This private bank gives 8 percent interest on fixed deposits | This private bank gives 8 percent interest on fixed deposits! Achi-News

Tamilnad Mercantile Bank gives interest of up to 7.50 percent on deposits for a period of 400 days. Senior citizens get 8 percent interest on this FD. But is this the highest interest that depositors 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. With the exception of small financial banks, no other private bank gives as high interest on time deposits as the private lender. If general citizens open an FD with RBL Bank, then they can get up to 8.10 percent ROI. Senior citizens can go up to 8.60 percent. RBL Bank gives such high interest rates on deposits for a period of 18 months to 2 years.

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

Private banks with the highest interest rates on fixed deposits:

*Only private banks were considered, not small finance banks. Foreign private banks are also not included in this list.

DCB Bank also gives one of the best interest rates on fixed deposits. The Mumbai-based private lender currently gives interest of up to 8 percent on deposits for a period of 25 months to 26 months. Senior citizens will get 8.60 percent interest on this deposit.

IDFC First Bank also gives an interest rate of up to 8.00% to general citizens, while senior citizens get an interest rate of up to 8.50%. The account holders have to open an FD with the private lender for 500 days to earn such high interest.

If general citizens open an FD with IndusInd Bank, then they can get up to 7.75 percent ROI. But for that, they will have to open the FD for 1 year to less than 1 year 6 months. Senior citizens will get an additional rate of 0.50 percent on this FD. They will get 8.25 percent ROI on short term deposit.

Bandhan Bank also gives interest up to 7.85 percent, but on FDs of 1 year, 4 months, 11 days. Seniors will receive an additional 0.50 percent.

The Federal Reserve Bank gives up to 7.40 percent on 400-day fixed deposits. Senior citizens will get 7.90 percent interest on this FD.

Karur Vysya Bank gives an interest rate of up to 7.50 percent. Although, senior citizens can get an interest rate of up to 8.00 percent with the private lender. General citizens will have to open an FD with the Tamil Nadu based lender for 444 days to earn such a huge interest.

Kotak Mahindra Bank gives up to 7.40 percent interest to general citizens, while senior citizens get 7.90 percent interest. Account holders will have to open an FD with the private lender for 390 days to earn such high interest.

With Dhanlaxmi Bank, depositors can get a rate as high as 7.25 percent. But for that, they will have to open the FD for 555 days.

With IDBI Bank too, customers can get up to 7.00 percent interest. For this they will have to open the deposit for a period of more than 2 years to less than 3 years. Seniors will receive an interest rate of up to 7.50%.

HDFC Bank gives interest up to 7.25 percent to general citizens on 18 months to less than 21 months FD. Senior citizens will get up to 7.75 percent interest on this particular FD.

Private lender ICICI Bank gives an interest rate of up to 7.20% to general citizens, while senior citizens get an interest rate of up to 7.75%. Account holders will have to open an FD with ICICI Bank for a period of 15 months to 18 months to earn such high interest.

Axis Bank gives interest of up to 7.20 percent to general citizens on FDs of 17 to 18 months. Senior citizens will receive an interest rate of 7.85 percent.

Posted: April 18, 2024, 7:36 PM IST