After the Reserve Bank of India (RBI) hiked the repo rate to 4.90 per cent during the Monetary Policy Committee (MPC) meeting in June, the interest rates on fixed deposits (FDs) are on the rise. The central bank’s decision has prompted debt investors to put their money in FDs which are the most sought after investment option for them owing to growing interest rates.
These instruments are the most popular choice for investors who have a zero-risk appetite and want to build wealth without depending on market-based returns as FDs offer fixed returns and a flexible deposit period – from 7 days to 10 years – making them the top choice for short, mid and long-term financial goals. Thus, for investors looking to invest in short-term instruments, like for a period of one year, the below-mentioned private banks are now assuring over 6 per cent interest rates.
Yes Bank