Which Bank Is Offering Highest Interest Rate? Check Latest Rates Of 6 Top Banks

The Reserve Bank of India raised the repo rate by 0.50 bps to 5.40% on August 5, 2022 to control the surging inflation. The result of the repo rate hike encouraged leading banks to raise the interest rates on fixed deposit to make them more attractive.

Check the latest fixed deposit interest rates offered by leading public and private lenders in India and find out which bank is offering highest interest rate:

State Bank of India

The leading public lender have increased the fixed deposit interest rate of a few tenors by up to 15 bps. As per the official website of SBI, the new rates came into effect starting August 13, 2022. The bank has raised the FD interest rate for 180 to 210 days tenor and the new interest rate if 4.55%. Meanwhile, there is a surge in the interest rate for the tenor of 1 year to 2 year from the earlier 5.30% to 5.45%. The maximum interest rate is available in the tenor of 5 years to 10 years. In this tenor, general citizens can fetch 5.65% interest rate while senior citizens can fetch 6.45% interest rate.

Recently, on the occasion of Independence Day, the bank launched SBI Utsav Deposit which offers an interest rate of 6.10% with additional .50% for senior citizens for 1000 days tenure. The scheme remains valid till October 30, 2022.

Karnataka Bank

The bank recently introduced new term deposit plan namely KBL Amrit Samriddhi under ACC and Fixed Deposit for a tenure of 75 weeks or 525 days. The interest rate offered under this scheme is 6.10% yearly. According to the official website of the bank, "New Deposit Scheme is introduced for a fixed period of 75 weeks (525 days) at an interest rate of 6.10% per annum w.e.f. 15.08.2022, valid for limited period only."

Bank of Baroda

The bank recently launched Baroda Tiranga Deposit Scheme to celebrate India's 75th Independence Day. The bank now offers interest rate of 5.75 for 444 days and 6% for 555 days applicable under the Baroda Tiranga Deposits. Senior citizens can fetch an additional 0.50% interest rate and 0.15% extra on non-callable deposits. The scheme will remain effective till December 31, 2022.

Presently, the bank is offering highest interest rate for domestic and NRO deposits below Rs 2 crore for the tenor of 2 years to 10 years at 5.50%. Senior citizens will get an additional .50% interest rate.

HDFC Bank

The bank has also raised its FD interest rates by 40 basis points effective from August 18, 2022. The rates are applicable for deposits below Rs 2 crore. According to official website of the bank, the bank will offer an increased interest rate of 5.50% from the previous 5.35%. Citizens can fetch an interest rate of 5.50% for tenors ranging from 2-3 years.

The maximum interest rate hike is witnessed in term deposits for the tenor of 3 year 1 day to 5 years at 6.10% from the previous 5.70%.

Kotak Mahindra Bank

The bank has also hiked its FD interest rates by 15 basis points for deposits less than Rs 2 crore for the tenor of 1 year to 3 years. Now citizens can fetch an interest rate of 5.75% from the previous 5.60% for FDs for the tenor of 365 days to 389 days.

Meanwhile, for FDs for the tenor of 390 days to 3 years, the interest rate has been hiked from the previous 5.75% to now 5.90%. The bank left the interest rates constant for the tenor of 3 years to 10 years at 5.90%.

PNB

The bank has added two new tenures with higher interest rate. Citizens can now opt for 405 days tenor with interest rate of 6.10% effective from August 19, 2022. The other tenor is 406 days in which the interest rate offered will be 5.50%.

Meanwhile, the bank has hiked interest rates by up to 20 bps for deposits less than Rs 2 crore. The bank now offers an interest rate of 5.50% for deposits for the tenor of 1 year. The bank will offer an interest rate of 5.50% for deposits maturing in 2 years from the earlier 5.45%. The bank now offers a higher interest rate of 5.60% for deposits maturing in more than 2 years and up to 3 years.