Banks have started raising interest rates on fixed deposits
Fixed deposits (FDs) are a ray of light for investors after battling low interest rates for a few years. Banks have started increasing the interest rates payable on fixed deposits in response to the Reserve Bank of India (RBI) raising its policy rate and the possibility of further hikes. One of the most popular investment options is fixed deposit. Since bank FDs are considered safer than stocks, many investors prefer them to equities. Fixed deposit is another name for fixed deposit. This is because money is deposited in the bank for a certain period or period.
Let us have a look at some of the best bank fixed deposit rates for amount below Rs 2 crore as of June 2022.
1) RBL Bank, For general citizens, rates range from 3.25% to 6.30% annually, and between 3.75% and 6.80% for senior citizens.
2) DCB Bank, The interest rates for 1 year FDs for general citizens and senior citizens are 6% and 6.5% respectively.
3) state Bank of India, The rates range from 2.90% to 5.50% for general citizens and between 3.40% and 6.30% for senior citizens.
4) HDFC bank, The rate ranges from 2.75% to 5.75% for general citizens, while it is 3.25% to 6.50% for senior citizens.
5) IDFC First Bank, The rate is 3.50% to 6% for general citizens and 4% to 6.25% for senior citizens.
6) IndusInd Bank: The interest rates for 1 year FDs for general citizens and senior citizens are 6% and 6.5% respectively.
7) Bandhan Bank: The interest rates for 1 year FDs for general citizens and senior citizens are 5.75% and 6.5% respectively.
8) Kotak Mahindra Bank, For general citizens, the rates range from 2.5% to 5.5%, while for senior citizens they range from 3% to 6%.
9) Punjab National Bank: The rates range from 3% to 5.2% for general citizens and 3.5% to 5.7% for senior citizens.
10) Canara Bank: The interest rates for 1 year FDs for general citizens and senior citizens are 5.3% and 5.8% respectively.