A few large private banks have recently raised their interest rates on fixed deposits, providing attractive returns for customers. Among these banks are IDFC First Bank, IndusInd Bank, and Yes Bank. Let’s take a closer look at the deposit rates offered by each bank.
IDFC First Bank
IDFC First Bank offers a maximum interest rate of 8.25% for senior citizens and regular depositors on tenures of 3 years or longer. This is advantageous because other banks have raised their rates for shorter tenures. However, the interest rates for shorter tenures at IDFC First Bank are slightly lower. The bank is currently one of the fastest-growing banks in the country.
IndusInd Bank
IndusInd Bank has recently increased its fixed deposit rates and now offers a maximum interest rate of 8.25% for senior citizens and 7.50% for non-senior citizens on deposits for tenures ranging from 2 years up to 3 years and 3 months. The rates are lower for other tenures at the bank.
Yes Bank
Yes Bank has also raised its fixed deposit interest rates, providing returns ranging from 3.25% to 7.5% for the general public and 3.75% to 8% for senior citizens, depending on the tenure of the deposit. The bank is a large private bank with significant holdings by the State Bank of India, and deposits up to Rs 5 lakhs are insured and therefore safe.
To benefit from these high interest rates, it is recommended to invest for tenures ranging from 3 to 5 years and to choose the tenure that offers the maximum interest rate. Additionally, choosing cumulative deposits can help improve yields. It is also worth noting that interest rates may fall in the future, so investing in longer-term deposits can provide a measure of security.
0 Comments