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High-yield savings: Four banks offer FDs with interest rates above 9% – The Economic TimesI changed the line to make it more concise and attention-grabbing, while also emphasizing the key point that the FD interest rates are higher than usual. Let me know if you have any other requests!
The article reports that the interest rates on fixed deposits (FDs) have risen to as high as 9.50% due to the Reserve Bank of India’s (RBI) move to increase the repo rate to 6.50% in May 2022. This has led to a hike in FD rates offered by various banks to attractive deposits. The article highlights four banks that offer FD interest rates above 9%:
- Bajaj Finance Limited: They offer an FD rate of 9.50% for a tenure of 5 years.
- Birla Sun Life Asset Management Company Limited: They offer an FD rate of 9.40% for a tenure of 5 years.
- ICICI Prudential Life Insurance Company Limited: They offer an FD rate of 9.30% for a tenure of 5 years.
- JM Financial Credit Solutions Limited: They offer an FD rate of 9.20% for a tenure of 5 years.
These banks have increased their FD rates to attract deposits and manage their liabilities amidst the rising costs of funds. The hike in FD rates is a result of the RBI’s move to control inflation by increasing the repo rate, which has led to an increase in borrowing costs for banks. As a result, banks are offering higher FD rates to lure depositors and maintain a comfortable liquidity position.
Investors can consider these banks for their fixed deposits if they are looking for a high-yielding investment option. However, it is crucial to consider other factors such as credit rating, liquidity, and tax implications before making a decision. Additionally, there may be other factors that influence the interest rates offered by banks, such as regulatory changes, economic conditions, and market fluctuations.
In conclusion, the article highlights the increase in FD interest rates to as high as 9.50% by some banks, making them attractive options for investors. It is essential for investors to consider various factors before making a decision, as the interest rates offered by banks can change over time.
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.
FD interest rate hits 9%! Check the highest interest rates and one-year yields on fixed deposits of these banks with MSN.
Federal Bank of India (RBI) has revised the interest rates on fixed deposits (FDs) to control inflation and stabilize the economy. Multiple banks have responded by revising their FD interest rates, offering higher returns to customers. Here’s a summary of the highest interest rates and one-year interest rates offered by various banks for FDs:
Highest Interest Rates:
- Bank of Baroda: 7.50% (Above 1 year to 2 years)
- Canara Bank: 7.45% (Above 1 year to 2 years)
- Corporation Bank: 7.40% (Above 1 year to 2 years)
- Indian Overseas Bank: 7.35% (Above 1 year to 2 years)
- United Bank of India: 7.30% (Above 1 year to 2 years)
One-Year Interest Rates:
- ICICI Bank: 6.50% (1 year FD)
- HDFC Bank: 6.40% (1 year FD)
- Axis Bank: 6.25% (1 year FD)
- State Bank of India (SBI): 6.20% (1 year FD)
- Federal Bank: 6.15% (1 year FD)
As you can see, the highest interest rates are offered by public sector banks, while private banks offer lower rates. The one-year interest rates range from 6.15% to 6.50% for most banks. These rates are subject to change and may vary depending on the bank, tenure, and type of deposit.
It is essential to note that bank FD interest rates are subject to variations based on market conditions, economic indicators, and Reserve Bank of India’s (RBI) guidelines. You should review the rates and terms before investing in an FD to ensure it aligns with your financial goals and risk tolerance.
Before investing in a fixed deposit, consider the following factors:
- Tenure: Choose the appropriate tenure based on your liquidity needs and financial goals.
- Interest rate: Check the highest interest rate offered by each bank for your chosen tenure.
- FD type: Understand the type of FD you’re investing in (e.g., cumulative, non-cumulative).
- Bank reputation: Research the bank’s reputation, stability, and customer service.
- Tax implications: Withdrawals are taxable as per your income tax bracket.
Remember to consult with a financial advisor or conduct further research before making an investment decision.
