These 4 Private Banks Raised Interest Rates Up to 8.50%, Check Rates Here

It seems to be getting better and better for fixed deposit holders. Banks seem to have increased deposit rates massively over the last few quarters. If you see the RBI itself has raised the repo rates by 250 basis points from 4% to 6.5%. Fears of inflation has led most of the banks in the country to raise interest rates. Let's take a look at what different set of banks are offering as interest rates.

IndusInd Bank Deposit interest rates

IndusInd Bank has hiked interest rates to maximum 8.25% for senior citizens & 7.50% for regular deposits. We are not highlighting other tenures and are only informing readers the maximum interest rates. The maximum interest rate of 8.25% for senior citizens and 7.50% for others comes on tenures of 2 Years up to 2 Years 1 Month, Above 2 Years 1 Month to below 2 years 6 Months and goes right upto 3 years and 3 months.

IDFC First Bank Deposit interest rates

IDFC First has raised interest rates to maximum of 7.75% for regular deposits and 8.25% for senior citizens. If you opt for a tenure of 3-years, you get the above mentioned interest rates. Among the larger private sector banks, we believe this is the best possible rates, especially on a slightly higher tenure of 3 years. Most banks are offering higher interest rates on short term term tenures.

Axis Bank Deposit interest rates

Axis Bank is now offering a maximum interest rate of 7.26% for general public and 8.01% for senior citizens. The maximum interest rates mentioned above is on tenures of 2 years

DCB Bank deposit interest rates

Among the other banks that hiked deposit interest rates is DCB Bank. This slightly smaller private sector bank raised interest rates. The 700 days deposits at DCB Bank offers 8.5% interest for senior citizens and 8.0% for regular deposits. This is probably the best from among the private sector banks that raised deposit rates recently.

These days it is also easy to switch deposits, but, every time you break your deposits there is a penalty that is levied.