3 Large Private Banks Offering Over 8% Interest Rates On FDs

The surging interest rates have made fixed deposits an attractive investment option for customers. Earlier this year in February, the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points to 6.5%. 3 Large private banks have recently hiked interest rates for residents. These banks are Axis Bank, HDFC Bank, and IndusInd Bank. Check details below:

Axis Bank: For deposits below Rs 2 crore, the bank is currently offering the maximum interest rate of 7.26% for FDs maturing in 2 years to less than 30 months to regular citizens. The minimum interest rate below Rs 2 crore deposits begins for the tenure of 7 days to 45 days FD with 3.50% for regular citizens. If you opt for 5 years to 10 years FD, you can get an interest rate of 7.00%.

For senior citizens, the bank is offering the highest interest rate of 8.01% for FDs maturing in 2 years to less than 30 months for deposits below Rs 2 crore. The rates have already been effective since March 10, 2023.

HDFC Bank: For fixed deposits below Rs 2 crore, the bank is offering an interest rate of 3.00% to regular citizens and 3.50% to senior citizens for FDs maturing in 7 to 45 days. Regular citizens can fetch the highest interest rate of 7.10% for FDs maturing in 15 months to less than 18 months. Senior citizens can fetch the highest interest rate of 7.75% for deposits maturing in 5 years 1 day to 10 years. Senior citizens are offered an interest rate of 7.60% for deposits maturing in 15 months to less than 18 months. These interest rates are applicable for FDs less than Rs 2 crore. The interest rates have been applicable since Feb 21, 2023.

IndusInd Bank: For deposits below Rs 2 crore, the bank is offering attractive interest rates to regular citizens and senior citizens. Regular citizens can fetch maximum interest rate of 7.75% for deposits maturing in 1 year 6 months to below 1 year 7 months. For senior citizens, the bank is offering the maximum interest rate of 8.25% for FDs maturing in 1 year 6 months to below 1 year 7 months.