Which banks are paying high interest on deposits

While looking for a suitable bank for  deposits we often want to know which banks are offering highest rates of interest on you money as as to maximize the return on investment. As per RBI guidelines banks are free to offer any interest rate they want on savings deposits under Ordinary Non-Resident (NRO) Accounts.

Due to this banks frequently change their interest rates depending upon market conditions so as to attract more customers and have an edge over other markets. Banks which are paying the highest interest rates on deposits today may not be paying the same tomorrow. Normally Government sector banks pay more interest on deposits than private sector banks

So the wise decision will be to check for the prevailing interest rates from different bank websites the time you want to invest money in fixed deposits / recurring deposits as these keep on changing very frequently and having a tab on them is difficult. Also different interest rates are offered on different tenures, so choosing time duration also becomes tedious and making comparison complex.

For simplicity the following are the interest rates offered by the biggest public sector bank (State bank of India) and private sector bank (ICICI bank). You can compare latest interest rates form respective bank websites.

Latest ICICI bank interest rates on fixed deposits 2013

ICICI bank Interest rates( per annum) WEF August 16 2013 for deposits less than one crore

Maturity Period
General
Senior Citizen
7 days to 14 days
4.5
5
15 days to 29 days
4.75
5.25
30 days to 45 days
5.5
6
46 days to 60 days
7
7.5
61 days to 289 days
7.75
8.25
290 days to less than 1 year
7.75
8.25
1 year to 389 days
8
8.5
390 days to 2 years
9
9.5
2 years 1 day upto 5 years
8.75
9.5
5 years 1 day upto 10 years
8.5
9.25
Tax Saver FD 80C (5 year) – Upto Rs. 1 lac
8.75
9.5

Latest SBI interest rates on fixed deposits 2013

State bank of India bank Interest rates (per annum) WEF 1st April 2013 for deposits less than one crore

Maturity period
General
Senior citizen
7 days to 90 days
7.5
7.5
91 days to 179 days
7.5
7.5
180 days to 210 days
7.0
7.0
211 days to less than 1 year
7.5
7.5
1 year to less than 2 years
9.0
9.25
2 years to less than 3 years
9.0
9.25
3 years to less than 5 years
8.75
9
5 years and up to 10 years
8.5
8.75

You can compare latest interest rates form respective bank websites.

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