixed deposit of 401 days. Thus this offer nearly matches it.
ICICI Bank is giving an interest of 10% on its 390-day fixed deposits while the Union Bank of India is offering 10% on deposits maturing in 444 days. While HDFC bank the second largest private sector bank in the country, is giving 10% interest on a maturity of 1 year 15 days to 1 year 16 days. Kotak Mahindra Bank is offering 10.12% on the maturity of 390 days.
There are several other banks that are not favoring any specific maturities and are offering higher interest rates on all fixed deposits. Country’s largest bank, State Bank of India, is offering an interest rate of 10% on a maturity of about one year and less than two years.
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3 comments:
I think now SBI is offering the highest Fixed Deposit(FD) rates in India.
City Union Bank is giving Highest Interest Rate at present in India. Refer all banks website.
when they say 10% anualised on 50000 rupees how much interest do you get at maturity
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