With the stock market being as volatile as it is, investors are looking for safer investment options that guarantee both the principle and the interest. At this Juncture, Fixed Deposits are the best Investment option for the Risk Averse Investor. With Banks in India offering more than 9% per annum (Even 10% in some cases) on Fixed Deposits, this is the best time to invest in Fixed Deposits if you have surplus cash.
Below are the Best Interest Rates available from various Banks in India.
Note: This is not a consolidated List. Only the Timeframes where the Bank is offering the best Rate of Interest is chosen. For the full list, please visit the respective bank websites.
Nationalized Banks:
1. State Bank of India
| Time Period | Rate of Interest |
|---|---|
| 91 days to 179 days | 7.25% |
| 241 days to Less than 1 year | 7.75% |
| > 1 year | 9.25% |
Extra 0.5% for Senior Citizens.
2. Punjab National Bank
| Time Period | Rate of Interest |
|---|---|
| 180 days to Less than 1 year | 8% |
| 1 year | 9.25% |
| 555 days | 9.3% |
| 777 days | 9.35% |
| 1000 days | 9.4% |
Extra 0.5% for Senior Citizens.
3. Indian Bank
| Time Period | Rate of Interest |
|---|---|
| 181 days to Less than 9 months | 7.25% |
| 9 months to Less than 1 year | 9.25% |
| 1 to 3 years | 9.5% |
Extra 0.75% for Senior Citizens.
4. Indian Overseas Bank
| Time Period | Rate of Interest |
|---|---|
| 91 days to 120 days | 7.75% |
| 180 days to 269 days | 8% |
| 270 days to 332 days | 8.5% |
| 1 year to 443 days | 9.25% |
Extra 0.75% for Senior Citizens.
5. IDBI Bank
| Time Period | Rate of Interest |
|---|---|
| 46 days to 90 days | 7% |
| 91 days to less than 6 months | 8% |
| 6 months to 269 days | 9% |
| 270 days to 1 year | 9.25% |
| 1 year to 499 days | 9.5% |
Extra 0.75% for Senior Citizens.
6. Bank of Baroda
| Time Period | Rate of Interest |
|---|---|
| 1 year to 443 days | 9.25% |
| 444 days | 9.35% |
Extra 0.75% for Senior Citizens.
Private Banks:
1. ICICI Bank
| Time Period | Rate of Interest |
|---|---|
| 190 days | 7.75% |
| 390 days | 9.25% |
| 590 days | 9.25% |
Extra 0.5% for Senior Citizens.
2. HDFC Bank
| Time Period | Rate of Interest |
|---|---|
| 6 months 16 days | 7.75% |
| 9 month 16 days | 8% |
| 1 year 1 day to 1 year 15 days | 9% |
| 1 year 16 days | 9.25% |
Extra 0.5% for Senior Citizens.
3. Karur Vysya Bank
| Time Period | Rate of Interest |
|---|---|
| 31 days to 270 days | 7.65% |
| 271 days to Less than 1 year | 8.5% |
| 1 year to 3 years | 9.75% |
Extra 0.5% for Senior Citizens.
4. Axis Bank
| Time Period | Rate of Interest |
|---|---|
| 3 to 6 months | 7% |
| 6 months to Less than 1 year | 7.5% |
| 1 year 1 day to 14 months | 9.4% |
Extra 0.75% to 1% for Senior Citizens depending on time period chosen.
5. Kotak Mahindra Bank
| Time Period | Rate of Interest |
|---|---|
| 91 days to 180 days | 7.75% |
| 181 days to 270 days | 8.75% |
| 271 days to less than 1 year | 9.5% |
| 1 year to 389 days | 9.5% |
Extra 0.5% for Senior Citizens.
Pick of the Lot:
Short Term (Approximately around 6 months)
| Bank Name | Rate of Interest | Deposit Period |
|---|---|---|
| HDFC Bank | 7.75% | 6 month 16 days |
| ICICI Bank | 7.75% | 190 days |
| Punjab National Bank | 8% | 180 days to Less than 1 year |
| State Bank of India | 7.25% | 91 days to 179 days |
| Indian Bank | 7.75% | 181 days to 9 months |
| Axis Bank | 7.5% | 6 months to Less than 1 year |
| Karur Vysya Bank | 7.65% | 31 days to 270 days |
| Indian Overseas Bank | 7.75% | 91 days to 120 days |
| IDBI Bank | 8% | 91 days to Less than 6 months |
| Kotak Mahindra Bank | 7.75% | 91 days t0 180 days |
Long Term (1 year or More)
| Bank Name | Rate of Interest | Deposit Period |
|---|---|---|
| HDFC Bank | 9.25% | 1 year 16 days |
| ICICI Bank | 9.25% | 390 days |
| Punjab National Bank | 9.35% | 777 days |
| State Bank of India | 9.25% | Greater than 1 year |
| Indian Bank | 9.5% | 1 to 3 years |
| Axis Bank | 9.4% | 1 year to 14 months |
| Karur Vysya Bank | 9.75% | 1 to 3 years |
| Indian Overseas Bank | 9.25% | 444 days |
| Bank or Baroda | 9.35% | 444 days |
| IDBI Bank | 9.5% | 500 days |
| Kotak Mahindra Bank | 9.5% | 1 year to 389 days |
Important Disclaimer: The Article above is not an investment advise. All Interest Rate numbers were picked up from the respective bank websites as of November 2011. Banks may change their rates from time to time and the author does not guarantee accuracy of the dates if the Banks wish to change their rates.
Happy Depositing!!!
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