Get rich fast! Fixed deposit interest rates set to soar; this bank offers highest on 1 year deposit
MUMBAI: IDFC vs HDFC BANK vs Bandhan Bank vs Yes Bank vs ICICI Bank fixed deposit rates compared: Good news awaits bank depositors. Interest rates on fixed deposits (FDs) are expected to rise further, helping depositors to earn more from their savings. Most of the retail term deposits are concentrated in the one year scheme banks also offer higher rates for 3 to 5 year deposits.
IDFC offers up to 8.75 per cent in the 3 to 5 year category for senior citizens. The bank offers 8.25 per cent for general customers.
With the equity markets currently under a spell of turbulence, banks hope that investors would migrate their investments to bank deposits. The one-year deposit rates are the highest from HDFC Bank, which is offering 7.30 per cent to its general customers and 7.80 per cent to senior citizens. Bandhan Bank, however, gives the highest returns to senior citizens at 8 per cent in the one year category. In certain buckets, the current peak rate for YES Bank is at 8.25 per cent.
With elections in several states around the corner and general elections in 2019, cash will be in deficit forcing banks to build up their resources.
ICICI Bank on Wednesday announced a 0.10 per cent to 0.25 per cent rise in its deposit rates. The one-year deposit of the bank has gone to 6.90 per cent and for senior citizens at 7.40 per cent.
Watch This Zee Business Video
“With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns,” said Pranav Mishra, senior general manager & head - retail liabilities group, ICICI Bank. In the 2 to 3 year tenure the senior citizens can earn up to 8 per cent, highest rate offered by the bank on its FDs.
This story was first printed in DNA: Earnings from savings: Interest rates are expected to rise further
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
11:56 AM IST