Several of the nation’s largest banks have increased their interest rates. Yet, the institutions that offer competitive interest rates are private sector banks. Such institutions include IDFC First Bank, IndusInd Bank, and Yes Bank. Let us have a look now.
IDFC First
For older adults, IDFC First Bank offers maximum interest rates of 8.25 percent. Regular depositors get a maximum interest rate of 8.25% on deposits. The favourable aspect of these deposits is that the 8.25% and 7.75% interest rates come with significantly longer terms of 3 years. This is positive since banks have increased their interest rates on shorter-term deposits. Other IDFC First Bank terms include slightly lower interest rates. IDFC First Bank is one of the most rapidly expanding banks in the country.
IndusInd Bank
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This bank just increased its interest rates, joining a growing number of banks that have done so. This significant private sector bank currently offers non-seniors a maximum interest rate of 7.50% and senior citizens a maximum interest rate of 8.25% on deposits with terms ranging from 2 years to 3 years and 3 months. The rates for the bank’s other terms are slightly lower. Knowing that the RBI may modify rates in the future, banks may increase the interest rates on fixed deposits by a minor amount.
Yes Bank
Yes Bank’s fixed deposit interest rates have also been increased, bringing the deposit rates to between 3.25 percent and seven and a half percent for the general public and between 3.75 percent and eight percent depending on the FD term. This bank is also a significant private bank with substantial State Bank of India interests. Up to Rs 5 lakhs of deposits are insured and therefore secure.