Bank FD: Bank FD is a preferred option among investors seeking returns and safety. This investment is considered safe due to guaranteed returns. Deposit Insurance and Credit Guarantee Corporation Limited (DICGC) provides insurance coverage on deposits up to Rs 5 lakh if a bank fails to repay the deposited amount.
Bank FD : Bank FD is a preferred option among investors seeking returns and safety. This investment is considered safe due to guaranteed returns. Deposit Insurance and Credit Guarantee Corporation Limited (DICGC) provides insurance coverage on deposits up to Rs 5 lakh if a bank fails to repay the deposited amount. Many banks like Kotak Mahindra Bank, HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, Punjab National Bank, IDFC First Bank, Yes Bank, Punjab & Sind Bank, RBL Bank and DCB Bank are offering the best returns. Investors need to keep in mind that banks have the right to change FD interest rates at any time. Therefore, before investing, one should be aware of the current FD rates.
- RBL Bank is offering 8.10% interest on deposits ranging from 546 days to 24 months.
- DCB Bank is offering 8% interest on deposits of 25 months to 26 months.
- IndusInd Bank is offering interest rate of 7.75%. This interest rate is available on 1 year to 1 year less than 6 months, 1 year 6 months to 1 year less than 7 months and 1 year 7 months to 2 years.
- IDFC First Bank is offering interest rate of 7.75% on deposits ranging from 549 days to 2 years.
- Yes Bank is offering interest rate of 7.75% on deposits of 18 months to less than 24 months.
- Punjab National Bank is offering an interest rate of 7.25% on deposits lasting up to 400 days.
- Bank of Baroda is offering interest rate of 7.25% on deposits of more than 2 years and up to 3 years.
- Punjab and Sindh Bank is offering 7.40 percent interest rate for 444 days.
- Kotak Mahindra Bank is offering interest ranging from 2.75% to 7.40% on FD of 390 days and less than 23 months.
- HDFC Bank is offering interest of 7.25 percent for 18 months and up to 21 months.
- ICICI Bank is offering 7.20 percent interest rate for tenures ranging from 15 months to 18 months. ICICI Bank is offering 7.20 percent interest rate for tenures ranging from 18 months to 2 years.
- Axis Bank is offering 7.20 percent interest rate for 17 months and 18 months.
- SBI is offering 7 percent interest on FDs of 2 years to less than 3 years.
Cover up to Rs 5 lakh
Bank customers should be aware that the bank provides insurance cover of up to Rs 5 lakh on their deposits in case of default or insolvency. This insurance coverage is given by DICGC, which is under the control of the Reserve Bank of India (RBI).