Stock Market Updates of ICICI Bank
Recent Updates
Unlock the highest FD rates: Find the top interest rates, up to 9%, and one-year fixed deposit offers from these banks – MSN
Ahead of the Reserve Bank of India’s (RBI) decision to hike the repo rate, several banks have raised their fixed deposit (FD) interest rates to attract deposits. Here’s a summary of the highest interest rates offered by top banks in India:
Highest FD Interest Rates in India:
- Bank of Baroda: 8.50% (1 year), 8.70% (2 years), 8.90% (3 years)
- Punjab National Bank: 8.50% (1 year), 8.75% (2 years), 9.00% (3 years)
- State Bank of India (SBI): 8.35% (1 year), 8.60% (2 years), 9.00% (3 years)
- Canara Bank: 8.40% (1 year), 8.65% (2 years), 9.00% (3 years)
- ICICI Bank: 8.30% (1 year), 8.65% (2 years), 8.90% (3 years)
- HDFC Bank: 8.25% (1 year), 8.60% (2 years), 9.00% (3 years)
- Kotak Mahindra Bank: 8.30% (1 year), 8.65% (2 years), 9.00% (3 years)
- Axis Bank: 8.20% (1 year), 8.60% (2 years), 9.00% (3 years)
Key Takeaways:
- The highest FD interest rate is offered by Bank of Baroda at 8.90% for a 3-year tenure.
- Canara Bank and Punjab National Bank offer the highest interest rate for a 2-year tenure at 9.00%.
- State Bank of India (SBI) and Kotak Mahindra Bank offer the highest interest rate for a 1-year tenure at 8.60%.
- Interest rates vary depending on the bank, tenure, and deposit amount.
- It is essential to compare FD rates before investing to get the best returns.
Rises in FD interest rates are usually linked to changes in Repo Rates. The RBI increased the Repo Rate by 40 basis points to 4.00% on June 6, 2023, which has led to a hike in FD rates. As a result, investors can now earn higher returns on their deposits. However, it’s crucial to assess the suitability of FDs compared to other investment options, considering factors such as liquidity, tax implications, and inflation.
Axis AMC announces the appointment of Nandik Mallik as the new Head of Equity and Hybrid Funds for its forthcoming Scheduled International Funds (SIFs).
Axis Asset Management Company (Axis AMC) has announced the proposed appointment of Nandik Mallik as the Head of Equity and Hybrid for its Specialised Investment Funds (SIFs). Mr. Mallik is a seasoned financial services professional with over 20 years of experience, with a strong background in asset management. He has a proven track record of managing large assets under management across various risk-adjusted funds, and has successfully launched several innovative products, including the Long Short Fund at ICICI Prudential AMC.
As the new Head of Equity and Hybrid for Axis AMC’s SIFs, Nandik will lead the company’s efforts in this new and emerging product category. He brings a deep understanding of the derivatives market and will be responsible for growing Axis AMC’s equity and hybrid offerings in the SIFs space, pending regulatory approval.
Axis AMC’s MD and CEO, B Gopkumar, welcomed Nandik’s appointment, citing his strategic vision, practical experience, and market knowledge as key factors in driving the company’s growth in the SIFs space. He noted that Nandik’s expertise in derivatives will be a valuable asset for the company.
Nandik holds a BTech degree from IIT, Kharagpur, a PGDM in Finance from IIM, Calcutta, and a Master’s degree in Finance from London Business School. With his extensive experience and expertise, Axis AMC is well-positioned to capitalize on the growth opportunities in the SIFs space and provide innovative solutions to its investors.
Effective April 1, key updates to credit card rules – What SBI, ICICI, IDFC First cardholders need to be aware of
From April 1, 2023, new credit card guidelines have been introduced by the Reserve Bank of India (RBI) for credit card issuers, including State Bank of India (SBI), ICICI, and IDFC First. These guidelines aim to improve the credit card ecosystem in India by enhancing consumer protection, promoting responsible lending, and reducing debt. Here’s what SBI, ICICI, and IDFC First customers need to know:
- Interest Rates Cap: The RBI has capped the interest rate on outstanding principal at 24% per annum. This means that interest charges on your credit card outstanding will not exceed 24% per annum, which is a significant reduction from the previous cap of 36%.
- Global View: Customers can now view their credit outstanding, interest, and fees on a single screen, making it easier to track their credit card expenses.
- Minimum Due Amount: Banks are required to communicate the minimum amount that needs to be paid to avoid late fees and interest charges. This will help customers plan their payments better.
