3 Large Private Banks Raise Interest Rates On Fixed Deposits, Now Get 8.25% Interest

Several large banks in the country have raised interest rates. But, the ones that are offering attractive interest rates including the private sector banks. Among these include names like IDFC First Bank, IndusInd Bank and Yes Bank. Let us take a look now.

IDFC First Bank Deposit rates

The maximum interest rates that IDFC First Bank offers to customers is 8.25 for senior citizens. Regular depositors get a maximum interest rate of 8.25% on deposits. The good things about these deposits is that the interest rate of 8.25% and 7.75% come with slightly higher tenures of 3 years. This is good because cost of the banks have hiked their rates for interest on deposits for lower tenures. The other tenures of IDFC First Bank come with slightly lower interest rates. IDFC First Bank is among the top growing banks in the country that is growing very rapidly.

IndusInd Bank fixed deposit rates

This is another bank that has hiked rates only recently and has joined a growing list of banks to do so.This large private sector bank now gives a maximum interest rate of 7.50% for non-senior citizens and 8.25% for senior citizens on a deposit tenor of 2 years up to 3 years and 3 months. The rates are slightly lower for the other tenures at the bank. Given that the RBI could slightly revise rates going forward, we might see one more small interest rate hike by banks on fixed deposits.

Yes Bank Hikes FD rates hiked up to 8%

Yes Bank's fixed deposit interest rates have also been hiked taking the deposit rates from 3.25 per cent-7.5 per cent for the general public, and 3.75 per cent-8.00 per cent, depending upon the FD tenure. This bank is also a large private bank that has a solid holdings by State Bank of India. The deposits upto Rs 5 lakhs are insured and are hence safe.

It is a better idea to invest for tenures ranging from 3 to 5 years, just in case interest rates fall going forward. Also, look for the tenure that offers the maximum interest rates to benefit from the same and go for cumulative deposits to improve yields.