Fixed deposit (FD) is one of the most common financial instrument for investment. Bank FD is the most preferred investment tool because it is considered safer as compared to mutual funds. Recently, after the Reserve Bank of India (RBI) cut the repo rate in its Monetary Policy Review meet, all top lenders including the State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and others started reducing their FD rates. Generally, banks offer FDs ranging from 7 days to 10 years. Here is a list of four banks which offer more than 8% interest on select maturities.

IDFC First Bank latest FD interest rates (below 2 crore) for general public

IDFC First Bank offers interest on FDs ranging from 4-8%. For deposits with maturity one year, IDFC Bank gives 8.00% interest. For 1 year and 1 day to 2 years maturities, the bank gives the same 8 % interest. So deposits with one and two years maturity period will fetch the highest rate of interest in IDFC First Bank.

1 year: 8.00%

1 year 1 day to 2 years: 8.00%

DCB Bank latest FD interest rates (below 2 crore) for 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 maturing in 3 years, DCB Bank offers the highest interest rate. These deposits will fetch you an interest rate of 8.00%.

36 months-8.00%

Equitas Small Finance Bank latest FD interest rates (below 2 crore) for general public

Chennai-based Equitas Small Finance Bank offers interest rate ranging from 5% to 8.3% to general public. Senior citizens get 0.60% extra over and above the normal 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 gives 8.20% interest. Deposits with maturities 2 years 1 day to 3 years will fetch 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 (below 2 crore) for 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%. FDs with maturity period of more than 1 year to less than 2 years will give 8.25% interest. Jana Small Finance Bank will give you 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%

As can be seen, currently small finance banks are offering higher interest rates than the commmercial banks.

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