In this environment of corona crisis and economic slowdown, RBI has reduced the repo rate significantly. Due to this, car loans, home loans and other retail loans have become cheaper. However, the reduction in interest rates has also affected the returns on Fixed Deposit (FD). Most major banks of the country have reduced the interest rate on FD. However, the guarantee of fixed returns still makes this scheme quite attractive for investors. Fixed deposits are also called term deposits. The reason for this is that you invest in a bank for a pre-determined period. Let us know which banks are offering good interest on FD to their customers even in today’s time.
This bank is paying 7.35% interest on fixed deposits of 36 months to 120 months duration. The bank is offering interest at the rate of 7.85 per cent to senior citizens on term deposits of the same period.
IDFC First Bank
This bank is paying 7.25% interest on FD of one year to 10 years duration. At the same time, the bank is paying 8 percent interest to senior citizens.
Yes bank of private sector is offering interest at the rate of 7.25 per cent on FD of one year to 10 years. This bank is also giving an additional interest of 0.50 percent to senior citizens.
This bank is paying interest at the rate of 7.25 percent on term deposits ranging from 24 months to 36 months. At the same time, the bank is offering interest at the rate of 7.75 percent to senior citizens in the same period.