Latest FD interest rates in India indicate that, in the last one month, banks have been reducing interest rates which is not a good sign for investors. One of the safest fixed income options for all investors is bank fixed deposit schemes. Many of us have been investing in these schemes either for short term or for the long term. Parking money with high Fixed Deposit Interest Rates would be out motive. Any interest rate reduction is a bad news to the investor.
Foreign banks: Last month, Deutsche Bank have increased Bank FD rates. Now it is the turn of Citibank. During this month, it has increased the fixed deposit interest rates for short term of 1 year and 2 year period to 7.75% and 7.5% respectively.
Private Banks: Among private banks, Axis bank has increased the FD interest rate for a 2 year tenure to 9.10%. This is the highest interest rate, this bank offers in their FD schemes.
Also Read: Latest Recurring Deposit Interest Rates
Public Sector Banks: Andhra Bank increased the FD interest for 3 year fixed deposit scheme at 9%.
Foreign Banks: No negative movements.
Private Banks: HDFC Bank and Lakshmi Vilas Bank have reduced interest rates for short term of 1 year.
Public Sector Banks: Bank of Baroda has slashed the rates for all tenures. Bank of India and IDBI Bank have reduced the fixed deposit interest rates for short term of 1 year period. SBH and SBI have reduced interest rates for medium term of 3 to 5 year period.
What does this mean for investors?
Investors have to be more alert and start parking their money in long term FD schemes. In future, interest rates may further drop and I am not surprised that in the next 30 days to 90 days the fixed deposit interest rates may further fall.
Comparison of current and latest bank FD interest rates among various banks in India
The comparison list would help investors to choose the right bank for fixed deposits. Green indicates that the rates have been increased compared to our previous month’s article and RED indicates that the rates are reduced comparing to our previous month’s article. Myinvestmentideas.com is the only website in India, which tracks FD rates month on month and provides whether a particular bank has increased the FD rate or slashed the FD rates. This is a unique feature of our blog.
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Latest Fixed Deposit Interest Rates in India
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