Look out for banks offering the best rates on tax-saving deposits!
The times are uncertain and when change is the only constant in equity and debt markets, bank fixed deposits offer comfort.
Despite the fact that bank FD (fixed deposit) rates have fallen to low levels, there are some that offer remarkably high rates.
They are listed below-
| BANKS | TYPE OF BANK | INTEREST RATE/ANNUM (%) | WHAT 1.5 LAKH GROWS TO IN 5 YEARS (IN LAKH) |
| DCB Bank | Private | 6.95 | 2.12 |
| IndusInd Bank | Private | 6.75 | 2.10 |
| RBL Bank | Private | 6.50 | 2.07 |
| Yes Bank | Private | 6.50 | 2.07 |
| AU Small Finance Bank | Small Finance | 6.50 | 2.07 |
It has been noticed that small banks which have a lower number of customers, typically offer higher rates to attract potential customers and depositors. This is precisely why government-owned banks offer lower rates.
But, It should be noted that just because a bank is offering a higher rate, doesn’t mean one necessarily invests in it. There are other factors at play too. For example one should go with banks that have a strong vintage.
(the banks that have been compared are only those listed in the stock exchange. Banks for which data was unavailable, were dropped)
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