In low interest rate regime, who won't like to earn extra and if you have a lower investment horizon of say 1 year and look for some conservative investment such as FDs, here are listed some of the banks that are best in current times on the interest rate metrics:
Interestingly, in the bucket, there are no top banks as they are well liquidated and in the current time while they are being practicing high cautiousness in lending, they also don't need to dole out high rates to their customers.
Private and other small banks need to up their deposit base and hence a result need to provide in that attractiveness by way of better rates. Foreign banks on the other hand offer an in-between rate and there is a wide differential in interest rates among different foreign banks on FD rate.
It is worth mentioning that in the current regime when the interest rate has hit a historic low of 4% amid the pandemic, the country's biggest bank SBI and BOB are offering just 5.1% return per annum.
Also, for different banks for a 1-year FD, the initial investment on a minimum basis can be between Rs. 100- Rs. 10000.
So, here are banks with better rates on a 1-year FD:
|Bank||Interest Rate on 1 year FD|
|IDFC First Bank||7.25%|
|Standard Chartered Bank||6.3%|