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    Bankbazaar Fixed Deposit (FD) Rates - June 2017

    We found 112 Fixed Deposit (FD) Rates - June 2017

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 20 Years
    5% - 8% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.5% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4.25% - 7.35% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹1Cr
    15 Days to 20 Years
    4.25% - 7.15% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.5% - 7.10% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6% - 6.65% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    6.25% - 6.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.35% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.85% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
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  • Customer Reviews

    • Canara Bank Fixed Deposit
      "Good"
      0.5 2.5/5 "Just OK"
      I am having the fixed deposit account with the Canara bank and the rate of interest is around 8.5%, which was very lesser one on that time. Total tenure is around three years of time, also the penalty charges are not really huge. Customer service is not really up to the mark.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • IDBI Fixed Deposit
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I would suggest IDBI bank is the best one to get the fixed because of the good rate of interest . Customer service is good one and am with them from the last three years of time. Penalty charges are lesser one with the m for the premature withdraw.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2017
    • ICICI Bank Fixed Deposit
      "Good Indian bank"
      0.5 4.0/5 "Great!"
      I do have fixed deposit account with the ICICI bank and the interest rate is around 6.5% per annum , also the maturity period is also one year of time. Customer service is also a good one with the ICICI bank, also the response too. Online banking services are also working in good way and am very familiar with them till now.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 16, 2017
    • Axis Bank Fixed Deposit
      "Its good investment"
      0.5 4.5/5 "Excellent!"
      I have invested one lakh in fixed deposit with AXIS bank. Its going to matured in this august, Then I would be getting around Rs.1.12,000. I have opened this FD through online and I will be getting the amount same to my account. AXIS gave me premature withdrawal, I can close whenever I want.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2017
    • Canara Bank Fixed Deposit
      "For common man"
      0.5 5.0/5 "Blown Away!"
      I do have the fixed deposit account with the Canara bank and am using it from the last ten years of time. Customer service aspects are good one with them and the online banking services are not really working in a good according the new generation bankers. The interest rate is around 7.25% as of now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • YES Bank Fixed Deposit
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      I have the fixed deposit account with the Yes bank and the interest rate is around 6.5% above and the customer service is not yet experienced because everything used to dealt with through online experience. I have not faced any server down issues with the Yes bank.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Jun 12, 2017
    • HDFC Bank Fixed Deposit
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the HDFC bank and the services are always an excellent one. I have opened the account on immediate basis like everything used to get happened in instant way. Rate of interest is around 6.5% and the response is an excellent one.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2017
    • Vijaya Bank Fixed Deposit
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the Vijaya bank and the interest rate is around 6.5% and the customer service is good one , also they are nearby my locality and also the access is really friendly. Online services are good one with the Vijaya bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 09, 2017
    • Central Bank of India Fixed Deposit
      "Fund transfer"
      0.5 0.5/5 "Unacceptable"
      The worst banking system I have ever seen. if i want to transfer amt to other bank through IFSC they can't detect the bank or automatically logged out .if I want current statement they can't.net banking automatically logged out.if i go for pass book entry server down problem. if I go to ATM only 2k available etc...
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 01, 2017
    • SBI Fixed Deposit
