From October 22, 1997,
According to the Reserve Bank of India, “Foreign bank branches in India recorded revenue growth of 13.8%, which was largely driven by interest income 2019-2020.”
At present, India has 46 foreign banks, according to RBI data. Here are the fixed deposit rates of foreign banks in India for deposits below Rs 2 crore.
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Interest rate – 5.25 to 5.30% for 1-2 years
Interest rate – 5.35 to 5.60% for a term of 3 to 5 years
Interest rate – 2.75 to 3% for a term of 1 to 2 years
Interest rate – 3.5% for more than 3 years
Interest rate – 3.10-3.5% for 1-2 years
Interest rate – 4% for a term of 3 to 5 years
Interest rate – 3.85 to 5% for a term of 1 to 2 years
Interest rate – 5.50 to 6% for 3 to 5 years
Interest rate – 6.25% (up to 5 years)
Interest rate – 5 to 5.25% for a term of 1 to 2 years
Interest rate – 5.65% for a term of 3 to 5 years
Interest rate – 5.75% for 5 to 10 years
Interest rate – 3.58 to 3.85% for a term of 1 to 2 years
Interest rate – 4.55 to 4.98% for a term of 3 to 5 years
Interest rate – 4.98-5.36% (maximum term of 7 years)
Thing to keep in mind
After the due date, if you do not claim the amount, you will get less interest. This interest will be equal to the interest received on the savings account.
Currently, banks generally give more than 5% interest on FDs with a longer term of 5 to 10 years. At the same time, interest rates on savings accounts are around 3-4%.