Best Bank Fixed Deposit (FD) Rates – October 2018
Fixed deposit interest rates are increasing in recent times. After IL&FS defaulted its payments, many investors are worried about investing in company fixed deposits and NCDs. Investors are now looking for safe investment options like bank FDs or Post Office Schemes for fixed income options. If you are willing to park your money for short term or if you are low risk investor, you can invest in these bank FD Schemes. What are the latest bank FD rates in October-2018? Which banks are offering higher FD rates in the short term now in Oct 2018? Which banks offering highest FD rates for medium term of 3-5 years ?
Also Read: LIC Jeevan Shanti Pension Plan – Should you invest or avoid?
Positive movers in the last 4-5 months
Foreign banks: Deutsche Bank, Citibank and HSBC have increased its FD rates for short term to long term.
Private Banks: Except for Tamilnadu Merchantile bank, all other banks in the private sector have increased the interest rates for short term, medium term and long term
Public Sector Banks: Majority of the banks have increased the interest rates for short term to long term.
Negative Movers in the last 4-5 months
Foreign Banks: Deutsche Bank has reduced interest rate for short term of 1 year.
Private Banks: There is no negative movement of interest rates in the private banking sector.
Public Sector Banks: There is no negative movement of interest rates in public banks.
What does this mean for investors?
As I always indicated in my previous articles, investors should park money for the long term. This way it would be low risk high returns for them.
Which banks are providing higher interest rates now in Oct 2018?
If you are willing to park your money in foreign banks (in India), you can look for Deutsche Bank where they are offering 6.5% to 8.25% interest rates for 1 to 5 year period.
If you are willing to park your money in Private sector banks, you can look for RBL Bank, Citi Union Bank, DCB, Lakshmi Vilas Bank and Bandhan Bank, etc., as they offer between 6.4% to 7.75% for 1-5 years FD scheme.
If you are willing to park your money in Public sector banks, you can look for Repco Bank and OBC which provides highest interest rates for fixed deposits up to 8.2% per annum.
Best Bank Fixed Deposit (FD) for 5 years Tenure
1) Deutsche Bank offers 8.25% interest rates for 5 years FD Scheme.
2) Development Credit Bank (DCB) offers 7.75% interest rates for 5 years FD Scheme.
3) RBL Bank, Repco Bank and Lakshmi Vilas Bank offer 7.5% interest rates for 5 years FD Scheme.
4) City Union Bank (CUB) offers 7.35% interest rates for 5 years FD Scheme
Best Bank Fixed Deposit (FD) Rates for 3 years FD
1) Development Credit Bank offers 7.75% interest rates for 3 years FD Scheme
2) RBL, Lakshmi Vilas Bank, Deutsche Bank and Repco Bank offers 7.5% interest rates for 3 years FD Scheme.
3) Bandhan Bank offers 7.4% interest rates for 3 years Fixed Deposit Scheme.
4) Citi Union Bank offers 7.35% interest rates for 3 years FD scheme.
Best Bank Fixed Deposit (FD) Rates for 1 year FD
1) Repco Bank offers 8.2% interest rates for 1 year FD Scheme
2) RBL Bank offers 7.75% interest rates for 1 year FD Scheme
3) Lakshmi Vilas Bank offers 7.5% interest rates for 1 year FD Scheme
4) Tamilnadu Merchantile Bank, Karnataka Bank and Kotak Bank offers 7.4% interest rates for 1 year FD Scheme
5) Citi Union Bank offers 7.35% interest rates for 1 year FD Scheme
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. Since all the banks have reduced FD interest rates, I have not marked them in red this time. 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.
Also Read: Post Office Small Saving Schemes now offer highest interest rates for Oct to Dec-2018
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Suresh
Best Bank Fixed Deposit (FD) Rates – October 2018
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IDFC Bank is giving 8.25% for 3 years..
Really useful information. Thanks !!!
What about small finance bank FD rates, for e.g, utkarsh small finance bank
would provide seperate article on this
Would be ideal if you can add Small Finance Banks like Ujjivan etc as well to the table. Thanks
I would provide seperate article for small finance bank FD rates