FD Rates: Banks Offering up to 8.8% Interest on Fixed Deposits – Invest Soon Before Rates Fall

Last month, in October, several banks adjusted their fixed deposit (FD) interest rates for deposits up to Rs 3 crore. These revised rates are as high as 8.8%, but with the start of November, there is a chance they could decrease again. If you're looking to maximize returns, consider investing in these FDs soon. Here's a breakdown of the recent interest rate changes by some key banks:

1. Shivalik Small Finance Bank

Shivalik Small Finance Bank offers 3.5% to 8.3% interest on FDs, with senior citizens receiving between 4% and 8.8%. The highest rates, 8.3% for regular customers and 8.8% for senior citizens, apply to FDs with durations from 18 to 24 months. Rates were updated on October 24.

2. IndusInd Bank

IndusInd Bank provides interest rates ranging from 3.5% to 7.75% on FDs, with senior citizens enjoying rates from 4% to 8.25%. The peak rates are available for deposits of 1 to 2 years, with new rates effective from October 7.

3. IDFC First Bank

IDFC First Bank offers FD rates between 3% and 7.75%, with the highest rate of 7.75% on FDs with a duration of 400 to 500 days. These rates have been applicable since October 16.

4. Federal Bank

Federal Bank offers rates from 3% to 7.4%, with an additional 0.5% for senior citizens. The top rate of 7.4% applies to 777-day deposits, effective since October 16.

5. Bank of Baroda

Bank of Baroda's FD rates range from 4.25% to 7.3%, with senior citizens receiving an additional 0.5% interest. The updated rates took effect on October 14.

Consider investing soon to take advantage of these attractive FD rates before any potential reductions.