These ‘ four’ banks are providing over 8% interest rates on FD as global trend of interest rate cuts begins
These ‘ four’ banks are providing over 8% interest rates on FD as global trend of interest rate cuts begins
As the global trend of interest rate cuts begins, highlighted by the U.S. Federal Reserve’s recent decision to lower key rates by 50 basis points, the Reserve Bank of India (RBI) is expected to maintain its repo rate amid ongoing food inflation concerns. Despite this, several banks are currently offering fixed deposit (FD) interest rates exceeding 8% per annum following multiple rate hikes over the past two years.
Current FD rates offered by banks:
Bandhan Bank: Offers interest rates between 3% and 8.05%, depending on the deposit tenure and individual credit risk.
RBL Bank: Provides an attractive rate of 8.10% per annum.
SBM Bank India: Offers a competitive return of 8.25% per annum.
YES Bank: Also provides a solid rate of 8% per annum.
In addition, senior citizens (aged 60 and above) can benefit from an additional 0.5% interest rate on their fixed deposits.
How to Open a Bank FD
Individuals can open a bank FD both online and offline. To open an FD account offline, customers need to visit their bank branch and complete the KYC (Know Your Customer) requirements. Most banks allow FDs to be opened with a minimum deposit of Rs 100, though this amount may vary. Fixed deposits can be made for durations ranging from 7 days to 10 years, and while funds can be withdrawn before maturity, penalties may apply.
