These banks are offering exciting interest rates on fixed deposits during festive season; check list

Fixed deposits or FDs can be helpful in building an emergency corpus because of the abundant liquidity they guarantee. Leading banks including the State Bank of India (SBI), HDFC Bank, IDBI Bank, and others have boosted their fixed deposit (FD) interest rates for a short time to entice investors over the festive season. After the Reserve Bank of India (RBI) increased its repo rate by 50 bps (100 basis points = 1 percentage point) to 5.90 per cent in September, several banks have modified their rates on fixed deposit schemes. Many private banks and small finance banks are offering more attractive interest rates to register new deposits. For FDs, if we look at the top 10 banks, they have been giving an average interest rate of 7.33 per cent, according to data by BankBazaar. Notably, the tenure depends on the policy of the particular lender. Small finance banks have been offering the highest interest rates on FDs, while private banks come second on the list. Public sector banks are less competitive in raising interest rates than other lenders. Leading banks like SBI, Bank of Baroda (BoB), HDFC Bank, and IDBI Bank also have a short-term festive offer to invest in Fixed Deposit schemes. Investment tenors range from 555 days to 1,000 days and more. Bank of Baroda pays 6 per cent interest, SBI and HDFC give 6.10 per cent, and IDBI Bank offers 6.40 per cent interest on FDs. Investments in fixed deposits up to Rs 5 lakh are insured by the Deposit Insurance and Credit Guarantee Corporation, a division of the central bank. Among small finance banks, Ujjivan Small Finance Bank has the highest interest rates. On FDs, they offer 7.7 per cent interest and the investment period is 990 days. The best interest rate among private banks is provided by the Federal Bank, at 7.5 per cent on a tenor of 700 days. Equitas Small Finance Bank also offers 7.50 per cent interest for 888 days. Among others, the interest rates on FDs at IDFC First Bank, RBL Bank, and Yes Bank are 7.25 per cent and the investment tenor is, respectively, 750 days, 725 days, and 20 to 22 months. Interest rates at Suryoday Small Finance Bank are 7.49 per cent for an investment tenure of 999 days. Interest rates on FDs at Karnataka Bank are 7.20 per cent for a 555-day investment tenor. DCB Bank and City Union Bank both pay 7.10 per cent interest on FDs if the duration of the investment is 700 days. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.