Banks have consistently reduced interest rates on fixed deposits. So far, Yes Bank, which is paying the highest interest on FD, has also cut it in the past.
After the private sector Yes Bank, now the state-owned Indian Bank has also reduced the interest on FD on fixed deposits. The bank has reduced FD interest for both regular and senior citizen categories of customers.
Regular customers will get this much interest on FD
According to the information given on the bank’s website, for regular customers, FDs of less than Rs 2 crore for seven days to five years will now get interest ranging from 2.80 percent to 5.25 percent. In case of senior citizens, the interest rates on FDs are still higher as compared to the regular ones. This category of customers will continue to get 0.50 percent additional interest on short term deposits, fixed deposits and money multiplier deposit schemes up to Rs 10 crore.
Senior citizens will get more interest than regular
For senior citizen category customers, interest rates on FDs of Rs 2 crore for seven days to five years will now range from 3.3 per cent to 5.75 per cent. 5.65 percent interest will be available on FDs of more than five years. Similarly, interest rates on FDs ranging from Rs 2 crore to Rs 5 crore will range from 2.9 per cent to 3.25 per cent. All the new rates have come into effect from November 5.
Yes Bank has also reduced interest on FD
Earlier, Yes Bank had also announced to reduce interest rates on AFD from November 3. Yes Bank is offering interest ranging from 3.25 percent to 6.25 percent on FDs of seven days to 10 years to regular customers. In case of senior citizens, these rates range from 3.75 percent to 6.75 percent. These rates are for FDs up to Rs 2 crore.
These banks are giving highest interest on FD
Even after this amendment, Yes Bank remains one of the highest interest paying banks on FDs. Apart from Yes Bank, only the private sector is ahead in offering attractive interest rates on FDs. Among them, RBL Bank is offering interest up to 6.80 percent, IndusInd Bank up to 6.50 percent, DCB Bank up to 6.45 percent, IDFC First Bank up to 6.25 percent.
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