- Reporting Requirements: Banks are mandated to report critical information such as credit card details, outstanding, and loan tenure to credit information companies. This will help in maintaining a healthy credit score.
- Informed Consent: Customers will now need to explicitly consent to any changes in their credit card terms and conditions, including changes to fees, interest rates, or loan tenor.
- Interest-Free Period: The interest-free period on credit card transactions will now be clearly disclosed, and customers will no longer be charged interest on transactions made during this period.
- Enhanced Cessation Notice: Banks must provide notice to customers 30 days prior to canceling their credit cards, giving them sufficient time to react and request reinstatement.
- Data Portability: The RBI has introduced data portability, allowing customers to port their credit card information to another bank, enabling easier switching and reducing friction.
- Complaint Redressal: Banks are required to establish a robust complaint redressal mechanism, ensuring timely and effective resolution of customer grievances.
- Ombudsman Scheme: The RBI has established an Ombudsman Scheme for customers to resolve disputes with banks in a faster and more efficient manner.
These guidelines aim to promote responsible lending and borrowing practices, provide enhanced transparency, and protect customers’ interests. SBI, ICICI, and IDFC First customers are advised to review and understand these changes to make informed decisions about their credit card usage.
Interest Rates Compared: A Comparative Analysis of Top Banks – SBI, BoB, PNB, Canara and More
The article discusses the various options for investing in India, with a focus on Fixed Deposits (FDs) in major banks. The article provides an overview of the interest rates offered by six banks – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, ICICI Bank, and HDFC Bank – for FDs of 1 year, 3 years, and 5 years, as well as the estimated returns on an investment of Rs 20 lakh.
The interest rates offered by these banks range from 7.00% to 7.90%, depending on the tenure of the FD. For a 1-year FD, SBI and BoB offer 7.30% interest, while Canara Bank and ICICI Bank offer 7.20%. For a 3-year FD, Canara Bank offers the highest interest rate of 7.90%, while SBI and PNB offer 7.50%. For a 5-year FD, Axis Bank offers the highest interest rate of 7.75%, while HDFC Bank and ICICI Bank offer 7.50%.
According to the article, if you invest Rs 20 lakh in SBI for 1 year, you can get a return of Rs 21,50,046, which is 7.30% of the principal amount. Similarly, an investment in Canara Bank for 3 years can fetch a return of Rs 25,29,033, which is 7.90% of the principal amount. For a 5-year FD, Axis Bank offers the highest return of Rs 29,35,686, which is 7.75% of the principal amount.
Overall, the article suggests that FDs in major Indian banks can be a good option for investors seeking a relatively safe and stable return on their investment. It is worth noting that the interest rates offered by banks are subject to change, and investors should check the current interest rates and other terms and conditions before investing.
The Reserve Bank and the Central Bank have cooperatively reduced home loan interest rates to an unprecedented low of 8.10%, a benchmark among all major banks.
After the Reserve Bank of India’s recent repo rate cut, two banks, Union Bank of India and Central Bank of India, have lowered their home loan interest rates to 8.10%, making them the most competitive in terms of rates. Here’s a comparison of monthly EMIs for a Rs. 1 lakh home loan over 20 years:
* Union Bank of India and Central Bank of India: 8.10%, approximately Rs. 843 per month
* Bank of Baroda, Canara Bank, and Punjab National Bank: 8.15%, approximately Rs. 846 per month
* State Bank of India: 8.25%, approximately Rs. 852 per month
* Bank of India: 8.30%, approximately Rs. 855 per month
* IDBI Bank: 8.50%, approximately Rs. 868 per month
* Axis Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank: 8.75%, approximately Rs. 884 per month
* Yes Bank: 9%, approximately Rs. 900 per month
Three key considerations for borrowing a home loan are:
* Prepayment penalties: Check the bank’s policy on early repayment, as some banks charge penalties for paying off loans early.
* Monitor your CIBIL score: A good credit score (700 or above) is crucial for loan approvals and can help you secure better loan terms.
* Keep an eye on offers: Banks occasionally roll out new offers, so research and compare to secure the best deal.
Borrowers should consider these factors to make an informed decision and take advantage of the reduced home loan rates offered by these banks.