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      When I wanted to open a fixed deposit account at State Bank of India. I did not have to visit the bank. I opened the account online and though the rate of interest is not that appealing. I am happy with the overall experience and process and the convenient banking process.
      Was this review helpful? 8
      , guwahati
      Reviewed on May 31, 2017
    • SBI Fixed Deposit
      "Convenient to Hold"
      0.5 4.0/5 "Great!"
      It has been two years when I opened fixed deposit with State bank of India. The period is for five years. Since I completed two years, three years to go. Interest rate is of 11%. Actually SBI is located near to my house so I feel more comfortable in visiting the bank at any instance. All the staffs are very friendly and very cooperative.
      Was this review helpful? 5
      , visakhapatnam
      Reviewed on May 25, 2017
    • SBI Fixed Deposit
      "Secured investment"
      0.5 5.0/5 "Blown Away!"
      Compared to other banks SBI offering good interest rate on fixed deposit, they offered me 7.95% of interest. I have the amount of Rs. 2.4 lakhs for the tenure of three years. After the maturity period I got the amount around 2.9 lakhs. I am very much fine with that.
      Was this review helpful? 4
      , hyderabad
      Reviewed on May 24, 2017
    • Karur Vysya Bank Fixed Deposit
      "Good"
      0.5 3.5/5 "Pretty good"
      I am having the fixed deposit account with the Karur Vysya bank and the account got opened within one to two days of time. Tenure is for five years of time and after that it will be get matured. Rate of interest was around 8.5% to 9% on that time with the tax redemption.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2017
    • Karnataka Bank Fixed Deposit
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      I have an account for fixed deposit only with Karnataka bank. I have deposited around fifty five lakhs. I bank with Karnataka for more than twenty years, even my family members are having an account with the same bank. Their services are really good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • ICICI Bank Fixed Deposit
      "Good one"
      0.5 3.5/5 "Pretty good"
      I have fixed deposit account with the ICICI bank and I got it from them because I had the salary account with them. Within two days of time fixed deposit account got opened and the maturity period is around one year of time. Interest rate is around 8% with them and am not that much happy with that. I would like to suggest that they can increase the rate of interest for the deposits.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 18, 2017
    • SBI Fixed Deposit
      "Too much of process involved"
      0.5 2.5/5 "Just OK"
      At other private bank a fixed deposit could be opened online and a customer does not have to visit the bank. In my case I had to visit State bank of India to open a fixed deposit and it has a lot of process involved. Like wise to close the same it is the same scenario.
      Was this review helpful? 5
      , pune
      Reviewed on May 10, 2017
    • SBI Fixed Deposit
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am having fixed deposit account with the State bank of India and the interest rate is around 6.2% for the tenure of five years of time. I have opened this account through online, so it got happened very immediately. Charges are nil with them and I can get the money withdrawal in fraction of seconds.
      Was this review helpful? 5
      , pondicherry
      Reviewed on May 09, 2017
    • SBI Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Long back I had Fixed deposit account with State bank of India. I selected the tenure period for six years. The bank had fixed a good rate of interest. At last I received the money with the promised interest amount. I am much satisfied with SBI for the FD service.
      Was this review helpful? 4
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had Fixed Deposit account with Bank of Baroda about quite long back. The tenure period is six years and the fixed amount is four to five lakhs. The percentage of interest rate is quite good and they returned the money back with the promised interest amount.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 09, 2017
    • ICICI Bank Fixed Deposit
      "Average "
      0.5 2.0/5 "Expected more"
      I have withdrawn my fixed deposit account with the ICICI bank and the interest rate was around 7%. It took around one to two hours of time to open the account through online. There are no charges while withdrawing the amount , also it took around one month of time to get it.
      Was this review helpful? 1
      , pudukkottai
      Reviewed on May 08, 2017
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    Fixed Deposit (FD) Rates - June 2017 is Rated as "Excellent!" by 1749 Users

