Best Fixed Deposit Rate: Banks offering the best FD rates may vary depending on various factors and the specific tenure of the FD. Investors should keep in mind that banks change the interest rates on FD at any time. In such a situation, you should know about FD rates before investing.
New Delhi. Whenever there is talk of savings, the name of fixed deposit (FD) definitely comes up. Your investment in fixed deposit is safe, and you also get guaranteed returns. Banks offering the best FD rates may vary depending on various factors and the specific tenure of the FD. If you also want to invest in FD then this is useful news for you.
Some of the banks in India that are known to offer competitive FD rates include- 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, DCB Bank. Investors should keep in mind that banks change the interest rates on FD at any time. In such a situation, you should know about FD rates before investing.
Errors in loan to value ratio
According to RBI, the company was inspected with reference to the financial position of IIFL as of March 31, 2023. Irregularities have been found in the Loan to Value Ratio (LTV) of IIFL Finance. The central bank said that apart from being regulatory violations, these activities also affect the interests of customers. The central bank says that there will be a special audit of the company’s operations and after that the restrictions will be reconsidered.
RBI has taken major action against Paytm Payments Bank
It is noteworthy that while issuing an order on January 29, RBI had imposed several restrictions on Paytm Payments Bank. RBI had ordered Paytm Payments Bank to stop taking new deposits and credit transactions after February 29. However, later RBI gave relief to Paytm Payments Bank till March 15, 2024.
Best FD rates of 13 banks
- BL Bank – 8.10 Percent (18 Months To 24 Months)
- DCB Bank – 8 Percent (25 Months To 26 Months)
- IndusInd Bank – 7.75 (1 Year To Less Than 1 Year 6 Months, 1 Year 6 Months To Less Than 1 Year 7 Months, 1 Year 7 Months To 2 Years)
- IDFC First Bank – 7.75% (549 Days – 2 Years)
- Yes Bank – 7.75 Percent (18 Months < 24 Months)
- Punjab And Sindh Bank – 7.40 Percent (444 Days)
- Kotak Mahindra Bank – 7.40 Percent (390 Days To Less Than 23 Months)
- Punjab National Bank – 7.25 Percent (400 Days)
- Bank Of Baroda – 7.25 Percent (More Than 2 Years And Up To 3 Years)
- HDFC Bank – 7.25 Percent (18 Months To < 21 Months)
- ICICI Bank – 7.20 Percent (15 Months To < 18 Months)
- ICICI Bank – 7.20 Percent (18 Months To 2 Years)
- Axis Bank – 7.20 Percent (17 Months < 18 Months)
- SBI- 7 Percent (2 Years To Less Than 3 Years)
Insurance cover up to Rs 5 lakh is available on bank deposits.
If you are a bank customer, then you must know that if your bank defaults or goes bankrupt, you get insurance cover up to Rs 5 lakh on bank deposits. DICGC, a company wholly owned by the Reserve Bank of India (RBI), insures the banks of the country.
