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For deposits under Rs. 2 crores, banks have modified their fixed deposit interest rates throughout a range of tenures. The revised rates will take effect on July 1.

Time Fixes Deposit Rates

What are FDs and their types?

A fixed deposit sometimes referred to as a deposit account, can invest money for a specified amount of time and receive risk-free interest. For people who desire a low-risk investing plan with guaranteed earnings, a term deposit becomes an ideal choice. Since an FD is independent of market volatility, it offers excellent safety. One should unquestionably choose a fixed deposit if they desire a consistent cash stream. If you have a significant sum, you won't need it for a while. You may invest it in a fixed deposit and watch it grow. Various types of FD are typically preferred by retirees or those who are preparing to retire.

Fixed Deposit (FD) full information and FD calculator | Financial Advice

You can earn more interest on FDs with the following banks:

  • Kotak Mahindra Bank:

Some tenors will have interest rates that have been 10 basis points better owing to the bank's revision of rates of interest that took effect on July 1. The bank will now provide fixed deposits with maturities of three years or longer but no longer than ten years, with regular clients eligible for a maximum rate of interest of 5.90% and senior citizens eligible for a potential interest rate of 6.40%. Interest rates on deposits with terms of seven days to ten years will now vary from 2.50% to 5.90% for the general population and from 3.00% to 6.40% for seniors.

Updated FD rates- 2022:

  1. On the deposits made from 7 to 30 days, bank will be continue to pay interest at a rate of 2.50%, and on the fixed deposits made between 31 and 90 days, it will pay interest at a rate of 3.00%. 
  2. The bank will keep offering a 3.50 % interest rate on the deposits that will be mature in 91 to 179 days, and a 4.75 % interest rate on term deposits that mature in 180 to 363 days. 
  3. The bank will continue to pay a 5.50 per cent interest on the fixed deposits that end in 365 days to 389 days, and it has maintained its interest rate on term deposits that expire in 364 days at 5.25 %.

Read More: Best rates bank for fixed deposits investment in India

  • IDFC Bank:

Interest on the fixed deposits was likewise raised by IDFC First Bank on July 1. On the fixed deposits expiring in one year, one day to three years, the bank will now offer an interest rate of 6.25 %, up from 6 percent previously, or a 25 basis point rise. With a 25 basis point rise, interest rates on the fixed deposits with terms of 3 years, 1 day to less than 5 years are all now 6.50 % instead of 6.25 %. On the remaining tenors, the bank has kept interest rates flat.

Updated FD rates 2022-

  1. On the fixed deposits with maturities ranging from one year and one day to three years, the bank will now pay an interest rate of 6.25 %.
  2. Fixed deposit and interest are currently 6.50 per cent for maturities ranging from 3 years, 1 day to less than 5 years.
  3. For Tax Saver Deposits, the bank will pay a 6.5 percent interest rate.

Post RBI repo rate hike, these Banks are offering high-interest rates on saving accounts