As we start June, Latest FD interest rates in India for Jun, 2015 indicate that, in the last couple of months, one of the foreign banks, majority of public and private sector banks have reduced the interest rates. This was as expected by us and indicated in our previous articles. RBI may reduce repo rates further in coming months, hence we expect further reduction in interest rates from banks. What are the latest Bank FD Rates in India and how they are earlier compared to our previous article?
Based on request from some of our readers last month, we have added a few more banks for tracking their latest FD interest rates.
Positive movers
- Foreign banks: Citibank and Deutsche Bank has increased interest rates for 2 to 4 years tenure FD Schemes.
- Private Banks: No positive movement in private banks.
- Public Sector Banks: No positive movement in Public Sector banks.
Also Read: Should you invest in PNBHFL Fixed Deposit scheme which offers 15% Yield?
Negative Movers
- Foreign Banks: HBSC has reduced its interest rates further. This bank now offers lowest interest rates among foreign banks.
- Private Banks: Almost all banks except for DCB, KVB, CUB, ICICI Bank and Karnataka Bank, all others have reduced interest rates for short term, medium term and long term. Interest rates are ranging between 8% to 9.1% per annum.
- Public Sector Banks: Even majority of public sector banks have reduced interest rates for short term, medium term and long term Fixed deposits. Interest rates are ranging between 8% to 9% per annum.
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 Private sector banks, you can look for Ratnakar Bank, Tamilnad Merchantile Ban and Lakshmi Vilas Bank for long terms of 5+ years as they provide highest FD rates in India.
- If you are willing to park your money in Public sector banks, you can look for Repco Bank, Allahabad Bank, Central Bank of India and OBC which provides highest interest rates for fixed deposits.
- If you are willing to park your money in foreign banks (in India), you can look for Deutsche Bank where they are offering 7.25% to 8.6% interest rates.
Also Read: Fixed Deposits Vs Liquid Funds – Which are better investment option?
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 article and RED indicates that the rates are reduced compared to our previous article. Myinvestmentideas.com is the only website in India, which tracks FD rates regularly 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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Suresh
Latest Bank FD Interest Rates in India-Jun-2015
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