The stock market has been unstable for the past six months, causing investors to lose a lot of money. At the same time, some investors are shifting their investments and searching for low-risk options.
One piece of important news for those investors is that ten banks currently offer eight percent interest on their fixed deposit schemes.
These FDs are a better investment option because they offer low risk and high returns. Please let us know which banks are offering eight percent interest on FDs.
Small finance banks are giving high fd rates
Customers of Northeast Small Finance Bank are eligible to get 9% annual interest on FDs with maturities ranging from 18 to 36 months.
FD Rates Offered by Small Finance Banks
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) | 3-year FD rate (% p.a.) | 5-year FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
| North East Small Finance Bank | 9.00 | 7.00 | 9.00 | 6.25 | 0.50 |
| Unity Small Finance Bank | 8.60 | 7.25 | 8.15 | 8.15 | 0.50 |
| Suryoday Small Finance Bank | 8.60 | 8.25 | 8.25 | 8.60 | 0.50 |
| Shivalik Small Finance Bank | 8.55 | 6.00 | 7.50 | 6.50 | 0.50 |
| Utkarsh Small Finance Bank | 8.50 | 8.00 | 8.50 | 7.75 | 0.60 |
| Jana Small Finance Bank | 8.25 | 7.50 | 8.25 | 8.20 | 0.50 |
| Ujjivan Small Finance Bank | 8.25 | 8.10 | 7.20 | 7.20 | 0.50 |
| SBM Bank | 8.25 | 7.05 | 7.30 | 7.75 | 0.50 |
| Equitas Small Finance Bank | 8.05 | 7.90 | 7.75 | 7.25 | 0.50 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 | 0.50-0.75 |
| AU Small Finance Bank | 8.00 | 7.25 | 7.50 | 7.25 | 0.50 |
| DCB Bank | 8.00 | 7.10 | 7.50 | 7.40 | 0.50 |
| RBL Bank | 8.00 | 7.50 | 7.50 | 7.10 | 0.50 |
| IDFC First Bank | 7.90 | 6.50 | 6.80 | 6.75 | 0.50 |
| ESAF Small Finance Bank | 7.75 | 5.00 | 6.25 | 6.00 | 0.50 |
| YES Bank | 7.75 | 7.75 | 7.25 | 7.25 | 0.50-0.75 |
| Induslnd Bank | 7.75 | 7.75 | 7.25 | 7.25 | 0.50 |
| Central Bank of India | 7.50 | 6.85 | 7.00 | 6.75 | 0.50 |
| Federal Bank | 7.50 | 7.00 | 7.10 | 7.10 | 0.50 |
| Bank of Maharashtra | 7.45 | 6.75 | 6.50 | 6.50 | 0.50 |
Following this, Equitas Small Finance Bank is providing an 8.25% return on a fixed deposit plan maturing in 888 days, while Sarvodaya Small Finance Bank is offering 8.6% interest on a term of five years.
Similarly, Utkarsh Small Finance Bank offers FDs maturing in two to three years an 8.5% return.
Private Commercial Bank FD Rates
At the same time, private sector banks are also giving attractive interest rates of more than 8 percent to their customers. Bandhan Bank is offering a return of 8.05% on one-year FD, while RBL Bank and DBS Bank are offering 8% annual interest rate on tenures of 500 days and 376 days to 540 days respectively.
FD Rates Offered by Private Sector Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| Axis Bank | 7.25 | 6.7 | 7.1 | 7 |
| Bandhan Bank | 8.05 | 8.05 | 7.25 | 5.85 |
| City Union Bank | 7.5 | 7 | 6.5 | 6.25 |
| CSB Bank | 8 | 5 | 5.75 | 5.75 |
| DBS Bank | 7.5 | 7 | 6.5 | 6.5 |
| DCB Bank | 8 | 7.1 | 7.5 | 7.4 |
| Dhanlaxmi Bank | 7.25 | 6.75 | 6.5 | 7.25 |
| Federal Bank | 7.5 | 7 | 7.1 | 7.1 |
| HDFC Bank | 7.25 | 6.6 | 7 | 7 |
| ICICI Bank | 7.25 | 6.7 | 7 | 7 |
| IDBI Bank | 7.4 | 6.8 | 6.5 | 6.5 |
| IDFC First Bank | 7.9 | 6.5 | 6.8 | 6.75 |
| IndusInd Bank | 7.75 | 7.75 | 7.25 | 7.25 |
| Jammu & Kashmir Bank | 7.30 | 7 | 6.75 | 6.5 |
| Karnataka Bank | 7.5 | 7.25 | 6.5 | 6.5 |
| Karur Vysya Bank | 7.6 | 7 | 7 | 7 |
| Kotak Mahindra Bank | 7.4 | 7.1 | 7 | 6.2 |
| Nainital Bank | 7.05 | 6.7 | 6.25 | 5.75 |
| RBL Bank | 8 | 7.5 | 7.5 | 7.1 |
| SBM Bank India | 8.25 | 7.05 | 7.3 | 7.75 |
| South Indian Bank | 7.4 | 6.8 | 6.7 | 6 |
| Tamilnad Mercantile Bank | 7.5 | 7 | 6.5 | 6.5 |
| Yes Bank | 7.75 | 7.75 | 7.25 | 7.25 |
Apart from this, HDFC Bank and ICICI Bank are offering 7.25% and 7.90% interest rates. Please note that these interest rates will depend on the duration of the FD.
This much interest on FD in government banks
Let us tell you that government-owned PSU banks provide stable and safe investment facilities to their customers. However, the interest rate of these banks is usually lower than that of small finance banks and private banks.
FD Rates Offered by Public Sector Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| Bank of Baroda | 7.15 | 6.85 | 7.15 | 6.8 |
| Bank of India | 7.3 | 6.8 | 6.5 | 6 |
| Bank of Maharashtra | 7.45 | 6.75 | 6.5 | 6.5 |
| Canara Bank | 7.4 | 6.85 | 7.4 | 6.7 |
| Central Bank of India | 7.5 | 7.00 | 6.25 | 6.00 |
| Indian Bank | 7.3 | 6.1 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.3 | 7.1 | 6.5 | 6.5 |
| Punjab & Sind Bank | 7.25 | 6.3 | 6 | 6.5 |
| Punjab National Bank | 7.25 | 6.8 | 7 | 6.5 |
| State Bank of India | 7.25 | 6.8 | 6.75 | 6.5 |
| UCO Bank | 7.3 | 6.5 | 6.3 | 6.2 |
| Union Bank of India | 7.3 | 6.8 | 6.7 | 6.5 |
Among the PSU banks, Central Bank of India and Bank of Baroda are offering the highest annual interest of 7.50% for a specific time period. At the same time, other government banks like State Bank of India, Union Bank of India are offering 7% to 7.30% returns.