    Fees & Charges

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    Fixed Deposit BYTES FROM OUR KITCHEN

    How to find the best rates for a Fixed Deposit

    The table above provides the best fixed deposit rates for the selected duration and deposit amount. Use the slider to change the FD amount. The FD duration can be updated by using the duration dropdown. If you are a senior citizen, please choose the appropriate status so that you see the correct Senior Citizen FD rate.

    Fixed Deposit Interest Rates for Top Banks –June 2017

    The fixed deposit schemes offered by most banks can be availed for tenures ranging from as short as seven days to as long as 10 years. Few of the banks, such as the State Bank of Patiala, IDBI Bank, the Ratnakar Bank, etc. offer FDs that stretch to 20 years as well. The FD rates applicable to schemes with short tenures is very similar to the interest rates applicable to Savings Account. The interest on FDs is compounded on a quarterly basis.

    Individuals who invest in fixed deposit can avail overdraft / loan facilities from the bank against the amount in their fixed deposit accounts. The interest rate charged for loans / overdrafts is usually 0.5% or 1% in addition to the interest rate applicable to the fixed deposit itself. In case the income earned from fixed deposit rates in a given financial year is over Rs.10,000, the investor can claim tax deductions at the rate of 10%.

    Fixed Deposit Interest Rates for Top Banks – June 2017
    Fixed Deposits with Bank Tenure (Min-Max) Interest Rates for Regular Deposit
    State Bank of India 7 days-10 years 5.25% p.a.-7.00% p.a.
    Indian Post Office 1 year-5 years 7.10% p.a.-7.90% p.a.
    HDFC Bank 7 days-10 years 3.50% p.a.-7.25% p.a.
    ICICI Bank 7 days-10 years 4.00% p.a.-7.50% p.a.
    Axis Bank 7 days-10 years 3.50% p.a.-7.50% p.a.
    Punjab National Bank 7 days-10 years 4.25% p.a.-7.50% p.a.
    Bank of India 7 days-10 years 4.00% p.a.-7.25% p.a.
    Canara Bank 7 days-10 years 4.00% p.a.-7.50% p.a.
    Indian Bank 7 days-More than 3 years 5.00% p.a.-7.25% p.a.
    Bank of Baroda 7 days-10 years 4.50% p.a.-7.30% p.a.
    Bandhan Bank 7 days-10 years 3.50% p.a.-8.00% p.a.
    Kotak Mahindra Bank 7 days-10 years 4.00% p.a.-6.75% p.a.
    Union Bank 7 days-10 years 5.00% p.a.-7.25% p.a.
    Indian Overseas Bank 7 days-10 years 4.00% p.a.-6.75% p.a.
    Central Bank of India 7 days-10 years 4.00% p.a.-7.00% p.a.
    LIC HFL 1 year-5 years 7.85% p.a.-7.95% p.a.
    Bank of Maharashtra 7 days-10 years 4.75% p.a.-6.80% p.a.
    IDFC Bank 7 days-10 years 4.00% p.a.-8.25% p.a.
    State Bank of Travancore 7 days-10 years 5.50% p.a.-6.95% p.a.
    Yes Bank 7 days-10 years 5.50% p.a.-7.15% p.a.
    Corporation Bank 7 days-10 years 5.00% p.a.-7.10% p.a.
    Andhra Bank 7 days-10 years 4.00% p.a.-7.00% p.a.
    State Bank of Hyderabad 7 days-10 years 5.50% p.a.-7.00% p.a.
    RBL Bank 7 days-20 years 5.00% p.a.-7.85% p.a.
    IDBI Bank 15 days-20 years 4.25% p.a.-7.15% p.a.

    FD Rates for Senior Citizens for Top 10 Banks – June 2017

    Fixed deposits are a relatively safer and more secure form of investment than other conventional modes of investment available out in the market. Acting more like a savings instrument, the lock-in periods associated with fixed deposits allows for a more disciplined approach to long term savings or short term wealth growth. Fixed deposit tenures can be available for periods as low as 7 days to tenures as high as 10 years. Fixed deposits are an especially great idea for senior citizens considering that their sources of income are limited and people are mostly risk averse in that age group. Additionally, banks tend to offer better interest rates for senior citizens. The best fixed deposit interest rates offered by banks in India for senior citizens’ are mentioned in the table below –

    FD Rates for Senior Citizens for Top 10 Banks – 2017
    Fixed Deposits with Bank Tenure (Min-Max) Senior Citizen FD Rates
    State Bank of India 7 days-10 years 5.50% p.a. to 7.75% p.a.
    Indian Post Office 1 year-5 years 7.10% p.a. to 7.90% p.a.
    HDFC Bank 7 days-10 years 4.00% p.a. to 8.00% p.a.
    ICICI Bank 7 days-10 years 4.50% p.a. to 8.00% p.a.
    Axis Bank 7 days-10 years 3.50% p.a. to 8.00% p.a.
    Punjab National Bank 7 days-10 years 4.75% p.a. to 8.00% p.a.
    Bank of India 7 days-10 years 4.50% p.a. to 7.80% p.a.
    Canara Bank 7 days-10 years 5.75% p.a. to 8.05% p.a.
    Indian Bank 7 days-More than 3 years 5.00% p.a. to 7.75% p.a.
    Bank of Baroda 7 days-10 years 5.00% p.a. to 7.80% p.a.

