Many banks have lowered the interest rates on fixed deposits (FDs) after the country’s largest bank, the Reserve Bank of India, cut the repo rate by 0.75 per cent in March. Savings schemes have cut interest rates from 0.70 to 1.40 per cent. After the recent cut in fixed deposit interest rate, large banks of the country like State Bank of India, HDFC Bank The ICICI Bank and Punjab National Bank are offering interest rates of its customers by 6.5 per cent on deposits.
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There are some small finance banks, which are still offering 8 to 9.5 percent interest rate on FD. Customers can earn good returns by putting some of their money in fixed deposit accounts of these banks. Deposits in Small Finance Bank are also covered by Deposit Insurance and Credit Guarantee Corporation (DICGC).
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Apart from this, the State Bank of India offers an interest rate of 5.70 per cent from ordinary citizens and 6.20 per cent from senior citizens for FDs ranging from one year to 10 years. 5.75% and offers a 6.25% interest rate to senior citizens. Talking about HDFC Bank, it is for ordinary citizens for FDs ranging from 2 years one day to 10 years. It offers 6 percent and 6.50 percent interest rate from senior citizens. Apart from this, ICICI Bank offers 6 percent from ordinary citizens and 6.50 percent from senior citizens for FDs ranging from two years to one year to 10 years.
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