HDFC Bank reduces fixed deposit interest rates

HDFC Bank has reduced fixed deposit interest rates. Account holders will now be able to earn highest interest rate of only 7.20 per cent on fixed deposits with the private lender. They will have to open an FD of 4 Year 7 Months or 55 months to get 7.20 per cent RoI. Senior citizens will get 7.70 per cent interest.  Earlier, India’s largest private sector bank was giving 7.25 per cent interest rate to general citizens on FD of this particular tenure. Banks have started to reduce interest rates. In the past one year or two, banks in India, have continuously hiked interest rates. Some private banks have even raised interest rates to as high as 8.50 per cent for senior citizens. But now it seems, the current interest rate cycle has reached its peak. And now, banks will soon start reducing the rates.

So, if you haven’t yet taken advantage of current high interest rates being given by banks on FDs, then, you can check out here currently which private banks are giving the best interest rates in the industry.

Private banks with highest interest rates on fixed deposits:

We have taken into consideration only private banks and not small finance banks.

DCB Bank is giving the highest interest rate on fixed deposits as compared to other private banks. If account holders open FD with DCB Bank, then, they can get as high as 7.90 per cent RoI. But for this, they will have to open the FD for 25 months. Senior citizens too will get 0.60 per cent additional rate on this FD. They will get 8.50 per cent RoI on this deposit. Currently, DCB Bank is giving the highest interest rate on fixed deposits to both general and senior citizens. Barring Small Finance Banks, no other private bank is giving as much interest rate on fixed deposits as DCB Bank is giving.

RBL Bank is giving the second highest interest rate on fixed deposits as compared to other banks. RBL Bank is giving as high as 7.80 per cent RoI on FDs of 15 months to less than 2 years. Elderly will get 8.30 per cent interest rate on this FD.

On the other hand, IndusInd Bank is giving 7.50 per cent interest on FDs of one year to less than 18 months. The Mumbai based lender is giving 0.75 per cent additional rate to senior citizens. Elderly will get 8.25 per cent interest on this FD.

IDFC First Bank is also giving RoI of 7.50 per cent on FDs of 1 year 1 day to 550 days. Senior citizens will get 8 per cent on this FD.

Federal Bank on the other hand is giving interest rate of as high as 7.30 per cent on FDs of 13 months to 21 months. Federal Bank is giving 0.77 per cent additional rate to senior citizens. Elderly will get 8.07 per cent interest on this FD.

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 18 months and seven days.

Kotak Mahindra Bank is giving highest of 7.25 per cent interest rate on fixed deposits. But to get this interest rate, account holders will have to open the FD of 23 months. Senior citizens will get 7.75 per cent interest rate on this FD.

If account holders open FD with South Indian Bank, then, they can get as high as 7.20 per cent RoI. But for this they will have to open the FD for 500 days. But senior citizens will get similar rate on this FD. The elderly will not get any additional rate on this FD.

Even with Karur Vyasa Bank, depositors can get as high as 7.20 per cent RoI. But for this, they will have to open FD of 444 days.

ICICI Bank is also giving as high as 7.10 per cent but on FDs of 15 months to 18 months.

With FDs of 400 days with City Union Bank, account holders can get highest of 7 per cent interest rate.

On the other hand, account holders will get highest of 6.80 per cent on fixed deposits opened with IDBI Bank. They will get this much rate of interest on FDs of 1 year to 2 years. Senior citizens will get 0.50 per cent additional rate.