Banks update fixed deposit rates with foreign banks offering 7%
Thinking about locking your money in a fixed deposit? Here's what's new: banks have just updated their FD interest rates, and there are some solid options out there.
Foreign banks like Deutsche Bank are offering up to 7% for 1- to 2-year deposits, while DBS Bank and Standard Chartered aren't far behind with rates of 6.85% and 6.6%.
DCB Bank offers 7.5% rates
Public sector banks are keeping things competitive; Central Bank of India leads with a rate of 6.7% for 1- to 2-year deposits, and Indian Bank plus Bank of India offer 6.65% and 6.6% for 1- to 2-year deposits.
If you're after the highest returns, private banks are topping the charts: DCB Bank is giving a flat 6.5% for less than 1 year and 7.5% for 1- to 2-year, 2- to 3-year, and 3- to 5-year tenures, Bandhan Bank offers up to 7.45%, and Karur Vysya Bank sits at 7.2%.
Rates can change based on bank policies, so it's always good to double-check before you invest!