Is IDFC First Bank's fixed deposit interest rate industry highest after fresh hike?

IDFC First Bank has hiked fixed deposit interest rates. The private lender will now give as high as 8.00 per cent interest to general citizens, while, senior citizens will get as high as 8.50 per cent rate of interest. Account holders will have to open an FD with the private lender for 500 days to earn such high-interest rates.

But is 8.00 per cent currently the highest interest rate that general citizens can get by opening an FD with any of the private sector banks in the country?

No. Currently, RBL Bank gives the highest interest rate on fixed deposits. Barring small finance banks, no other private bank is giving as high interest rate on term deposits as the private lender. If general citizens open an FD with the RBL Bank, then, they can get as high as 8.10 per cent RoI. Senior citizens can get as high as 8.60 per cent. RBL Bank gives such high interest rates on term deposits of 18 months to 2 years.

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

Private banks with the 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.

The DCB Bank also gives one of the best interest rates on fixed deposits. The Mumbai based private lender currently gives as high as 8 per cent rate of interest on term deposits of 25 months to 26 months. The elderly will get 8.60 per cent interest on this deposit.

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.

Kotak Mahindra Bank gives as high as 7.40 per cent interest to general citizens, while, senior citizens get 7.90 per cent rate of interest. Account holders will have to open an FD with the private lender for 390 days to earn such high-interest rates.

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.

With IDBI Bank also, customers can get as high as 7.25 per cent rate of interest. For this they will have to open the term deposit for only 444 days. Elderly will get as high as 7.75 per cent interest.

HDFC Bank gives as high as 7.25 per cent interest to general citizens on FDs of 18 months to less than 21 months. Elderly will get as high as 7.75 per cent interest on this particular FD.

The private lender ICICI Bank gives as high as 7.20 per cent interest to general citizens, while, senior citizens get as high as 7.75 per cent rate of interest. Account holders will have to open an FD with ICICI Bank for a period of 15 monhs to 18 months to earn such high-interest rates.

Axis Bank gives as high as 7.20 per cent interest to general citizens on FDs of 17 to 18 months. Elderly will get 7.85 per cent rate of interest.