Deposit rate refers to the interest rate that banks or financial institutions pay to account holders on their cash deposits.
The interest rate can be fixed or variable depending on the bank’s policies. Banks usually offer better rates for accounts with larger balances to attract more customers.
This article presents a comparison of the deposit interest rates offered by various Indian banks for fixed deposits of less than one year.
Banking Competition In the current competitive banking industry, banks offer higher interest rates to attract more customers.
In this article, we have compiled a list of banks that offer the best interest rates on fixed deposits of less than one year.
Comparison of Interest Rates:
Below is a list of banks and their respective interest rates for fixed deposits of less than one year:
1) Bank of Maharashtra: 7%
2) Bank of Baroda: 5.75%
3) Bank of India: 5.5%
4) Canara Bank: 6.5%
5) Central Bank of India: 5.5%
6) Indian Bank: 4.75%
7) Indian Overseas Bank: 5.35%
8) Punjab National Bank: 5.8%
9) Punjab and Sind Bank: 6%
10) State Bank of India: 5.75%
11) UCO Bank: 6%
12) Union Bank: 5.25%
13) Axis Bank: 6%
14) Dhanlaxmi Bank: 6.5%
Conclusion
When it comes to fixed deposit interest rates for less than one year, it is clear that Bank of Maharashtra offers the highest interest rate of 7%.
Other notable banks with high-interest rates include Dhanlaxmi Bank at 6.5%, Canara Bank at 6.5%, and Punjab and Sind Bank at 6%.
However, it is important to note that the interest rates are subject to change and depend on various factors such as the bank’s policies and market conditions.
