Make the most of the repo rate cut, book FD with interest rate up to 9% before banks start reducing the interest rate Small finance banks currently offer the highest FD rates, up to 9%, while private and public sector banks offer relatively lower rates. Investors should act quickly to benefit from existing higher rates
The Reserve Bank of India has lowered the repo rate by 25 basis points. After this rate cut, banks will begin lowering their interest rates shortly, so fixed deposit (FD) investors have the final opportunity to book their FDs at the current higher rates.#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;}
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There are chances that the current high rates may soon disappear, therefore, if you have funds to invest in a fixed deposit, now might be the best time to do so.
Last window for FD investors to book FDs at higher rate has officially started as RBI cuts repo rate after a 5 years gap
If you are looking to lock your funds in fixed deposit before banks start cutting FD interest rates, here is a quick comparison of private banks, public banks and small finance banks highest fixed deposit interest rates as on February 7, 2025 for general citizens.
Budget 2025 hikes TDS limit for senior citizens: Here is a list of banks offering highest rates on 1-year FDs for senior citizens
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Small Finance Banks
Small finance banks provide the most competitive interest rates. NorthEast Small Finance Bank and Unity Small Finance Bank offer the highest rates at 9% for tenures between 18 months and 3 years and 1001 days, respectively. Other banks, like Suryoday Small Finance Bank, offer the highest FD interest rate of 8.6% on a 5-year tenure, and Utkarsh Small Finance Bank offers an FD interest rate of 8.5% for up to 3 years FD tenure.
Bank NameInterest Rates (p.a.) Highest slab %TenureSMALL FINANCE BANKS AU Small Finance Bank8.118 monthsEquitas Small Finance Bank8.25888 daysESAF Small Finance Bank8.38888 daysJana Small Finance Bank8.251 year to 3 years NorthEast Small Finance Bank918 months 1 day to 36 monthsSuryoday Small Finance Bank8.65 yearsUjjivan Small Finance Bank8.2512 monthsUnity Small Finance Bank91001 daysUtkarsh Small Finance Bank8.52 years to 3 years; 1500 days
Private Sector Banks
Private banks offer slightly lower FD rates, ranging between 7% and 8.25%. Bandhan Bank offers the highest FD interest rate of 8.05% on a 1-year tenure, DCB Bank is offering an interest rate of 8.05% FD tenure for 19-20 months, and SBM Bank India offers 8.25% interest rate for 18 months and 2 years and 3 days tenure.
IDFC First Bank offers 7.9% for 400-500 days tenure, and IndusInd Bank offers the highest FD interest rate of 7.99% for 1 year 5 months tenure.
Highest FD %TenurePRIVATE SECTOR BANKS Axis Bank7.2515 months to less than 2 yearsBandhan Bank8.051 yearCity Union Bank7.5333 daysCSB Bank8501 daysDBS Bank7.5376 days to 540 daysDCB Bank8.0519 months to 20 months; Above 26 months to less than 61 monthsFederal Bank7.5444 daysHDFC Bank7.44 year 7 months (55 months)ICICI Bank7.2515 months to 2 yearsIDFC First Bank7.9400 days to 500 daysIndusInd Bank7.991 year 5 months to less than 1 year 6 monthsJammu & Kashmir Bank7333 days; 1 year to less than 3 yearsKarur Vysya Bank7.6760 days - Special DepositKarnataka Bank7.5375 daysKotak Mahindra Bank7.4390 Days to less than 23 monthsRBL Bank8500 daysSBM Bank India8.25Above 18 months to less than 2 years 3 daysSouth Indian Bank7.41 year 7 days; 18 monthsYES Bank818 months
Public Sector banks
Public sector banks generally offer the lowest FD interest rates, ranging between 7.3% and 7.5%. SBI and PNB offer the highest interest rate of 7.25%. Punjab & Sind Bank offers an FD interest rate of 7.45% for a 555-day tenure.
Bank of India, Bank of Baroda, and Union Bank of India provide rates around 7.3% to 7.45% for tenures between 400 and 456 days.
Highest slab %TenurePUBLIC SECTOR BANKS Bank of Baroda7.3400 days - Bob UtsavBank of India7.3400 daysBank of Maharashtra7.45366 daysCanara Bank7.43 years to less than 5 yearsIndian Bank7.3400 days - IND SUPERIndian Overseas Bank7.3444 daysPunjab National Bank7.25400 daysPunjab & Sind Bank7.45555 daysState Bank of India7.25444 days - Amrit VrishtiUnion Bank of India7.3456 daysSource: PaisaBazaar data as on February 5, 2025.
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This story originally appeared on: India Times - Author:Faqs of Insurances
