Srinagar, Dec 16: Bank fixed deposit interest rates have come down by a lot in the past couple of months. In fact, many small banks like IDFC First Bank, Bandhan Bank and small finance banks like Equitas and Utkarsh are offering 7 percent interest rates on savings accounts, when these banks are compared like State Bank of India (SBI), ICICI and HDFC Bank.
Higher interest rate compared to savings account was one of the main reasons why people preferred FDs over savings account.
HDFC Bank and ICICI Bank offer 3 percent to 3.5 percent on their savings account, SBI offers 2.70 percent on their savings account.
Here are IDFC First Bank savings account interest rates:
On a balance amount of up to Rs 1 lakh, IDFC First Bank is offering an interest rate of up to 6 percent and 7 percent on balance amount more than 1 lakh to less than or equal to 10 crore.
<=1 lakh 6%
>1 lakh <=10 crore 7 %
>10 crore<= 50 crore 4.5%
> 50 crore <= 100 crore 4%
>100 crore 3.50%
Here are Bandhan Bank savings account interest rates:
On a balance amount of up to Rs 1 lakh, Bandhan Bank offers interest rates of 3 percent and 6 percent on daily balance above Rs 1 lakh to Rs 10 crore. On daily balance above Rs 10 crore to Rs 50 crore, bank offers 6.55 percent and7.15 percent on daily balance above Rs 50 crore.
Daily balance up to ₹1 lakh 3 %
Daily balance above ₹1 lakh to ₹10 crore 6%
Daily balance above Rs10 crore to ₹50 crore 6.55%
Daily balance above ₹50 crore 7.15%
Here are Equitas Small Finance Bank savings account interest rates:
On balance up to Rs 1 lakh, Equitas Small Finance Bank provides an interest rate of 3.5 percent. Bank also offers a 7 percent rate on balance above Rs 1 lakh and up to Rs 30 crore. For balance above 30 crore and up to Rs 50 crore, it offers a rate of 7.25 percent.
Up to ₹1 lakh 3.5%
Above ₹1 lakh and up to ₹30 crore 7%
Above ₹30 crore and up to ₹50 crore 7.25%
Here are Utkarsh Small Finance Bank savings account interest rates:
On a balance amount of up to Rs 1 lakh, Utkarsh Small Finance Bank offers interest rates of 5 percent. 6 percent on incremental balance above Rs 1 lakh and up to Rs 25 lakh and 7.25 percent on incremental balance above Rs 25 lakh.
Balance Upto ₹1 lakh 5%
Incremental balance above ₹1 Lakh to ₹25 Lakh 6 %
Incremental balance above ₹25 Lakh 7.25%
All deposits in savings bank or fixed deposits or recurring deposits with commercial banks are insured up to a maximum of ₹5 lakh for both principal and interest amount.
