After the increase in the repo rate of RBI, banks have also started increasing the interest rates. After SBI, Axis, Canara, Yes, and Indian Overseas Bank, IndusInd Bank has now increased the interest rates on fixed deposits (FD). Now you will get a maximum of 6.75% interest on making FD in IndusInd Bank.

How much interest will you get now

Term interest rate

7-30 days 3.50%

31-60 days 4.00%

61-90 days 4.25%

91-120 days 4.50%

121-180 days 4.75%

181-210 days 5.00%

211-269 days 5.25%

269-364 days 5.50%

Where will it be right now

Even before IndusInd Bank, many banks including SBI and Axis have increased their interest in FD. In such a situation, we are telling you where you will get more interest in getting FD in these banks.

Where is the interest available on 2 year FD

Bank Interest Rate (in %)

Yes Bank 6.75%

Indian Overseas Bank 5.45%

IndusInd Bank 6.75%

SBI 5.35%

Axis 5.70%

Canara 5.60%

Where is the interest available on 3 year FD

Bank Interest Rate (in %)

Yes Bank 6.75%

Indian Overseas Bank 5.60%

IndusInd Bank 6.75%

SBI 5.45%

Axis 5.70%

Canara 5.75%

Where is the interest available on 5 year FD

Bank Interest Rate (in %)

Yes Bank 6.75%

Indian Overseas Bank 5.60%

IndusInd Bank 6.75%

SBI 5.50%

Axis 5.75%

Canara 5.75%

Investment for 5 years gets the benefit of tax exemption

By investing in this time deposit scheme and FD for 5 years, one can avail of tax exemption under section 80C of the Income Tax Act 1961. Under this, you can take advantage of income tax exemption on investments up to Rs 1.50 lakh.