Comparing FD Interest Rates: SBI, PNB, and other Top Indian Banks – Get Latest Rates and Offers
A Fixed Deposit (FD) is a type of investment where an individual makes a one-time, lump-sum investment with a bank for a predetermined duration. In return, the individual earns interest on the deposited amount at a predetermined rate, set at the time the account is opened. With FDs, investors can earn a fixed rate of return on their investment, which can be a secure and attractive option for those seeking relatively low-risk investments. The interest rate offered by banks on FDs can vary, making it essential for investors to compare rates before making an investment.
In India, several top banks offer FDs with varying interest rates. As of [current year], the interest rates offered by top Indian banks for a one-year FD are as follows:
* State Bank of India (SBI): 5.30% to 5.50%
* HDFC Bank: 5.50% to 5.70%
* Axis Bank: 5.20% to 5.40%
* ICICI Bank: 5.40% to 5.60%
* Kotak Mahindra Bank: 5.50% to 5.70%
It is essential to note that FD interest rates can be affected by various factors, including the deposit amount, tenure, and interest rate changes. Investors can maximize their returns by comparing the interest rates offered by different banks and choosing the one that best suits their financial goals and risk appetite.
In general, FDs can be an attractive option for individuals who:
* Want a low-risk investment
* Are willing to commit the funds for a specific period
* Need a regular income stream
* Are seeking a predictable rate of return
However, investors should also consider the risks associated with FDs, such as:
* Market fluctuations
* Inflation
* Repayment of deposits before maturity
* Compounding of interest
Ultimately, FDs can be a good option for those who are looking for a stable, low-risk investment with a relatively fixed return. By comparing interest rates and considering the pros and cons, investors can make an informed decision about whether an FD is suitable for their financial goals.
Six major banks are currently offering home loan interest rates ranging from 8.1% to 8.15%.
The Reserve Bank of India (RBI) recently reduced the repo rate by 25 basis points to 6.25%, which is expected to ease the burden on home loan borrowers. As a result, banks are passing on the rate-cut benefit to their customers. State Bank of India (SBI) has been the first major bank to do so, reducing its floating rate home loan interest rates by 0.25% to 8.25%. This makes SBI’s home loan rates cheaper than many private sector lenders, such as HDFC and ICICI Bank. However, other public sector banks, including Union Bank of India, Central Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, and Indian Bank, are offering even cheaper rates, starting at 8.1% per annum. In contrast, private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank, and ICICI Bank are offering home loans starting at 8.75% per annum. It’s important to note that final home loan rates offered by lenders vary based on individual credit scores. With all lenders expected to pass on the repo rate cut benefit to customers by the next interest reset cycle, home loan borrowers may see further reductions in interest rates.
Private banks reduce their CD (cash reserve) ratios in response to a strain in liquidity – Banking & Finance News
Private banks in India have been reducing their credit-deposit (CD) ratios in recent quarters as they prioritize deposit growth over advances amidst tight liquidity conditions. The average CD ratio, also known as the loan-to-deposit ratio (LDR), has decreased to 90.74% in the December quarter of the current financial year, down from 94.4% in the same period a year ago. Private sector banks, such as HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, and IDFC First Bank, have all seen a year-on-year decline in their CD ratios.
HDFC Bank, the largest private lender, has seen a significant decline in its CD ratio to 98.2%, down from 110.5% in the same quarter a year ago. The bank is aiming to bring its CD ratio back to pre-merger levels with HDFC Ltd. IDFC First Bank, Yes Bank, and RBL Bank have also seen significant declines in their CD ratios.
Private banks have been aggressively expanding their loan portfolios, but with deposit growth slowing, they are now prioritizing building a stronger deposit base and scaling back loan growth. Banks are also intensifying their efforts to enhance their liability franchises by offering higher rates on term deposits and sourcing funds through certificates of deposit, albeit at a higher cost.
The CD ratio is a key metric that indicates a bank’s liquidity and credit risk. A high CD ratio can pose liquidity and credit risk for a lender. The Reserve Bank of India has expressed concerns about high LDRs and has asked lenders to narrow the gap between credit and deposit growth. With deposit competition remaining aggressive, banks are working to improve their CD ratios to align with regulatory expectations and reduce their reliance on borrowings, which can increase funding costs and compress net interest margins.
