Mumbai:
Following the cut in the repo rate by the Reserve Bank of India (RBI) by 100 basis points since February this year, many banks in the country have reduced the interest rates on fixed deposits. However, there are still a few banks which are offering above 8 per cent for regular citizens despite the FD rate cuts. Customers who are looking to invest their money in fixed deposits need to lock their FDs before these banks also decide to slash the interest rates.
The following banks are still offering more than 8 per cent interest rates for general citizens on amounts below Rs 3 crore:
Slice Small Finance Bank Offering 9% Return On FD
Earlier known as North East Small Finance Bank, the Slice Small Finance Bank is offering customers an interest rate of 9 per cent on FD tenure of 18 months 1 day to 18 months 2 days.
Unity Small Finance Bank Offering 8.60% Return
General citizens can avail the highest FD interest rate of 8.60 per cent on tenure of 1001 days by investing their money in the Unity Small Finance Bank.
Suryoday Small Finance Bank Offering 8.40% Return
The highest FD interest rate of 8.40 per cent on tenure above 30 months to 3 years is being offered by the Suryoday Small Finance Bank for general citizens.
Utkarsh Small Finance Bank Offering 8.25% Return
A highest FD interest rate of 8.25 per cent on tenure of 2 Years (730 Days) up to 3 Years (1095 Days) is being offered by Utkarsh Small Finance Bank.
Jana Finance Bank Offering 8.20% Return
The Jana Finance Bank can also prove to be a good option for those seeking to invest their money in fixed deposits. It is offering the highest FD interest rate of 8.20 per cent on a tenure of 5 Years (1825 Days) for general citizens.
Moreover, the RBI recently reduced the repo rate by 50 basis points (bps) to 5.50 per cent as it cited that the decision will fulfil the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while stepping up growth momentum.
