Up to 8.75% FD interest rate: Public sector vs private banks; where can you earn highest fixed deposit rate now? The interest rate on fixed deposits can differ based on factors such as the bank, age, duration, and amount invested
Bank fixed deposits (FDs) are risk-free, and interest-producing investments. On fixed deposits, you will receive an assured return on your investments which are unaffected by market changes.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Customers can select the re-investment deposit option, which has the potential to earn compound interest, or they can choose the flexible interest payment option, which depends on their financial plan. For example, customers can choose periodic interest payouts (monthly/quarterly) to assist them in managing their spending.
Up to 8.85% FD interest rate: Two banks special limited period FDs with higher interest rates launched this week
Bank FD interest rates in August 2024
Interest rates on fixed deposits vary depending on the bank, age, tenure and amount, among other factors.
Private banks vs PSU banks FD interest rates
Private banks in India are banks in which the majority of the equity is owned by a private company or group of individuals, as opposed to the government in public-sector banks.In India, public sector undertakings, or PSUs, are banks where the government holds most of the shares. These banks are subsidized by the government with the intention of expanding them.
If you are a curious investor who wants to know if private banks offer higher interest rates than public sector banks, here is a quick comparison of private vs. public sector banks' FD interest rates for general citizens and senior citizens.
Private banks: senior citizens FD interest rates
Senior Citizen Fixed Deposit RatesBank NameInterest Rates (p.a.)Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates)Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)%TenurePRIVATE SECTOR BANKSAxis Bank7.755 years to 10 years7.27.67.75---Bandhan Bank8.51 year 9 months7.757.756.6---City Union Bank7.75400 days7.256.756.5---CSB Bank7.75401 days5.56.256.25---DBS Bank8376 days to 540 days7.577---DCB Bank8.5519 months to 20 months7.68.057.9---Federal Bank7.950 months ; 777 days 7.37.57.25---HDFC Bank7.94 Year 7 Months (55 months)7.17.57.5---ICICI Bank7.815 months to less than 18 months7.27.57.5---IDFC First Bank8.25500 days77.757.5---IndusInd Bank8.251 year to 2 years8.257.757.75---Jammu & Kashmir Bank7.51 year to less than 3 years7.57.257---Karur Vysya Bank8.1760 days7.47.47.4---Karnataka Bank7.65375 days7.56.96.9---Kotak Mahindra Bank7.9390 days to less than 23 months7.67.66.7---RBL Bank8.6500 days 887.60.25% on all tenuresSBM Bank India8.753 years 2 days7.557.88.25---South Indian Bank7.75400 Days7.27.26.5---Tamilnad Mercantile Bank8400 days7.577---YES Bank8.518 months7.7588---PSU banks: Senior citizens FD interest rates
Senior Citizen Fixed Deposit RatesBank NameInterest Rates (p.a.)Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates)Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)%TenurePUBLIC SECTOR BANKSBank of Baroda7.75399 days 7.357.657.15---Bank of India7.8666 days7.37.256.750.15% on tenures of 180 days to 10 yearsBank of Maharashtra7.75777 days7.2577---Canara Bank7.75444 days7.357.37.20.10% on 444 daysCentral Bank of India7.95444 days7.357.257---Indian Bank7.75400 days - IND SUPER6.66.756.750.25% on all tenuresIndian Overseas Bank7.8444 days7.4770.25% on all tenuresPunjab National Bank7.75400 days7.37.570.30% for tenures up to 5 yearsPunjab & Sind Bank7.8666 days6.86.56.50.15% on tenure of 444 days, 222 days, 666 days, & 999 daysState Bank of India7.75444 days7.37.257.5---Union Bank of India7.9333 days7.37.270.25% on all tenuresJammu & Kashmir Bank7.51 year to less than 3 years7.57.257---Karur Vysya Bank8.1760 days7.47.47.4---Karnataka Bank7.65375 days7.56.96.9---Kotak Mahindra Bank7.9390 days to less than 23 months7.67.66.7---RBL Bank8.6500 days 887.60.25% on all tenuresSBM Bank India8.753 years 2 days7.557.88.25---South Indian Bank7.75400 Days7.27.26.5---Tamilnad Mercantile Bank8400 days7.577---YES Bank8.518 months7.7588---Private banks: General citizen FD interest rates
Bank Fixed Deposit RatesBank NameInterest Rates (p.a.)Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)%TenurePRIVATE SECTOR BANKSAxis Bank7.217 months to less than 18 months6.77.17Bandhan Bank81 year 9 months 7.257.255.85City Union Bank7.25400 days76.56.25CSB Bank7.75401 days55.755.75DBS Bank7.5376 days to 540 days76.56.5DCB Bank8.0519 months to 20 months7.17.557.4Federal Bank7.450 months ; 777 days 6.876.6HDFC Bank7.44 Year 7 Months (55 months)6.677ICICI Bank7.2515 months to 2 years6.777IDFC First Bank7.75500 days6.57.257IndusInd Bank7.751 year to 2 years7.757.257.25Jammu & Kashmir Bank71 year to less than 3 years76.756.5Karur Vysya Bank7.6760 days 777Karnataka Bank7.25375 days7.16.56.5Kotak Mahindra Bank7.4390 days to less than 23 months7.176.2RBL Bank8.1500 days7.57.57.1SBM Bank India8.253 years 2 days7.057.37.75South Indian Bank7.25400 Days6.76.76Tamilnad Mercantile Bank7.5400 days76.56.5YES Bank818 months 7.257.257.25PSU banks: General citizens FD interest rates
Bank Fixed Deposit RatesBank NameInterest Rates (p.a.)Highest slab1-year tenure (%)3-year tenure (%)5-year tenure (%)%TenurePUBLIC SECTOR BANKSBank of Baroda7.25399 days6.857.156.5Bank of India7.3666 days6.86.56Bank of Maharashtra7.25777 days6.756.56.5Canara Bank7.25444 days6.856.86.7Central Bank of India7.45444 days6.856.756.5Indian Bank7.25400 days - IND SUPER6.16.256.25Indian Overseas Bank7.3444 days6.96.56.5Punjab National Bank7.25400 days6.876.5Punjab & Sind Bank7.3666 days6.366State Bank of India7.25444 days 6.86.756.5Union Bank of India7.4333 days6.86.76.5
Source: Paisabazaar; interest rates as on August 14, 2024.
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This story originally appeared on: India Times - Author:Faqs of Insurances