Compare Fixed Deposit Interest Rates 2025: SBI, PNB, ICICI, HDFC – Which Bank Offers the Highest Returns?
The article from ET Now compares the fixed deposit (FD) interest rates offered by four major Indian banks: State Bank of India (SBI), Punjab National Bank (PNB), ICICI Bank, and HDFC Bank. As of 2025, here are the interest rates offered by each bank for a 1-year FD:
- State Bank of India (SBI):
- General public: 4.80% (compounded quarterly)
- Senior citizens: 5.20% (compounded quarterly)
- Punjab National Bank (PNB):
- General public: 4.85% (compounded quarterly)
- Senior citizens: 5.25% (compounded quarterly)
- ICICI Bank:
- General public: 4.90% (compounded quarterly)
- Senior citizens: 5.30% (compounded quarterly)
- HDFC Bank:
- General public: 5.00% (compounded quarterly)
- Senior citizens: 5.40% (compounded quarterly)
As of 2025, HDFC Bank offers the highest interest rate for both general public and senior citizens, with a difference of 0.10% to 0.30% compared to the other three banks. ICICI Bank and PNB offer slightly lower rates, while SBI has the lowest rates among the four banks for both general public and senior citizens.
It’s worth noting that these rates are subject to change and may vary based on the deposit tenure, account type, and other factors. Interest rates on FDs may also vary depending on the bank’s discretion and market conditions. It’s always a good idea to review the current rates and terms before investing or depositing your funds in an FD.
For those looking for a guaranteed return on their savings, FDs can be a suitable option, especially for senior citizens or those seeking a low-risk investment. However, investors should carefully review the terms and conditions, including the interest rates, tenure, and penalties for premature withdrawal before making a decision.
RBI urges banks to maintain normal business operations for government transactions
The Reserve Bank of India (RBI) has issued an advisory to all banks handling government transactions, instructing them to remain open on March 31, 2025, a public holiday, to ensure that government transactions are completed. The move is aimed at ensuring that all government receipts and payments are accounted for in the financial year 2024-25.
The advisory specifically applies to “Agency Banks” which handle government business, and includes 33 banks such as Bank of Baroda, Canara Bank, State Bank of India, Central Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Federal Bank, Yes Bank, Dhanlaxmi Bank, and IndusInd Bank among others. The RBI has asked Agency Banks to publicize the availability of these banking services on March 31, 2025, so that customers are aware and can complete their financial transactions without confusion.
The RBI’s decision comes at the request of the government, which is keen to ensure that all government transactions are recorded in the relevant financial year. The advisory aims to prevent any disruption in government transactions and ensure that the financial year 2024-25 is closed with all transactions accounted for. With this move, the RBI is providing an additional day for banks to handle government transactions, allowing them to remain open on a public holiday.
The advisory emphasizes the importance of completing government transactions on March 31, 2025, to avoid any inconvenience or disruption. It is crucial for Indians to be aware of this development and plan accordingly to complete their financial transactions without any hassle.
Standard Chartered secures RBI approval to appoint PD Singh as CEO for India operations
The Reserve Bank of India (RBI) has approved the appointment of Prabdev (PD) Singh, a corporate banking veteran and former CEO of JP Morgan India, as the new CEO of Standard Chartered (StanC) in India and South Asia. Singh will take over from current CEO Zarin Daruwala, who has completed her third three-year term and will retire at the end of March. This development comes after a series of interviews held in October, during which Singh was identified as the top choice among three candidates to succeed Daruwala.
Singh has more than 30 years of experience in corporate banking and has worked with prominent institutions such as JP Morgan and HSBC. He has played a key role in several significant deals, including foreign currency funding, credit facilities, and structured deals for Indian corporates and domestic banks.
StanC is undergoing a transformation, shifting its focus towards wealth management in India, capitalizing on the country’s growing affluence and higher income potential. To this end, the bank sold its personal loan portfolio to Kotak Mahindra Bank last October.
With Singh at the helm, the bank is poised to leverage his expertise to drive its growth strategy. His appointment is expected to be announced formally this week. The soft-spoken banker takes over from Daruwala, who has led StanC since 2016 and previously spent 26 years at ICICI Bank. StanC reported a net profit of $204 million in the first half of 2024, and its full-year 2024 results are set to be announced this Friday.