New Delhi: The risk is very less in Bank Fixed Deposits and Savings Accounts. In such a situation, a large number of people prefer these two for investment. This also helps them to diversify the portfolio. However, most investors consider the returns on fixed deposits to be very low. In such a situation, they look for the highest interest-paying bank for FD. At the same time, in the last few years, many governments and private banks including the State Bank of India (SBI) have cut interest rates on FDs significantly. Let us know which are the banks that are offering more returns to the customers than SBI and HDFC Bank.
Which bank is giving how much interest rate
New and small private banks are offering higher interest rates than big banks. Among these, AU Small Finance Bank, Equitas Small Finance Bank, and Ujjivan Small Finance Bank are offering interest rates of up to 7 percent.
- 6.75 percent interest is being given on FD by DCB Bank.
- RBL Bank is also giving 6.25 percent interest to customers on fixed deposits.
- In Bandhan Bank FD is getting 6 percent interest. These interest rates are higher than that of major public and private banks.
- The interest rate of HDFC Bank, ICICI Bank and Axis Bank is only up to 3-3.5 percent.
- Kotak Mahindra Bank (Kotak Mahindra Bank) is giving interest up to 4 percent.
- The interest rate of State Bank of India (SBI) in public sector banks is 2.70 percent and that of Bank of Baroda is only 3.20 percent.
Small private banks keep more minimum balance
There is also a condition attached to the higher interest available in small private banks. The amount of minimum balance in these is usually high. In a large bank, the minimum balance can be up to Rs 500, but in AU Small Finance Bank it is Rs 2,000. Experts say that small banks tend to keep the minimum balance higher because they want to reach out to the salaried middle class and self-employed professionals. Experts say that people should choose a bank that has a large network and a good service record.
