Amid rising interest rate cycle, several banks have lately raised their fixed deposit interest rates. After these hikes, a number of private as well as government banks now offer over 7 percent interest on their fixed deposits to depositors on certain tenors.
Meanwhile, Axis Bank revised its interest rates on bulk fixed deposits with effect from December 5. A few commercial private banks now offer as high as 7.5 percent per annum interest rate on their term deposits for limited tenors.
These include RBL Bank which offers 7.55 percent on its term deposit of 453 days to 725 days. DCB Bank offers an interest of 7.5 percent to depositors for tenor between 700 days to 36 months. These are the latest interest rates as on December 2, 2022 compiled by BankBazaar.
The highest interest rate offered by Bandhan Bank on its term deposits is 7.5 percent for 600-day period. Catholic Syrian Bank offers 7.5 percent on its term deposit for 750 days.
There are three banks i.e., Yes Bank, IDFC First Bank and Federal Bank that offer a maximum of 7.25 percent on its term deposits across tenors.
|Bank||Highest rate of interest (%)||Tenor|
|RBL||7.55||453 to 725 days|
|DCB Bank||7.5||> 700 days to < 36 months|
|Bandhan Bank||7.5||600 days|
|Yes Bank||7.25||20 to <= 22 months|
|IDFC First||7.25||750 days|
|Federal Bank||7.25||700 days|
|IndusInd||7||24 to 25 months|
|Canara Bank||7||666 days|
(Compiled by: BankBazaar)
At the same time, the maximum interest offered by most government banks is 7 percent. These include Canara Bank, Punjab National Bank, Punjab & Sind Bank and South Indian Bank.
Most foreign banks — at the same time — offer around 7.25 percent per annum interest rate for specific tenor on their term deposits.
These include Citibank, DBS Bank and Deutsche Bank for tenors of 181-400 days, 600 days and 555 days, respectively.
However, Standard Chartered Bank offers 6.6 percent for tenor between 2 to 3 years.
At the same time, Credit Suisse offers an interest of 5.75 percent for term deposit of 391-to-729-day tenor, and Barlcays offers 5.52 percent interest for 400 days to 18 months.