Latest Fixed Deposit Interest Rates in India-Nov-2014
Latest FD interest rates in India in November, 2014 indicate that, in the last one month, several foreign banks, public sector banks and private sector banks have reduced the interest rates. In coming months, we expect further fall in the interest rates. What are the current Bank FD Rates in India and how they compare with previous month ?
Based on request from our readers, Maven and Jalpesh Patel last month, we have added several other banks for tracking their latest FD interest rates.
- Foreign banks: No positive movement in the interest rates offered by foreign banks.
- Private Banks: No positive movement in the interest rates offered by private banks.
- Public Sector Banks: Bank of Baroda has increased interest rates. However, there is no positive movement seen in other public sector banks.
- Foreign Banks: While Citi bank reduced interest rates for 2 years, Deutsche Bank and HSBC has reduced rates for short to long term period.
- Private Banks: Federal Bank and Kotak Bank have reduced interest rates for short term of 1 year. However, Axis Bank and KVB have reduced from medium term to long term from 3 to 5+ years.
- Public Sector Banks: Bank of India, Corporation Bank, SBI, Syndicate Bank and UBI has reduced short term of 1 year interest rates. Several other public sector banks have reduced interest rates for medium to long term from 3 to 5+ years.
What does this mean for investors?
As I always indicated in my previous articles, investors should park money for the long term. Foreign banks still provide lesser interest rates. The best way is to invest in bank FD schemes of public sector banks and large private banks.
Which banks are providing higher interest rates now?
- If you are willing to park your money in foreign banks (in India), you can look for HSBC bank for short term of 1 year. However, for medium to long term of 2+ years, invest in Deutsche Bank FD Schemes.
- If you are willing to park your money in Private sector banks, you can look for Ratnakar Bank, Lakshmi Villas bank, and Tamilnad Merchantile Bank for short term of 1 or 2 years. However, for medium to long term of 3+ years, Ratnakar Bank, DCB and Lakshmi Villas Bank
- If you are willing to park your money in Public sector banks, you can look for Repco Bank, Vijaya Bank and Central Bank of India for short term of 1 or 2 years. However, for medium to long term of 3+ years, invest in Repco Bank and Allahabad Bank FD Schemes.
Comparison of current and 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 our blog.
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Latest Fixed Deposit Interest Rates in India
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