    FD rate using online calculator

    A Fixed Deposit is a great way to save money for a period of time, if you’re looking at getting your invested money safely along with good earning through it then Fixed Deposit is the way to go. With the online and e-commerce platforms having such an influence on our day to day activities, checking our banking work and making decisions with relation to that is now very easy. To learn about how your Fixed Deposit earns interest and how much will be your earning at the end of the tenure chosen, online calculators will help you.

    A Fixed Deposit online calculator will help you calculate the interest that your money will earn when kept in a Fixed Deposit. This will take into account your investment that's the Principal amount on maturity after the interest is compounded on a monthly, quarterly, half-yearly or yearly basis. As an example let’s say that you have a sum of Rs.15, 000 that is deposited in your bank for a period 2 years the interest the bank is paying you is an annual interest rate of 5%, The interest will be compounded quarterly for this period.

    The formula used by the bank will be A = P x (1 + r/n)nt I = A - P.

    Maturity Value (A) = P x (1 + r/n)nt

    = 15000 x (1 + 0.05/4)4x2

    = 15000 x (1 + 0.0125)8

    = 15000 x (1.0125)8

    = 15000 x 1.104486101

    Making the Maturity Value (A) = Rs. 16567.29.

    And hence leading to the Maturity Value (FD) = Rs. 16567.29

    Interest Earned Amount (I) = Rs. 1567.29.

    What are the factors affect the changes in rate of Fixed Deposits?

    Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit.

    Policies of the Reserve Bank of India - The several norms and restrictions posed by the Reserve Bank of India, in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc.

    Recession - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial market. With this release the funds in the cash reserve reduces and hence again affects Fixed Deposits, loans etc.

    Inflation - When prices of goods and items become more expensive on a daily basis, the opposite of recession, banks and lending institutions are scared of the devaluation of the rupee, and reducing the purchasing amount over the amount lent out. To ensure the losses of interest over the amount lent. Banks will offer higher interest rates on Fixed Deposits.

    Fixed Deposit changes over a period of years

    The rate of Fixed Deposits have changed over the last few financial years, in 2000-01 the rate was the highest, and stood at 9.50% -10.00%, the rate started to make a downward trend when they fell to 8.00% - 8.50% in 2001-02. They still continued to decline with the years to come in 2003-04 the fixed deposit rates fell to 5.25% -5.50%. In 2004-05 the rate climbed a little and went up to 5.75% - 6.25%, 2005-06 6.25% - 7.00%, and in 2006-07 stood at 6.50% - 8.00%. The current year’s fixed deposit rates stands at anywhere between 6.25% - 9.25%, provided by different banks for different amounts and terms of these fixed deposits.

    FD Rates Tips

    Why a Fixed Deposit is better than a Savings Account

    We can give you a four reasons why a Fixed Deposit makes for a better investment option than a regular Savings Account.

    Earn more Interest with a Fixed Deposit

    Got a substantial amount of money? Don’t let it sit idle in your Savings Account. Put that money in a Fixed Deposit and earn more interest on it.

    Fixed Deposits offer Higher Interest Rates

    Interest rates offered on Fixed Deposits are higher than the interest offered on a Savings Account. Help your money grow with a Fixed Deposit.

    Build a Credit History

    In case you don’t have a credit history, you can create one by using a Fixed Deposit as collateral to secure a loan.

    Senior Citizens get Higher Interest RatesRegularly

    If you are over 60 years of age, you can avail a higher rate of interest on Fixed Deposits. You can also open a Fixed Deposit jointly with a senior citizen and get as much as 0.5% more than the interest rate for regular depositors.

    Best FD Rates Based on Tenure June 2017

    Fixed deposits are savings options for the risk-averse common man and the rates offered on these deposits are mostly the only basis of choosing them over any other savings medium. Some of the top ranking fixed deposits of 2017 are as follows

    Top 10 Fixed Deposit Rates for 1 Year Deposits

    1 year fixed deposits are meant for people who can afford only to have their money for that long a duration as a deposit. Land owners and property owners who don’t want any market risk can go for this option. In India, Shriram City Union outranks most banks with a high interest rate for 1 year deposits, followed closely by RBL Bank. Bandhan Bank, being relatively new still has the upper hand over many others in terms of interest rate offered. Mahindra Finance and Shriram Transport Finance come in at the fourth and fifth position. Post these top 5 leaders, the remaining institutions that can offer a good rate of interest are the Indian Post Office, Sundaram Finance, LIC Housing, ICICI Home Finance and IndusInd Bank. Interest rates offered by these institutions range from 8 percent to 8.75 percent per annum.

