10 Banks with Highest Interest Rates in India

By siliconindia   |   Tuesday, July 15, 2014   |    5 Comments
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BANGALORE: Money can be made in every way possible, but one must know where to look. The Reserve Bank of India had recently regulated the interest rates in banks that have gone up from 4 percent to about 6 to 7 percent annually. Now there are various interest rates for different kinds of banking but the deposit or savings account interest rates actually help reap money for the depositor.

Tamilnad mercantile bank: The bank is based in Tuticorin, Tamil Nadu. It was established in 1921 and changed its name for Nadar bank to Tamilnad Mercantile Bank. This bank has grown over the years with more than 345 branches across the country.

The bank, as of 2014 July, offers 8.75 percent interest rates on savings for a year and less. The bank has interest rate of 9 percent for 5 years with a deposit of Rs.1 lakh.

IDBI bank: Headquartered in Mumbai, an Act of Parliament established IDBI bank in 1994. It has a global reach and considered as one of the largest banks in the world. This government owned bank offers an interest rate of 9.10 per cent for all types of fixed deposit for a year or less.

It is one of the highest rates offered by any banks currently. 

Union Bank of India: One of the largest banks owned by the government of India has assets worth $13.45 billion. The bank has branches in Europe and in various Asian countries. The bank offers interest rate of 9.00 percent for a fixed deposit made for a year or less.

This bank had the privileged of being inaugurates by Mahatma Gandhi. Union Bank of India has acquired and merged with various smaller privately owned banks like Sikkim bank and Miraj state bank.

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