All thanks to continuously increasing key interest rates, FD investors are getting more and more lucrative offers. The interest rates on FDs are also increasing constantly for various tenures. Furthermore, few banks are even offering FD interest rates as high as 8% on fixed deposits. Also, if you are a senior citizen then you can get an additional interest rate of up to 0.50 per cent over the regular rate.
Here is the List of Four Major Banks that Offer Up to 8% Interest Rates
DCB Bank
DCB bank is currently offering the highest interest rate on FDs maturing in two years. The bank offers a whopping interest rate of ₹8 per cent on the FDs maturing between 700 days and 24 months. Whereas for the same FD plan, the senior citizens will get an interest rate of 8.5%.
Yes Bank
Yes, the bank is offering a high-paying interest rate of 7.75 per cent for the FD term plans between 18 and 36 months. Senior citizens will get an interest rate of 8.25 per cent for the same FD plans.
IDFC First Bank
“IDFC First Bank also offers an interest rate of 7.75 per cent for deposits maturing in two years. For FDs maturing between 18 months and three years, the private bank offers an interest rate of 7.75 per cent. For senior citizens, the interest rate will go up to 8.25 per cent for fixed deposits maturing between 18 months and three years.”
IndusInd Bank
FD investors of IndusInd Bank will offer an interest rate of 7.75 per cent for deposits maturing in 2 years. Senior Citizens are offered an interest rate of 8.25 per cent on the FD plans maturing in two years.
Also read:
The Downside of Public Provident Fund: Reasons To Not Invest In Public Provident Funds
How to Choose a Fixed Deposit Scheme?
“The first thing to focus on is a reliable scheduled bank so that the safety aspect is addressed. Then one should look at the tenure they want to invest for. If they just want to invest for getting decent returns consider special tenures offering good rates. Else go for relatively shorter tenures like two years. That way reinvestment of the maturity at that time can happen at potentially higher rates, as the interest rates are expected to go up further for a year or so,” said Suresh Sadagopan, founder of Ladder7 Financial Advisors.
