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Bandhan Bank Vs IDFC First Bank Vs Yes Bank: Latest FD Interest Rates Compared
Senior citizens can now earn interest rates from several banks above 8 percent and some above 9 percent. This is due to the gradually rising report rate by the Reserve Bank of India (RBI). In an effort to control inflation in the country, RBI has been gradually raising the key repo rate.
This gradual rising repo rate has encouraged banks to hike interest rates to keep up with the repo rate. As mentioned, senior citizens can earn up to 8-9 percent interest on FD by banks, However, when it comes to interest rates for non-senior citizens, very few are even close to this rate.
In the past 1 year, the FD rates are getting gradually hiked by banks across the tenure. Here is a comparison of the FD rates offered by Bandhan Bank, IDFC First Bank, and Yes Bank.
Bandhan Bank
Bandhan Bank is offering the highest 8 percent interest rate to the general public and 8.50 percent to senior citizens on FDs with a tenure of 600 days (1 Year, 7 months, 202 days). The FD rates are effective from February 6, 2023.
Retail Domestic/Non-Resident Rupee Term Deposit Interest Rate Chart Below Rs 2 Cr
| Maturity Bucket | Interest Rates for Non-Senior Citizens | Interest Rates for Senior Citizens |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to less than 2 months | 3.50% | 4.25% |
| 2 months to less than 3 months | 4.50% | 5.25% |
| 3 months to less than 6 months | 4.50% | 5.25% |
| 6 months to less than 1 year | 4.50% | 5.25% |
| 1 year to 599 days | 7.25% | 7.75% |
| 600 days (1 year, 7 months, 20 days) | 8.00% | 8.50% |
| 601 days to less than 2 years | 7.25% | 7.75% |
| 2 years to less than 3 years | 7.25% | 7.75% |
| 3 years to less than 5 years | 7.25% | 7.75% |
| 5 years to up to 10 years | 5.85% | 6.60% |
Please Note - Senior Citizen Rates are only for Resident Indians and do not apply to NRIs.
Source - Bandhanbank.com
IDFC First Bank
IDFC First Bank is offering the highest interest rate of 7.75 percent to the general public and 8.25 percent to senior citizens on FDs for a tenure of 18 months 1 day to 3 years (549 days to 3 years). According to the bank's official website, the FD rates are effective from March 01, 2023.
FD Interest Rates for Domestic, NRE and NRO Deposits less than Rs 2 Crores
| Tenure | FD rates for Non-Senior Citizens | FD rates for Senior Citizens |
|---|---|---|
| 7 - 14 days | 3.50% | 4.00% |
| 15 - 29 days | 3.50% | 4.00% |
| 30 - 45 days | 4.00% | 4.50% |
| 46 - 90 days | 4.50% | 5.00% |
| 91 - 180 days | 5.00% | 5.50% |
| 181 days - 366 days | 6.75% | 7.25% |
| 367 days - 18 months (367 days to 548 days) | 7.25% | 7.75% |
| 18 months - 1 day - 3years (549 days to 3 years) | 7.75% | 8.25% |
| 3 years - 1 day- 5 years | 7.00% | 7.50% |
| 5 years- 1 day - 10 years | 7.00% | 7.50% |
Please Note - The Senior Citizens interest rates will not be available for NRE or NRO Fixed Deposits.
Source - IDFCfirstbank.com
Yes Bank
Yes Bank is offering the highest 7.50 per cent interest rate to the general public and 8.80 per cent to senior citizens on FDs on the tenure of 15 months to 35 months and 35 months 1 day to 36 months. According to the bank, the FD rates are effective from 21st February 2023.
Fixed Deposit Interest Rates (% P.A) for
| Period | Interest Rates for Non-Senior Citizens | Interest Rates for Senior Citizens |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.70% | 4.20% |
| 46 days to 90 days | 4.10% | 4.60% |
| 91 days to 180 days | 4.75% | 5.25% |
| 181 days to 271 days | 6.00% | 6.50% |
| 272 days to | 6.25% | 6.75% |
| 1 Year to | 7.25% | 7.75% |
| 15 months to | 7.50% | 8.00% |
| 35 months 1 day to | 7.50% | 8.00% |
| 36 months to | 7.00% | 7.75% |
Please Note - Senior Citizen rates are applicable only for Domestic Deposits.
Source - yesbank.in
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