Karur Vysya Bank hikes fixed deposit RoI to up to 8 per cent

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Karur Vysya Bank has hiked fixed deposit interest rates to 7.50 per cent. 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. But is 7.50 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, 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 much 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 7.85 per cent RoI. But for this, they will have to open the FD for 1 year 6 months to below 1 year 7 months. Senior citizens will get 0.40 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 on FDs of 1 year, 4 months, 11 days. Elderly will get 0.50 per cent additional rate.

RBL Bank is giving the third highest interest rate on fixed deposits as compared to other banks. The Mumbai based private lender 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.

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.

IDFC First Bank is 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.

Next in line is HDFC Bank with 7.20 per cent interest rates. Account holders will now be able to earn highest interest rate of 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 on this FD.