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Top 5 Private Sector Banks Promising Up To 6.50% Returns On 1-Year Fixed Deposits

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When it comes to short-term investments, investing in a secure scheme, fund, or deposit is always appreciated, especially by elderly folks, because no one wants to risk their investments on market-based returns. The RBI has recently agreed not to modify the repo and reverse repo rates at its bi-monthly monetary policy meeting on August 6, 2021, and as a consequence, investors should invest in fixed deposits for the short term solely to reduce interest rate risk in the current high inflation rate environment which is influenced by market and economic forces. While we're on the subject of short-term deposits, we've prepared a list of the top 5 private sector banks that are now offering up to 6.50% returns on one-year fixed deposits of less than Rs 2 crore.

 

IndusInd Bank

IndusInd Bank

With effect from 23rd July 2021 Indusind Bank is promising an interest rate of 6.00% to regular citizens and 6.50% to senior citizens on deposits maturing in 1 Year to below 1 Year 6 Months. The most recent interest rates on 1 year fixed deposits of the bank are as follows.

TenureRegular Interest RatesAnnualised YieldRates for senior citizensAnnualised Yield
7 days to 14 days2.52.533
15 days to 30 days2.752.753.253.25
31 days to 45 days333.53.5
46 days to 60 days3.253.253.753.75
61 days to 90 days3.43.43.93.9
91 days to 120 days3.753.754.254.25
121 days to 180 days4.254.254.754.75
181 days to 210 days4.64.635.15.13
211 days to 269 days4.754.815.255.32
270 days to 354 days5.55.5866.09
355 days to 364 days5.55.5866.09
1 Year to below 1 Year 6 Months66.186.56.71
Source: Bank website, w.e.f. July 23rd, 2021

RBL Bank
 

RBL Bank

For a deposit amount of less than Rs 3 Cr, Domestic, NRO, NRE & Flexi Fixed Deposits of less than 1 year will fetch the following rates.

Period of depositInterest Rates p.a.Senior Citizen Interest Rates p.a.
7 days to 14 days3.25%3.75%
15 days to 45 days3.75%4.25%
46 days to 90 days4.00%4.50%
91 days to 180 days4.50%5.00%
181 days to 240 days5.00%5.50%
241 days to 364 days5.25%5.75%
12 months to less than 24 months6.00%6.50%
Source: Bank Website, w.e.f. September 01, 2021

Yes Bank

Yes Bank

For a deposit amount of less than Rs 2 Cr, Yes Bank is promising the below-listed interest rates on 1 year deposits which are in effect from 5th August 2021.

PeriodInterest RatesAnnualised YieldSenior Citizen Interest Rates p.a.Annualised Yield
7 to 14 days3.25%3.25%3.75%3.75%
15 to 45 days3.50%3.50%4.00%4.00%
46 to 90 days4.00%4.00%4.50%4.50%
3 months to < 6 months4.50%4.50%5.00%5.00%
6 months to < 9 months5.00%5.03%5.50%5.54%
9 months to < 1 Year5.25%5.32%5.75%5.83%
Source: Bank website, w.e.f 5th August, 2021

DCB Bank

DCB Bank

DCB Bank is now promising the following interest rates on deposits maturing in less than 1 year.

TenureInterest RatesAnnualised YieldSenior Citizen Interest Rates p.a.Annualised Yield
7 days to 14 days4.35%4.35%4.85%4.85%
15 days to 45 days4.35%4.35%4.85%4.85%
46 days to 90 days4.35%4.35%4.85%4.85%
91 days to less than 6 months5.05%5.05%5.55%5.55%
6 months to less than 12 months5.45%5.56%5.95%6.08%
12 months5.55%5.67%6.05%6.19%
Source: Bank website, (with effect from 17th August, 2021)

IDFC First Bank

IDFC First Bank

For a deposit of less than Rs 2 Cr, Rate of Interest (%p.a.) w.e.f. September 15, 2021 of IDFC First Bank are as follows.

PeriodRegular interest ratesSenior Citizen Interest Rates p.a.
7 - 14 days2.50%3.00%
15 - 29 days2.50%3.00%
30 - 45 days2.75%3.25%
46 - 90 days2.75%3.25%
91 - 180 days3.25%3.75%
181 days - less than 1 year4.50%5.00%
Source: Bank Website

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