The Reserve Bank of India’s recent 0.25% repo rate cut has led experts to anticipate a decrease in fixed deposit (FD) interest rates soon. If you’re looking to secure higher returns, now might be the ideal time to invest in FDs offering attractive rates between 8% and 9%. Here’s a list of banks currently providing some of the best FD interest rates:
Small Finance Banks:
- NorthEast Small Finance Bank: Offers a 9% interest rate for tenures ranging from 546 to 1,111 days.
- Unity Small Finance Bank: Provides a 9% interest rate for a 1,001-day term.
- Suryoday Small Finance Bank: Offers 8.60% interest for deposits over two to three years.
- Equitas Small Finance Bank: Provides an 8.25% interest rate for a 444-day tenure.
- Jana Small Finance Bank: Offers 8.25% interest for terms between one to three years.
- Ujjivan Small Finance Bank: Provides an 8.25% interest rate for a 12-month deposit.
- Utkarsh Small Finance Bank: Offers 8.50% interest for tenures between two to three years or 1,500 days.
Private Sector Banks:
- Bandhan Bank: Provides an 8.05% interest rate for a one-year term.
- RBL Bank: Offers 8.10% interest for a 500-day deposit.
- SBM Bank India: Provides an 8.25% interest rate for terms above 18 months but less than two years and three days.
Foreign Banks:
- Deutsche Bank: Offers an 8% interest rate for deposits ranging from one to three years.
Given the potential for declining FD interest rates in the near future, now is an opportune moment to lock in these higher rates. Before investing, ensure you review each bank’s terms and conditions to select the option that best aligns with your financial goals.
