These private sector banks promise over 6% interest rates on 1 year FDs

So for short-term investors, who want to invest for a short period of 1 year, here are the private banks that are now promising over 6% interest rates.

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Owing to the RBI’s increase in the repo rate to 4.90 per cent during the MPC meeting in June, interest rates on fixed deposits are on the rise. Fixed deposits are presently the most sought-after investment choice for debt investors due to growing interest rates. 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 because they offer fixed returns and a flexible deposit period ranging from 7 days to 10 years, making them the best choice for short-, mid-, and long-term financial goals. So for short-term investors, who want to invest for a short period of 1 year, here are the private banks that are now promising over 6% interest rates.

Bandhan Bank

On July 4, 2022, Bandhan Bank raised its fixed deposit interest rates. As of now, the bank is giving an interest rate on deposits maturing in 7 days to 10 years that ranges from 3 per cent to 5.60 per cent for the general public and 3.75 per cent to 6.35 per cent for senior citizens. However, the bank is giving a 6.25 per cent interest rate to the general public and a 7 per cent interest rate to senior citizens on deposits that mature in a year. While Bandhan Bank offers a maximum interest rate of 6.50 per cent to the general public and 7.25 per cent to senior citizens on deposits maturing in 2 years to less than 5 years, respectively.

DCB Bank

DCB Bank increased interest rates on fixed deposits below 2 Cr on June 22, 2022. On deposits maturing in 7 days to 120 months, the bank is now offering an interest rate ranging from 4.80% – 6.60% for the general public and 5.30% – 7.10% for senior citizens. DCB Bank is giving the general public and senior people an interest rate of 6.10 per cent and 6.60 per cent, respectively, on deposits that mature in a year. The maximum interest rate for fixed deposits with maturities between 18 months and 10 years is currently 6.60 percent for the general public and 7.10 percent for senior citizens.

IDFC First Bank

IDFC First Bank increased its interest rates on fixed deposits below 2 Cr from July 1st, 2022. The bank provides interest rates on deposits maturing in 7 days to 10 years that range from 3.50 per cent to 6 per cent for the general public and 4 per cent to 6.50 per cent for elderly persons. The bank is giving an interest rate of 6.25 per cent for deposits maturing in 1 year, 1 day, and 6.75 per cent for elderly people. The maximum interest rate for fixed deposits that mature in 3 years, 1 day or less than 5 years is currently 6.50 per cent for the general public and 7 per cent for senior persons.

IndusInd Bank

The most recent increase in interest rates for fixed deposits below 2 Cr was made by IndusInd Bank on June 21st, 2022. On fixed deposits maturing in 7 days to 61 months and above the bank is now offering an interest rate ranging from 3.25% – 6.00% for the general public and 3.75% – 6.50% for senior citizens. The bank is currently paying an interest rate of 6.50 per cent for elderly people and 6.00 per cent for the general public on term deposits that mature in a year. The bank now offers a maximum interest rate of 6.50 per cent for deposits maturing in 2 years or less than 61 months for the general public and 7.00 percent for senior persons.per cent

RBL Bank

On June 08, 2022, RBL Bank last revised its interest rates on fixed deposits of less than 2 Cr. On deposits maturing in 1 year, the bank is now offering an interest rate of 6.25% for the general public and 6.75% for senior citizens.

Yes Bank

Yes Bank recently changed the interest rates on fixed deposits below 2 crore on June 18, 2022. The bank is now giving an interest rate of 6.00 per cent for the general public and 6.50 per cent for senior citizens on deposits that mature in a year.

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