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Looking for highest FD interest rates? Here are banks offering up to 9%

While the leading banks such as SBI, ICICI Bank and HDFC Bank don't go higher than 7.5%, a few smaller players are offering fixed deposit (FD) interest rates above 8% on select tenors, going up to 9%.

twitter-logoBusinessToday.In | February 21, 2019 | Updated 20:12 IST
Looking for highest FD interest rates? Here are banks offering up to 9%
A few smaller players are offering fixed deposit interest rates above 8% on select tenors, going up to 9%.

Retail deposits, or fixed deposits of less than Rs 1 crore, have always been an attractive savings option to meet short- to medium-term financial goals. The volatility in the financial markets along with benign inflation - which basically pushes up the real rate of interest - has also renewed customer interest in this savings option.

Read More: SBI increases interest rates for fixed deposits

But while the leading banks such as ICICI Bank and HDFC Bank don't go higher than 7.5%, a few smaller players are offering interest rates above 8% on select tenors, going up to 9%. On the other hand, SBI, the largest bank in the country, offers interest rates ranging from 5.75% to 6.85%.

So here's a look at some of the most attractive FD interest rates currently on offer:

Senior citizens get an additional 50 basis points interest over the fixed deposit rates mentioned above. Also keep in mind that the annualised yield - the effective annual rate of return taking into account the effect of compounding interest - will be higher for the longer tenors.

Also Read: Sensex, Nifty close higher for second session; Tata Motors, Vedanta, ONGC top gainers

Mutual funds vs Fixed Deposits: How FD investors had the last laugh in 2018

Edited by Sushmita Agarwal

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