Mumbai: Fixed Deposits (FDs) continue to be a popular investment avenue in India due to their low-risk nature and guaranteed returns. As per Paisabazaar, FD interest rates currently range from 2.5 per cent to 9 per cent annually, with tenures spanning 7 days to 10 years.
Punjab National Bank (PNB): Interest Rate Cut
PNB has revised interest rates for deposits below Rs 3 crore. Effective May 1, the bank cut 25 basis points for small and medium-term schemes. Now, PNB offers 3.50 per cent to 7.10 per cent, with the highest rate of 7.10 per cent for 390 days.
State Bank of India (SBI): Minor Rate Reduction
SBI reduced rates by 10 basis points for FDs between 1 to 3 years. For 1–2 year tenures, the rate dropped to 6.7 per cent for regular customers and 7.2 per cent for senior citizens. For 2–3 years, rates are now 6.9 per cent (regular) and 7.4 per cent (senior citizens).
IDFC First Bank: Attractive Mid-Term Rates
IDFC First Bank offers between 3 per cent to 7.50 per cent for the general public and 3.5 per cent to 8 per cent for senior citizens. The highest rate of 7.5 per cent (8 per cent for seniors) is available for 400–500 day deposits.
IndusInd Bank: Competitive Returns
IndusInd Bank provides 3.5 per cent to 7.75 per cent for regular customers and 4 per cent to 8.25 per cent for senior citizens. The best rate is 7.75 per cent (8.25 per cent for seniors) for a 15–16 month tenure.
Kotak Mahindra Bank: Mid-Range Options
Kotak Mahindra Bank now offers interest rates between 2.75 per cent and 7.15 per cent for the general public and 3.25 per cent to 7.65 per cent for senior citizens for deposits under Rs 3 crore.
Bandhan Bank: Increased FD Rates
Bandhan Bank raised its FD rates for deposits below Rs 3 crore. Now offering 3 per cent to 7.75 per cent for regular customers and 3.75 per cent to 8.25 per cent for senior citizens, the highest rates apply to 1-year tenures.
AU Small Finance Bank: Strong Offers for Seniors
AU Small Finance Bank offers 3.75 per cent to 7.75 per cent for general customers and 4.25 per cent to 8.05 per cent for senior citizens for deposits under Rs 3 crore, covering tenures from 7 days to 10 years.