    Top 10 Fixed Deposit Rates for 2 Year Deposits

    Fixed deposits are relatively risk free investments that can be used by people who normally have a lump sum amount to invest. Since the interest rates offered are comparatively higher than that of savings or current accounts, fixed deposits become a more lucrative investment option for the traditional investor. Two year deposits normally tend to have slightly higher rates than one year terms, more so because of the longer term of deposit. The five leaders in the 2 year term deposits as per the interest rates are RBL Bank, Shriram City Union Finance, Bandhan Bank, India Post and LIC Housing Finance Limited. Another wing of the Shriram Group, the Shriram Transport Finance Company takes up the sixth position, followed closely by Mahindra Finance. ICICI Home Finance, Sundaram Finance and Laxmi Vilas Bank occupy the bottom three rungs of the ladder. The diversity of interest rates offered for 2 year deposits has a wider margin, the lowest being 7.9 percent per annum and the highest being 9.14 percent per annum.

    Top 10 Fixed Deposit Rates for 3 Year Deposits

    As the term of deposits increase, interest rates offered by banks and financial institutions also tend to be higher. Though there might be some odd ones out that reduce their interest rates for the 3 years investing period. This medium long tenure is mostly opted for by people with lease contracts that have high penalty values. Since fixed deposits are relatively risk free, it makes for a wise decision to use such investing periods for wealth growth. The leader in this category is Shriram City Union Finance that has the highest possible interest rate. RBL Bank stays close at its heels though fractions of percentiles lower at the second place. Shriram Transport Finance Company comes in at third cutting it close with RBL Bank. Indian Post Office manages to climb into the top five in this category being at the fourth position and the list closes with LIC Housing Finance Limited. Bandhan Bank comes in at sixth with several fractions lower of a percentage. Sundaram Finance, Mahindra Finance, Gruh Finance Limited and ICICI Housing Finance come in at the closing of the top 10. The lower end of interest rates offered comes at 8 percent per annum and the highest rate of interest offered is at 9.84 percent per annum.

    Top 10 Fixed Deposit Rates for 4 year Deposits

    When considering people who are home-owners and landlords and are offering leases for their property, 4 year and 5 year deposits in fixed deposits are a good idea when people are averse to risks that are offered through the market. Though the return on the deposits are less as compared to stocks and equities, one’s investment stays very secure. Four years is one of the long term commitments in fixed deposits and many financial institutions offer great returns on the same. While Shriram City Union Finance Fixed Deposit stays right at the top of the list with an amazing interest rate that reaches double digits, it is closely followed by RBL Bank at the second position. PNB Housing Finance Limited comes in at the third position with a slightly lower rate. The Shriram Transport Finance Company Limited has a fixed deposit rate that slightly rivals that of PNB Housing and comes in at position four. Coming in at fifth is Bandhan Bank with its fixed deposit rates that are among the higher ones in the market. Mahindra Finance occupies position six and is followed by the India Post Office at number seven. ICICI Home Finance, Jammu & Kashmir Bank and Lakshmi Vilas Bank come in at number eight, nine and ten on the list.

    Top 10 FD Rates for 5 Years Deposits

    Fixed deposits for five year terms are the investments that typically dole out the highest possible rate of return, especially with cooperative banks and non-banking financial companies. These durations can be chosen again by property owners who wish to earn sumptuous interest on the security deposit that has been offered for a piece of property. Additionally, it is also the best way to keep one’s funds safe from market risk and have the least liability ever. Shriram City Union Finance currently emerges as the leader in fixed deposits of 5 years duration. It is closely followed in the second position by RBL Bank. Deutche Bank becomes the third in the leader board with great offers on interest rates. Shriram Transport Finance comes in at the fourth position and LIC HFL comes in at fifth. For positions sixth, seventh, eighth, ninth and tenth, the institutions that can be named are India Post Office, Mahindra Finance, PNB Housing Finance Limited, Tamilnad Mercantile Bank and ICICI Home finance. The lowest rate in this category could be 8 percent per annum while the highest would be 10.77 percent per annum.

