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Latest Bank FD Interest Rates in India-Oct-2013

Latest Bank FD Rates in India-Oct-2013Latest Bank FD Interest Rates in India-Oct-2013

Latest Bank FD rates in India indicate that there is an increase in interest rates in the last few days. Several tax free bonds like PFC, IIFCL and NHPC bonds have given tough competition to Banks as they were offering almost similar interest rates, but that comes tax free. Going forward, we expect that Bank FD interest rates may increase.

Positive movers

a) Foreign banks: After a long time, I am seeing that Deutsche Bank has altered its interest rates on positive side. Its 4 years interest rates are increased to 8.5%.

b) Private Banks: There is no positive movement in interest rates under private banks.

c) Public Sector Banks: Bank of Baroda, Canara Bank, Corporation Bank and SBI have increased the interest rates marginally.

Negative Movers

a) Foreign Banks: Last month Deutsche Bank has cut down the rates. Even this month they have reduced the interest rates for 1 and 2 years deposits. HSBC too has reduced 1 year interest rate.

b) Private Banks: HDFC and KVB have reduced short term interest rate for 1 year.

c) Public Sector Banks: Last month Andhra Bank offered highest interest rates of 9.5%. This month it slashed it to 9.1%. SBH also reduced 2 to 5 year FD interest rates.

Comparison of latest bank FD interest rates among various banks in India.

The comparison list would help investors to choose the right bank for fixed deposits. Green indicates that the rates have been increased compared to our previous month's article and RED indicates that the rates are reduced comparing to our previous month's article. Myinvestmentideas.com is the only website in India which tracks FD rates month on month and provides whether a particular bank has increased the FD rate or slashed the FD rates. This is a unique feature of this Best Investments blog.

Latest Bank FD Rates in India-Oct-2013-Interest chart

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Suresh
Latest Bank FD Rates in India (Oct-2013)

 

Suresh KP

12 thoughts on “Latest Bank FD Interest Rates in India-Oct-2013”

  1. Dear sir,

     

    under above table of Fixed deposit,DCB bank is not mentioned.DCB banks gives 9.75% Interest rate. Is what better option for Investment or not?

    1. Sagar, I have covered major public, private and foreign banks. All small banks offer high interest to attract FD schemes. Invest in large banks to safeguard your money.

    1. Hi Rishi, I personally took the info from SBH website on 19-Oct-13 – 11 am. Looks there is an update after this in this portal. Would update in next version. Tks for pointing it out. 

  2. Thanks for the efforts, Suresh!

    Additional bit for your readers: State Bank of Hyderabad is giving 9.55% for 555 days on account of festival season (from 5-Oct-2013 to 5-Nov-2013). No premature withdrawal penalty.

    In case, people are interested in private banks, Tamilnad Mercantile Bank is giving 10% for 2 years tenure.

  3. Hi Suresh,

    For SBH, i still see interest rate as 9 % for 2 and 3 years. I just checked their site. Is it not updated?

    Thanks

     

     

     

    1. Hi Sandeep, I personally took the info from SBH website on 19-Oct-13 – 11 am. Looks there is an update after this in this portal. Would update in next version. Tks for pointing it out. 

  4. Thanks suresh for your info..

    Please include special FD schemes also with this list. I heard there is highest rate 9.55% for 555 days in SBH.

    If those kind of schemes are included, this will be much more useful.

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