Bank Fixed Deposit Rates: 4 Banks That Offer More Than 8% Interest

After the Reserve Bank of India (RBI) cut the repo rate in its Monetary Policy Review meeting. All top lenders like the State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and others have reduced their FD rates. Usually, banks offer FDs ranging from 7 days to 10 years.

Here is a list of these four banks which offer more than 8% interest on select maturities.

IDFC First Bank latest FD interest rates (less than ₹ 2 crores) for the general public

IDFC First Bank offers interest on FDs ranging from 4-8%. For deposits with a one-year maturity, IDFC Bank gives 8 % interest. For 1 year and 1 day to 2 years maturities, the bank provides the same 8 % interest. So one and two years maturity deposits will raise the highest rate of interest in IDFC Bank.

1 year: 8.00 %

1 year 1 day to 2 years: 8.00%

DCB Bank latest FD interest rates (less than ₹2 crores) for the general public

FD interest rates in DCB Bank ranges from 5.40% to 8.00% for deposits maturing in 7 days and 10 years. For deposits with 3 years maturity, DCB Bank offers the highest interest rate. These deposits will generate an interest rate of 8.00%.

36 months-8.00%

Equitas Small Finance Bank latest FD interest rates (below ₹2 crores) for the general public

Chennai-based Equitas Small Finance Bank offers interest rate ranging from 5% to 8.3% to the general public. Senior citizens get 0.60% extra over and above the standard FD rates. The bank gives more than 8% interest on deposits maturing in 1 year to 3 years. For FDs maturing in 1 year to 18 months, Equitas Small Finance Bank gives 8% interest, and for term deposits maturing in 18 months 1 day to 2 years, the bank provides 8.20% interest. Deposits with maturities 2 years 1 day to 3 years will fetch the highest interest at the rate of 8.30% in Equitas Small Finance Bank.

1 year to 18 months-8.00%

18 months 1 day to 2 years-8.20%

2 years 1 day to 3 years-8.30%

Jana Small Finance Bank latest FD interest rates (less than ₹2 crores) for the general public

Jana Small Finance Bank or Janalakshmi Financial Services Bank offers interest on fixed deposits ranging from 4.50% to 8.40%. Deposits maturing in 1 year will fetch you an interest of 8.00%.

Fixed Deposits with a maturity period of more than 1 year to less than 2 years will give 8.25% interest. Jana Small Finance Bank will provide you with the highest interest on deposits maturing in 3 years, i.e. 8.40%. For deposits maturing in 2 years to less than 3 years and more than 3 years to 5 years will fetch you an interest of 8.25%.

1 year = 365 days-8.00%

> 1 year to < 2 years-8.25%

2 years to < 3 years-8.25%

3 years = 1095 days-8.40%

> 3 years - 5 years-8.25%

When compared, small finance banks are offering higher interest rates than commercial banks.