These private sector banks offer interest rates of above 6% on one-year Fixed Deposits

Interest rates on fixed deposits are rising as a result of the RBI raising the repo rate to 4.90 percent during the MPC meeting in June. Due to rising interest rates, fixed deposits are currently the most popular investment option for debt investors. Because they offer fixed returns and a flexible deposit period ranging from 7 days to 10 years, fixed deposits are the most popular option for investors who have a zero risk tolerance profile and want to invest to build wealth without market-based returns. This makes them the best choice for short-, mid-, and long-term financial goals. Therefore, the private banks listed below are currently promising above 6% interest rates for short-term investors who want to invest for a little period of 1 year.

Bandhan Bank

The interest rates on Bandhan Bank’s fixed deposits increased on July 4, 2022. Currently, the bank offers interest rates on deposits with maturities ranging from 7 days to 10 years that vary from 3% to 5.60% for the general public and 3.75 to 6.35% for senior persons. On deposits that mature in a year, the bank offers a 6.25 percent interest rate to the general public and a 7 percent interest rate to seniors. On deposits due in 2 years or less than 5 years, Bandhan Bank gives a maximum interest rate of 6.50 percent to the general public and 7.25 percent to senior persons.

DCB Bank

For June 22, 2022, DCB Bank raised the interest rates on fixed deposits under 2 Cr. The bank is currently offering interest rates on deposits with maturities ranging from 7 days to 120 months that range from 4.80 percent to 6.60 percent for the general public and 5.30 percent to 7.10 percent for senior people. On deposits that mature in a year, DCB Bank offers the general public and senior citizens interest rates of 6.10 percent and 6.60 percent, respectively. For fixed deposits with maturities ranging from 18 months to 10 years, the maximum interest rate is now 6.60 percent for the general public and 7.10 percent for senior citizens.

IDFC First Bank

From July 1st, 2022, IDFC First Bank raised its interest rates on fixed deposits under 2 Cr. For deposits that mature in 7 days to 10 years, the bank offers interest rates that vary from 3.50 percent to 6 percent for the general public and from 4 percent to 6.50 percent for senior citizens. For deposits that mature in 1 year, 1 day, the bank offers a 6.25 percent interest rate, while for senior citizens, it offers a 6.75 percent interest rate. For fixed deposits with maturities of 3 years, 1 day, or less than 5 years, the maximum interest rate is currently 6.50 percent for the general public and 7 percent for senior citizens.

IndusInd Bank

On June 21st, 2022, IndusInd Bank raised the interest rates on fixed deposits under 2 Cr for the last time. The bank now offers interest rates on fixed deposits with maturities ranging from 7 days to 61 months and over that range from 3.25 percent to 6 percent for the general public and 3.75 percent to 6.50 percent for senior citizens. On term deposits that mature in a year, the bank now offers interest rates of 6.50 percent for seniors and 6 percent for the general public. For deposits maturing in two years or less than 61 months, the bank now offers a maximum interest rate of 6.50 percent for the general public and 7.00 percent for senior citizens.

RBL Bank

RBL Bank last changed the interest rates for fixed deposits under 2 Cr on June 8, 2022. The bank is currently giving an interest rate of 6.25 percent for the general public and 6.75 percent for senior people on deposits that mature in a year.

YES Bank

On June 18, 2022, Yes Bank changed the interest rates on fixed deposits under Rs. 2 crore. Currently, the bank offers a 6.0% interest rate on deposits that mature in a year to the general public and a 6.50% interest rate for senior citizens.