New Delhi: Several banks, both public and private, have increased interest rates on fixed deposits, effective from November 1 to November 6. As per the data garnered from banks’ websites, HDFC Bank, Punjab National Bank (PNB) and Canara Bank revised their interest rates recently.
PNB, which revised fixed deposit rates with effect from November 1, has also introduced a 555-day special scheme, to be availed between November 2018 and March 2019. On deposits below Rs 1 crore, subscribers can get an interest rate of 6.85 per cent. The interest rest under this scheme for senior citizens is 7.35 per cent, which is the highest rate offered by PNB.
With effect from November 6, HDFC Bank hikes interest rated on fixed deposits by up to 50 basis points across various tenors. The bank is now offering 6.5 per cent interest on fixed deposits for 5-8 years and 8-10 years tenure. Earlier it was offering 6 per cent on deposits.
The highest interest offered by HDFC is 7.40 per cent on loan tenure of 2-3 years on deposits below Rs 1 crore. For deposits between Rs 1 crore and Rs 5 crore, HDFC offers up to 7.5 per cent on different tenures of 1-3 years.
Under the Canara Shikhar Deposit plan, the state-owned lender is now offering highest 7.10 per cent interest. For the 444-day Canara Shikhar Deposit plan, the interest rate offered by the bank is 7.05 per cent.
India's largest lender, State Bank of India (SBI), is offering the highest 6.85 per cent interest rate on 5-10 years tenure. For senior citizens, the highest interest rate offered by the bank is 7.35 per cent. Private lender ICICI Bank offers the highest interest of 7.25 per cent on 5-year tax-saver plan. For senior citizens, the rate is 7.75 per cent.
Axis Bank is offering 7.25 per cent interest on various tenures of 1-5 years.
In contrast to these large banks, some small lenders are offering interest rates above 8 per cent on fixed deposits of various tenures. AU Small Finance Bank is offering 8.50 per cent on a 2-year fixed deposit. Similarly, IDFC Bank is offering 8.75 per cent on a 5-year tax-saving fixed deposit.
Some of the banks that are offering 8 per cent or above rates on various fixed deposits include IndusInd Bank, RBL, AU Small Finance Bank, DCB Bank, IDFC Bank and Laxmi Vilas Bank.