Finally some good news for HDFC Bank, Axis Bank depositors!

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HDFC Bank and Axis Bank have hiked fixed deposit interest rates. The former will now give as high as 7.25 per cent interest to general citizens, while, the latter will give as high as 7.20 per cent rate of interest. Account holders will have to open an FD with HDFC Bank for a period of 18 months to less than 21 months to earn 7.25 per cent interest. Senior citizens can earn 7.75 per cent rate of interest on this  FD. While, depositors will have to open an FD with Axis Bank for a period of 17 months to less than 18 months to earn an interest of 7.20 per cent. The elderly will get 7.85 per cent rate of interest on this FD.

But is 7.85 per cent currently the highest interest rate that senior citizens can get by opening an FD with any of the private sector banks in the country?

No. Currently, DCB Bank and RBL Bank are giving the highest interest rate on fixed deposits to both senior and general citizens. Barring Small Finance Banks, no other private banks is giving as high interest rate on fixed deposits as these two banks. If general citizens open an FD with DCB Bank and RBL Bank, then, they can get 8.00 per cent RoI. Senior citizens can get as high as 8.60 and 8.50 per cent, respectively.

DCB Bank gives such high interest rates on FDs of 25-26 months. While, RBL Bank gives such high interest rates on term deposits of 18 months to 2 years.

Let’s see which other private lenders are giving industry best interest rates on fixed deposits:

Private banks with highest interest rates on fixed deposits:

*Only private banks have been considered, not small finance banks. Foreign private banks are also excluded from this list.

If general citizens open FD with IndusInd Bank, then, they can get as high as 7.75 per cent RoI. But for this, they will have to open the FD for 1 year to less than 1 year 6 months. Senior citizens will get 0.50 per cent additional rate on this FD. They will get 8.25 per cent RoI on this term deposit.

Bandhan Bank also gives as high as 7.85 per cent rate of interest but on FDs of 1 year, 4 months, 11 days. Elderly will get 0.50 per cent additional rate.

Federal Bank is giving up to 7.75 per cent on fixed deposits of 500 days. Senior citizens will get 8.25 per cent interest on this FD.

Karur Vysya Bank gives as high as 7.50 per cent rate of interest. While, senior citizens can get as high as 8.00 per cent interest rate with the private lender. General citizens will have to open an FD with the Tamil Nadu-based lender for 444 days to earn this much interest.

IDFC First Bank is also giving RoI of 7.50 per cent but on FDs of 1 year 1 day to 550 days. Senior citizens will get 8 per cent on this FD too. J&K Bank is also giving up to 8.00 per cent interest on fixed deposits of 555 days to senior citizens. General citizens will get 7.50 per cent.

With Dhanlaxmi Bank, depositors can get as high as 7.25 per cent rate. But for this, they will have to open the FD for 555 days.

Kotak Mahindra Bank also offers as high as 7.25 per cent interest but on fixed deposits of 23 months to less than 2 years tenure.