Below are the Fixed Deposit Rates in all the banks India, catering to the general public and senior citizens:
| Bank | General Public Interest Rates (p.a.) | Senior Citizen Interest Rates (p.a.) |
|---|---|---|
| Axis Bank | 3.00% to 7.10% | 3.50% to 7.75% |
| Bandhan Bank | 3.00% to 7.85% | 3.75% to 8.35% |
| Bank of Baroda | 3.00% to 7.25% | 3.50% to 7.75% |
| Canara Bank | 4.00% to 7.25% | 4.00% to 7.75% |
| Central Bank of India | 3.50% to 6.75% | 4.00% to 7.25% |
| HDFC Bank | 3.00% to 7.20% | 3.50% to 7.75% |
| ICICI Bank | 3.00% to 7.10% | 3.50% to 7.65% |
| IDBI Bank | 3.00% to 6.80% | 3.50% to 7.30% |
| IDFC FIRST Bank | 3.00% to 7.75% | 3.50% to 8.25% |
| IndusInd Bank | 3.50% to 7.85% | 4.25% to 8.25% |
| Karnataka Bank | 3.50% to 7.25% | 3.50% to 7.75% |
| Kotak Mahindra Bank | 2.75% to 7.25% | 3.25% to 7.75% |
| Punjab National Bank | 3.50% to 7.25% | 4.00% to 7.75% |
| RBL Bank | 3.50% to 8.00% | 4.00% to 8.50% |
| South Indian Bank | 2.90% to 7.30% | 3.40% to 7.50% |
| State Bank of India | 3.00% to 7.10% | 3.50% to 7.60% |
| Tamilnad Mercantile Bank | 5.25% to 7.00% | 5.25% to 7.50% |
| UCO Bank | 2.90% to 6.50% | 3.15% to 7.00% |
| Union Bank of India | 3.00% to 7.00% | 3.50% to 7.50% |
| YES Bank | 3.25% to 7.75% | 3.75% to 8.25% |
Note: Fixed Deposit rates in all the banks mentioned are subject to change at the discretion of the respective banks.
Some Alternative to Fixed Deposit
If you’re looking for alternatives to fixed deposits, there are several investment options that offer different risk and return profiles. The best alternative for you depends on your financial goals, risk tolerance, and investment horizon. Here are some alternatives to fixed deposits:
- Savings Account:
- While savings accounts typically offer lower interest rates than fixed deposits, they provide more liquidity. Money in a savings account is easily accessible, making it a suitable option for emergency funds or short-term savings.
- Recurring Deposits:
- Similar to fixed deposits, recurring deposits allow you to invest a fixed amount at regular intervals. They are a good option for individuals who want to build savings over time but may not have a lump sum to invest initially.
- Liquid Funds:
- Liquid mutual funds are low-risk, short-term investment options that invest in money market instruments. They offer better returns than savings accounts and provide high liquidity. Liquid funds are suitable for investors with a short investment horizon.
- Short-Term Debt Funds:
- Short-term debt funds invest in debt securities with short maturities, making them less sensitive to interest rate changes. They offer potentially higher returns than traditional fixed deposits, and the returns are relatively stable.
- Corporate Bonds:
- Investing in corporate bonds allows you to lend money to companies in exchange for periodic interest payments and the return of the principal at maturity. Corporate bonds may offer higher returns than fixed deposits but come with slightly higher risk.
- Government Savings Schemes:
- Government savings schemes such as Public Provident Fund (PPF) and National Savings Certificate (NSC) offer fixed interest rates and are considered safe. PPF, in particular, has a longer lock-in period but provides tax benefits.
- Gold Investments:
- Gold can be an alternative investment to fixed deposits. You can invest in physical gold, gold exchange-traded funds (ETFs), or sovereign gold bonds. Gold prices may be subject to volatility but are often considered a hedge against inflation.
- Equity Mutual Funds:
- For those with a longer investment horizon and a higher risk tolerance, equity mutual funds can provide the potential for higher returns. They invest in a diversified portfolio of stocks, offering growth opportunities but with higher volatility.
- Real Estate Investment:
- Investing in real estate, either directly or through real estate investment trusts (REITs), can be an alternative to fixed deposits. Real estate investments, however, may require a longer investment horizon and involve higher transaction costs.
- Systematic Investment Plans (SIPs):
- SIPs in mutual funds allow you to invest a fixed amount regularly. This systematic approach to investing helps average out the cost of investment over time, reducing the impact of market volatility.
Before making any investment decisions, it’s essential to assess your financial goals, risk tolerance, and investment horizon. Consider consulting with a financial advisor to tailor your investment strategy to your specific needs.