Latest Bank FD rates in India indicate that there is an increase in interest rates in the last few days. Due to recent change in RBI monitary policy, we were expecting that banks would increase bank FD rates. Important point is that majority of public sector banks have increased the FD rates.
- Foreign banks: There are no changes in FD rates offered by foreign banks.
- Private Banks: Yes Bank has increased the FD rate to 9% for 2 year FD deposit. Beyond this, there are no other changes.
- Public Sector Banks: Allahabad Bank, Canara Bank, Karnataka Bank, Punjab National Bank and SBH have increased the FD interest rates.
- Foreign Banks: There are no negative movements in foreign bank FD rates.
- Private Banks: Kotak bank has cut the rate for 3 year FD deposit.
- Public Sector Banks: Allahabad Bank and Andhra Bank have cut down the FD rates for short term of 1 and 2 years period.
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 our blog.
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Latest Bank FD Rates in India in Nov-2013
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I am not sure if you have seen Lakshmi vilas bank offering @ 10% for 1 year FD.
Vijay, I know. I cover large banks and all nationalized banks, hence ignored it.
You had written on the NPS indetail sometime back.
Will it be possible to find out how much returns we will get on the annuity? suppose I have 10 lakhs savings in NPS at the time of retirement.How much will I get each month for life from that amt? Will the amt be the same e?ach month or will it fluctuate like MIP MFs? Will the amt pass on to the spouse ? What happens to the sum after both partners pass way? Will the nominee get the sum? None of this is mentioned in the NPS official website.Can you pls clarify?
Hi Smitha, The annuity amount depends on the age. Generally you would get 4% to 5% returns on such amounts. The features vary between insurance company to company. I am posting a pension plan in 10 days, you can check and post a query based on that.
Thanks for the article. I have one quick question. Generally banks charges 1% if we pre-mature the FD. However, some times banks offer with out any such penalty we can pre mature the FD. Can you pls share if any bank providing such offer.
Hi Ravi, it would be difficult to say as such offers would be there for very few days or months. I analysed earlier and my assumptions were wrong by the time I was about to post the article.
Hi Suresh, thanks for your reply. However, I have enquired about this and found that Karur Vysya bank is not charging any penalty for pre-mature of FD. Also, this is offering highest interest rates on FDs when compared to any other bank in India. Pls let me know if I am wrong.
Ravi, The issue is these T&C changes very frequently hence I am not tracking. If they are assuring, you can go for that
Nice blog worth for any investor, am planning to invest in tax saver fixed deposit for 5 yrs. If we compare some of the the co-op banks they give around 10% return on tax saver deposit, but am not sure about the safety of those banks and some of the co-op banks are covered in DCGIC. Is it worth going to these banks or just stick to the puplic sector banks.
I have one more question too is it worth investing in NSC 5 yr issue or Bank Tax saver deposit which also has 5 yrs term. Your opinion on these.
Thanks Satish. If you invest in any bank up to Rs 1 Lakh it would be insured under deposit insurance. However beyond this, there is no insurance. It does not mean the amount would be under risk. Since co-op banks have not gained confidence, to attract investors, they offer high interest rates. NSC offers 8.5% approx interest where as bank offers more than 9% for tax saver FD. There are no other unique benefits for both of them apart from this. Now you know where to invest.
Please include this in the list.
Sure Arun, would do that going forward. Long time, no news Arun ? How are you ?
I am fine 🙂 .. hope you and your family doing good.I keep following your post daily(may be i didnt post any comments. )
In this post, I just read that Mr.N.Ravikumar was asking for a FD with no penalty for premature FD closure. He can go for INDIAN BANK . This bank doesnt charge any penalty for premature FD closure.