    Also Know About

    Read Fixed Deposit Rate news or Enjoy it on the go

    • Bajaj Finance changes strategy, plans to look into retail deposits

      Departing from their original strategy, Bajaj Finance has reduced the minimum investment size by over two thirds from Rs.75,000 to Rs.25,000 in order to position itself as a mass market player. With this plan, Bajaj Finance hopes to double its outstanding deposit to around Rs.8,000 crore per year from Rs.4,100 crore.

      Thanks to this, Bajaj Finance is in the same bracket as the Housing Development Finance Corporation among all non banking finance companies with respect to minimum deposits. In contrast, Rs.20,000 is the minimum deposit is HDFC.

      6th April 2017

    • RBI Says Scheduled Commercial Banks to set Deposit Interest Rate

      RBI (Reserve Bank of India) has recently announced that Scheduled Commercial Banks can set their savings bank deposit interest rate themselves. To do so, they need the approval of their Board of Directors. They have to also meet two conditions to be able to do so. First is that every bank has to offer a uniform rate of interest on deposits of up to Rs.1 lakh and the second condition is that banks can set differential interest rate if the end-of-saving saving bank balance is more than Rs.1 lakh, provided it will not discriminate on the interest rate that is paid on similar deposits made on the same date.

      16th March 2017

    • Investment alternatives to slashed interest rates on fixed deposits

      In the recent monetary policy review on the 8th of Feb, the Reserve Bank of India (RBI) has changed the policy pertaining to fixed deposits. From an accommodative stance to neutral, this has made the banks slash the interest rates on the fixed deposits. However, experts have observed that tax-free bonds are something that can help the investors earn more out of their money. The tax-free bonds are unlike the fixed deposits where you are taxed on the amount of interest you have earned. The tax-free bonds are flexible and offer the investors a chance to save on taxes. The bonds by various PSUs are something to look forward to when you want to earn more out of your investments.

      09th March 2017

    • SC orders Unitech to pay interest to flat buyers

      Real estate giant Unitech has been ordered by the Supreme Court to pay an interest to flat buyers who have withdrawn their will to buy flats after the builder failed to deliver the flats on time.

      As many as 39 buyers had booked flats in Unitech's Vistas project that was being built in Haryana's Gurugram. Justice Mohan M Shantanagouder, Justice Dipak Misra and Justice AM Khanwilkar have given Unitech a period of eight weeks to deposit an interest at the rate of 14%. The builder is supposed to deposit the sum to the Supreme Court's registry. The court will calculate the interest from January 1, 2010 till the day Unitech deposits the principal amount.

      The court has also decided that 90% of the total interest that will be deposited by the builder will be distributed amongst the 39 buyers. After ordering Unitech to pay the interest at 14%, the court has declared that queries related to the payment and the interest rate will be kept open on April 24, 2017 for a hearing.

      Senior counsel, P Chidambaram, who represented the company suggested that the buyers who have withdrawn cannot get the interest as well as the compensation. He added that since the flats were not handed over to the buyers, they have only lost the rent that they had paid while staying in the house.

      24th February 2017

    • Banking Industry Prepares for War Against Interest Rate

      NMB Bank came up with a lucrative two-year FD scheme that provided a yearly interest of 12%. The interest rate offered by most banks on FDs is usually higher as the funds are locked in for a certain period of time. In case the depositors do not want to continue with the contract, and wish to withdraw their money prior to the expiry of the deadline will have to pay a penalty. However, the unique aspect of the NMB? newest offer is that depositors will not be required to pay the fine in case they want to take their money out prior to the expiry of the two-year tenure. This means that putting your funds in NMB under this scheme is the same as parking money in a current account that offers significantly better returns

      21st February 2017

    • Higher interest rates on fixed deposits being offered by smaller banks

      In a bid to increase the number of customers, small and new banks are giving higher interest rates than banks that are old. In the last two years, there has been a decline in the rates being offered by large and old commercial banks. An example is how State Bank of India (SBI) which is India's biggest lender, at present, offers an interest rate worth 6.90% p.a. on fixed deposits that mature in a year. HDFC Bank Limited and ICICI Bank Limited are also giving the same rate of interest for an equivalent period of time.

