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.
Positive movers
- 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.
Also Read: Latest recurring deposit rates in India in Nov-2014
Negative Movers
- 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.
Also Read: PNBHFL FD Schemes offers 15.06% yield – Should you invest?
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Suresh
Latest Fixed Deposit Interest Rates in India
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can you pls list out the NRE FD rates as well?
thanks
Sure, would do that from this month
Central bank of india FD for 1year , less than 1 crore – 9% and not 9.10%. many interest rates are incorrect. please refer to bank website before investing.
I had a FD in Punjab National Bank for 1 yr (9% interest) which i am renewing at the end of every yr for the past 4 yrs. Tell me is this wise or a FD of direct 4yrs. with 8.75% is more profitable? can u plz explain the difference if you understod my question?
Obviously 9% is profitability
Hi Suresh Greetings!!!! First of all thanks for your great analysis on all the topics which you cover. Let me start my question. I m investing 2000 in mutual funds (SIP) every month. One is in Reliance Tax saver e
ELSS and second one in Axis LT equity fund. I have saving of 3 lakhs. I don’t have any other dependencies. Kindly suggest for long term investment. I come under second tax bracket. Apart from traditional investment please suggest for equity funds.
Thanks in advance
Is this applicable for NRE FDs also?
No. There are seperate rates for NRE FD
Suresh kp sir your analysis regarding bank rates is useful for us I follow your views but want to know how long rates will be in descending track so that one can hold its asset for sometime, it will be right to hold or not?
Interest rates would would still fall in future based on several indicators.
Thanks for giving your valuable view.
sir, your previous article on Tax free bonds in Mar 14 was very informative. Any possibility of review on tax free bonds in near future for purchase from open market or IPOs post budget.
Thanks
Sure, give me some time
Thanks for the reply. will wait for the review on tax free bonds.
Thanks for the review sir. Can u advice on the tax free bonds one should buy from open market in Dec 14 or wait for any new IPO in Mar 15.
Thanks
– Anil
Sir . My monthly payments is 20000 . I want some secure and good return idea.plese help me. I don’t know how to get a good return .
Suresh K P is a true rockstar, website is very useful for layman like us .
Nice article sir. Please give information regarding SBI MODS ( Multi Option Deposit Scheme )
I would provide detailed review in coming weeks Sanket.
Why all the banks had started reducing the interest rates? Again, you should another column for special period FDs as many of the bank gives upto 0.5% additional interest rates for these special periods like 271 days for 18 months 15 days, etc.
There are several reasons for that. In coming weeks, I feel the rates would still be reduced with RBI reducing the interest rates.
Thank you very much Sir