Best Bank Fixed Deposit Rates – April 2012

Below is the list of top banks Term Deposit or fixed deposit (FD) rates for tenure of 6 Months – 1 Year, 1 – 2 Years, 2 – 3 Years, 3 – 5 Years and more than 5 years.

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• The best fixed deposit rates for 6 months to less than a year is offered by Corporation Bank at 9.75% per annum.
• For 1 – 2 years the highest FD rate offered is 10.5% by Lakshmi Vilas Bank.
• For 2 – 3 years the highest FD rate is 9.90% by South Indian Bank.
• For 3 -5 years the highest fixed deposit rate is 10.10% by Dhanlaxmi Bank
• For more than 5 years too the highest fixed deposit rate is 10.10% by Dhanlaxmi Bank

The best  fixed deposit rates for each tenure have been highlighted. 

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All the Rates are in % per annum. Rates for deposits up to Rs. 15 lakhs.

Source: Bank Websites

Update: April 24, 2012

State Bank of India (SBI) cuts Term Deposit Rates up to 1%

State Bank of India (SBI), today cut interest rates on loans and deposits up to 1%, following reduction in the short-term policy rates by Reserve Bank last week. The largest lender of the country’s SBI slashed interest rates up to 1% on fixed deposits of all but one maturity. With these changes, the peak rate on SBI fixed deposits would come down to 9% a year, from tomorrow.

Lakshmi Vilas Bank, Kotak Mahindra Bank, Allahabad Bank and United Bank of India  reduced its FD rates on select maturities by 0.25%

Update: April 20, 2012

PNB, ICICI, IDBI Bank reduce lending, deposit rates

Update: April 11, 2012

OBC cuts lending, deposit rates by up to 0.5%

Oriental Bank of Commerce (OBC) slashed base rate or minimum lending rate by a marginal 0.1% while fixed deposit rates on select maturities by up to 0.5%. The bank has reduced the base rate by 10 basis points to 10.65% from 10.75%. The reduction in base rate will make all kind of loans, including housing, auto loans cheaper by at least 0.1%.

As far as deposit rates are concerned, the bank reduced interest rate on fixed deposits with maturity between 1-2 years by 0.25% to 9.50%.

For term deposits worth Rs 15 lakh to Rs 1 crore with maturity between 46-90 days, the new interest rate will be 0.5% lower than the existing 9%.

Further the bank has increased its rate of interest applicable for senior citizens from 0.5% to 0.6% over and above the card rate.

The new fixed deposit rates would be effective from April 16, 2012.

Update: April 3, 2012

Federal Bank hikes interest rate on Fixed Deposits (FD) & NRE Term Deposits

Federal Bank has hiked the rate of interest on both – Domestic Fixed Deposit as well as NRE term deposits for a period of 1 year to 10% effective from April 3, 2012.

The rates of interest for resident deposits of other maturity periods are as follows:

• 7 days to 45 days – 5.00%
• 46 days to 180 days – 7.00%
• 181days to 199 days-8.50%
• 200 days-9.50%
• 201 days to less than 1 year – 8.50%
• above1 year to less than 3 years – 9.50%
• 3 years and above-9.25%

The rate of interest for NRE term deposits for a period of 1 year to less than 3 years is 9.50% and for a period of 3 years and above is 9.25%.

Senior citizens are eligible for additional interest of 0.50% on resident term deposits.