      But, Suryoday Small Finance Bank Limited that is based in Navi Mumbai, gives an interest rate of 9% per annum. This bank launched operations on February 23, this year.

      A study released by Religare Capital Markets states that Equitas Small Finance Bank Limited and Utkarsh Small Finance Bank Limited are giving interest rates from 8.25-8.75% p.a. on FDs that would mature in a year? time. Universal banks like Bandhan Bank Limited offer a higher rate than bigger banks. They offer somewhere around 7.25 to 8% p.a. for 1 to 2 years.

      Interestingly, larger banks are giving rates that are even lesser than the savings rate.

      16th February 2017

    • Deposits shoot up despite low interest rates

      According to the stats published by the Reserve Bank of India, there has been a rise in the deposits even when interest rates offered by the banks have seen a decline. This excess liquidity in the financial system is a result of demonetization, informs the finance minister, Arun Jaitley.

      The deposits have witnessed a rise of 13.9 % which amounts to a whopping Rs.105 Lakh Crore from Rs.12.7 Lakh Crore.

      While in November and December in 2016, owing to demonetization, people had no option but to deposit the old Rs.500 and Rs.1,000 with the bank, the RBI also introduced new currency at a slower rate. This move resulted in increasing the rate of deposits.

      However, the rate of growth in deposits is likely to slow down with the flow of new currency into the system.

      13th February 2017

    • Deposit rates need to be cut sooner says SBI Chief

      Arundhati Bhattacharya, Chief Executive Officer of State Bank of India, recently spoke at a conclave organised by Mint and shared a number of her thoughts with the media.

      When asked why the bank is ignoring competitors, she said that the company hasn’t survived at the forefront for 211 years by not taking competitors seriously.

      She also said that over 89 lakh accounts have been opened ever since demonetisation happened during the first week of November. Further, she spoke about the ready availability of funds and suggested that deposit rates need to be cut considerably in the future as they are untenable at the current moment.

      Since demonetisation, borrowing across all capacities by small and medium sized industries have gone down and deposits have seen a massive increase, the scion said.

      7th February 2017

    • Mumbai: Method to earn 2% more interest on your fixed deposits

      If you are an investor, there are three non-convertible debenture (NCD) issues that can make you earn a higher assured return on fixed income portfolios. The SREI Equipment Finance's issue provides interest rates up to 9.75%, while ECL Finance and Muthoot Finance are speculated to offer interest rates between 8% and 9.5% per annum.

      The fixed income options help the investors in battling the low returns on investments and unavailability of tax-free bond issues. Investors who are not liable to pay tax on income and who are highly depending on the interest amount can take advantage of the NCDs. The NCD offers the convenience of sending payouts directly to a bank account. The investor is recommended to monitor the risk factors to ensure their investment is safe.

      16th February 2017

    • Indians earn interest on the deposits at banks at record low

      The amount of interest earned by Indians on the fixed deposits and savings accounts has dropped to a great extent. This particular information has been revealed in Indian Public Finance Statistics for the year 2015-2016. It was released by the Ministry of Finance.

      The rates of interest on any normal savings account have remained the same under NDA Government at 4%. The consumer inflation in the month of August was above 5%. At this rate, a person having a savings account with a bank is losing substantial amount of money. The rates of the savings account have been constant. However, there has been a steep decline in all other rates of interest. Previously, a fixed deposit with a tenure of 3 years could earn interest rate of 8.4%. At present, a fixed deposit that matures in one year earns a rate of interest of 7.1% and a fixed deposit that that matures in two years can earn interest rate of 7.2%. A fixed deposit for 5 years (extremely popular with the middle class) comes with an interest rate of 7.9%. However, last years the rate of interest for a fixed deposit for 5 years was 8.4%.

      26th October 2016

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