Top 5 Banks Currently Promising Higher Returns On FDs

DCB Bank

DCB Bank has updated its fixed deposit interest rates which are in force from February 5, 2021. For a period of 7-14 days, the revised rate of interest is 4.25 percent; for 15-45 days it is 4.80 percent; for 46-90 days it is 4.75 percent; for 91 days to 6 months it is 5.50 percent; and for 6-12 months it is 5.95 percent. Senior citizens will get an additional 0.50 percent interest rate on their deposits across all the tenure.

Yes Bank

Yes Bank offers fixed deposit schemes with terms ranging from seven days to ten years. On February 8, 2021, the bank adjusted the interest rate on its term deposits. Yes Bank now proposes an interest rate of 3.50 percent on deposits maturing in seven to fourteen days, 4 percent on deposits maturing in 15 to 45 days, and 4.5 percent on FDs maturing in 46 to 90 days, after the most recent adjustment. On term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months, Yes Bank offers 5%, 5.5 percent, and 6%, respectively. The Bank offers a 5.75 percent interest rate on FDs for a maturity period of 9 months or less than one year.

IndusInd Bank

The interest rate on IndusInd bank's term deposits has been updated as of April 26th, 2021. Following the most recent revision, IndusInd Bank now provides 2.75 percent on deposits maturing in 7-30 days, 3.00 percent on deposits maturing in 30-45 days, 3.50 percent on deposits maturing in 46-60 days, and 3.75 percent on deposits maturing in 61-90 days. Deposits maturing in 91 to 120 days will now yield 4.00 percent interest, 4.5 percent interest between 121 to 180 days, and 5.00 percent in 181 to 210 days. IndusInd Bank offers a 5.25 percent interest rate on FDs with a maturity period of 211 to 269 days, and a 6.00 percent interest rate on FDs with a maturity period of 270 days to less than 1 year.

RBL Bank

RBL Bank has recently revised fixed deposit interest rates which are in force from April 12, 2021. RBL Bank now provides 3.25 percent on FDs maturing in 7-14 days, 4.00 percent on FDs maturing in 15-45 days, and 4.50 percent on FDs maturing in 46-90 days as a result of the revision. FDs maturing in 91 days to 180 days yield 5.00 percent interest, whereas deposits maturing in 180 days to 240 days yield 5.25 percent interest. RBL Bank pays 5.50 percent interest on deposits for a maturity period of 241 to 364 days. Long-term deposits with a term of two years or less than three years yield 6.25 percent interest rate. RBL Bank offers a 6.40 percent interest rate on three- to five-year FDs. The bank is currently offering a 6.00 interest rate on FDs maturing in 60 months to less than 120 months and 120 months to 240 months. RBL Bank provides 0.50 percent higher rates to senior citizens than the general public. As a result senior citizens will get interest rates ranging from 3.75% to 7.10% respectively. The below listed rates are applicable on deposit amount of less than Rs 3 Cr.

Axis Bank

With effect from March 18, 2021, Axis Bank has updated its interest rates on fixed deposits (FDs). Following the most recent revision, Axis Bank now offers 2.50 percent interest on FDs maturing between 7 and 29 days, 3% for FDs maturing between 30 days and less than 3 months, and 3.5 percent for FDs maturing between 3 months and less than 6 months. Axis Bank offers a 4.40 percent interest rate on FDs maturing in six months or less than eleven months and twenty-five days. 5.15 percent for 11 months 25 days to less than 1 year 5 days, and 5.10 percent for 1 year 5 days to less than 18 months Axis Bank pays 5.25 percent interest on term deposits that mature in 18 months or less than two years. On select maturities, Axis Bank provides senior citizens an additional rate of 0.50% higher than the general public. For deposits maturing in 7 days to 10 years, senior citizens will receive interest rates ranging from 2.5 percent to 6.50 percent respectively.