This government bank offers over 7% on fixed deposits; check rates here

The Reserve Bank of India’s recent 50 basis points hike to 5.9 percent was followed by several banks following suit and increasing their interest rates on term deposits. This move has brought a lot of festive cheer to account holders of private banks like Fincare Small Finance Bank, Bandhan Bank and Deutsche Bank. This is not all. Even public sector lenders are offering over 7 percent interest rate on fixed deposits. So if you are planning to invest in FDs or recurring deposits (RDs), these lenders will offer you higher returns that will help you build a cosy nest egg.

Canara Bank:

The public sector lender is offering an attractive interest rate of 7 percent for deposits with a tenure of 666 days. The rate is valid for the general public only. For senior citizens, the rate being offered is 7.5 percent. Furthermore, for FDs with a tenure of 5 years and above to 10 years, the interest rate is 7 percent for the general public and 7.5 percent for senior citizens. These rates are valid only on deposits less than Rs 2 crore. Furthermore, an additional interest rate of 0.50 percent is being offered to senior citizens who have term deposits with a duration of 180 days and above.

Here are some more banks that are offering interest rates of over 7 percent:

IDFC Bank:

The lender is offering 7.25 percent interest rate to general customers and 7.75 percent to senior citizens for deposits maturing in 750 days.

RBL Bank:

The private sector lender has announced 7 percent interest for general customers for deposits maturing in 15 months. For senior citizen customers, the rate is 7.5 percent. Moreover, RBL Bank is offering 7.25 percent to general customers and 7.75 percent to senior citizens for terms deposits maturing in 725 days. For FDs with a tenure of 726 days to less than 24 months, RBL Bank is providing 7.50 percent interest to senior citizens and 7 percent to general customers.

Bandhan Bank:

For term deposits with a tenure of 1 year to less than 5 years, the rate is 7 percent for general customers and 7.5 percent for senior citizens.

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