Comparing Interest Rates before taking a loan or making an investment is important because you will be able to understand the cost between different lenders. Since, terms and agreements vary from lender to lender, knowing the interest rates gives you an easy way to compare the investment returns or loan EMIs.
Comparing interest rates of different lenders and banks is often too difficult. This is because there are endless banks and NBFCs with different interest rates. You will have to go through all the banks and check the interest rates they are offering to decide which one you will go with. Furthermore, comparing interest rates may save you a huge amount of money. If you are planning to compare Interest Rates then this article will guide you through the process.
FD Interest Rates
An FD or Fixed Deposit is a product of investment offered by NBFCs and Banks. This investment scheme lets you get a fixed interest rate for a limited period. There are several benefits of investing in FDs such as Assured returns, Higher interest rates, Faster growth, Surety at maturity and many others. Compare interest rates on FD from the chart given below.
|
Bank |
FD Interest Rate |
Senior Citizen FD Interest Rates |
|
HDFC Bank |
2.50% – 5.50% |
3.00% – 6.25% |
|
IDFC First Bank |
2.75% – 5.75% |
3.25% – 6.25% |
|
DHFL |
8.50% – 9.25% |
9.00% – 9.75% |
|
Yes Bank |
3.50% – 6.50% |
4.00% – 7.00% |
|
IndusInd Bank |
3.25% – 6.75% |
3.75% – 7.25% |
Savings Account Interest Rates
A savings account is where you deposit your money regularly with the bank. Though savings bank accounts offer lower interest rates, people choose for its safety and reliability. There are different types of savings account that you can open with a bank such as Regular Savings Account, Salary-Savings Account, Zero Balance Savings Account, Senior Citizens Savings Account and numerous others. Let’s compare interest rates on savings account offered by top banks.
|
Savings Account |
Interest Rate |
Minimum Balance Requirement |
|
Kotak Bank Savings Account |
6% p.a. |
Zero Balance Savings Account |
|
DBS digibank Saving Account |
7% |
Zero Balance Savings Account |
|
Axis Bank Savings Account |
7.25% |
Zero Balance Savings Account |
|
State Bank of India Savings Account |
4% |
Metro & Urban – Rs. 3000 Semi-Urban – Rs. 2000 Rural – Rs. 1000 |
|
IndusInd Bank Savings Account |
6% |
Rs. 1,00,000 |
Home Loan Interest Rates
House Loan Interest Rates have become relatively low due to the Repo Rate cuts by RBI. Home Loan is currently one of the most popular loans in the Indian market. Thus, making it possible for many people to fulfill their housing dreams. Simultaneously, the home loan lenders have come to market with lower interest rates and flexible repayment options. Hence, you will have to compare interest rates on home loans to choose a home loan with the lowest possible Interest Rate. However, you can see the below mentioned home loan interest rates to decide which one is for you.
|
Banks |
Interest Rate (p.a.) |
Processing Fees |
|
Kotak Mahindra Bank |
6.75% |
0.50% |
|
Union Bank of India |
6.80%* |
Rs. 5,000 – Rs. 15,000 |
|
Bank of India |
6.85% |
Rs. 1,500 – Rs. 20,000 |
|
State Bank of India |
6.90% |
Rs. 4,000 – Rs. 17,400 |
|
HDFC LTD |
6.90%* |
Rs. 3,000 – Rs. 4,500 |
Interest Rates On Loan Against Property
Interest rates on loans against property are also called reverse mortgages. In this type of loan the individual pledges the right to his home to the lender to avail the loan. This type of unique loan is specially designed for senior citizens. There will be no monthly repayments. However, an individual should be above 60 years old to get a reverse mortgage. If you meet the age criteria then compare interest rates on loan against property to find the best lender for your property. Here are some of the LAP interest rates from the top banks in India.
|
Bank |
Loan Against Property Rate |
Processing Fee |
|
SBI Loan Against Property Rates |
8.80% |
1.00% Max ₹ 50,000 |
|
ICICI Bank Loan Against Property Rates |
8.90% |
2.00% Min ₹ 5,000 – Max ₹ 10,000 |
|
Axis Bank Loan Against Property Rates |
10.50% |
1.00% Min ₹ 10,000 – Max ₹ 10,000 |
|
Standard Chartered Bank |
10.10% |
1.00% Min ₹ 10,000 |
|
DBS Bank |
11.90% |
0.50% Max ₹ 10,000 |
Recurring Deposit Interest Rates
RD or Recurring Deposits are almost similar to FDs. In this investment tool, you will get the option to invest a lump sum amount monthly. Recurring Deposits create a regular investment habit among earning individuals. Majority of the banks and financial institutions offer Recurring Deposits. You must compare interest rates on RD before you start making investments. These are some of the best interest rates offered by different banks.
|
Bank |
Interest Rates |
Senior Citizen Rates |
|
ICICI Bank RD Interest Rates |
4.75% – 6.00% |
5.25% – 6.50% |
|
Axis Bank RD Interest Rates |
6.05% – 6.50% |
6.55% – 7.00% |
|
IDFC First Bank |
6.75% – 7.25% |
7.25% – 7.75% |
|
Bank of Baroda |
4.50% – 5.70% |
5.00% – 6.20% |
|
IDBI Bank |
5.75% – 5.90% |
6.25% – 6.40% |
Car Loan Interest Rates
In this fast-growing world, owning a car is not a luxury anymore rather it has become a necessity. Having a car allows you and your family to maintain a good social and professional life. Thanks to the rapidly growing number of lenders that provide vehicle loans easily. You can even buy a second-hand car on loan. Here is the list of banks and financial institutions that provide vehicle loans. Compare interest rates on a car loan to get a loan on the lowest interest rate available.
|
Bank |
Car Loan Interest Rates |
Lowest EMI Per Lakh For Max Tenure |
Maximum Loan Amount |
|
HDFC Bank Car Loan Rates |
8.10% Fixed |
₹ 1,564 for 7 years |
100% of ex-showroom price |
|
SBI Car Loan Rates |
8.00% Floating |
₹ 1,559 for 7 years |
85% of on-road price |
|
Axis Bank |
9.25% Fixed |
₹ 1,622 for 7 years |
100% of on-road price |
|
PNB |
8.75% Floating |
₹ 1,596 for 7 years |
85% of on-road price |
|
Union Bank of India |
8.60% Floating |
₹ 1,589 for 7 years |
85% of the on-road price |
|
Central Bank of India |
9.00% Floating |
₹ 1,609 for 7 years |
90% of the on-road price |
Personal Loan Interest Rates
Interest rate is one of the major factors that determine the cost of borrowing. People always choose the lowest available interest rates on the market while taking a personal loan. You will only be able to know the lowest interest rates if you compare interest rates of personal loan. Take a look at the list below to decide which bank or financial institution will suit you best.
|
Lenders |
Interest Rate* (p.a.) |
Loan Amount (Rs.) |
|
Allahabad Bank |
9.05% onwards |
As per the applicant’s profile |
|
Andhra Bank |
8.90% onwards |
Up to 15 lakh |
|
Axis Bank |
10.49% onwards |
50,000 to 15 lakh |
|
Bajaj Finserv |
12.99% onwards |
Up to 25 lakh |
|
Bank of Baroda |
10.50% onwards |
50,000 to 10 lakh |
Furthermore, you can use the compare interest rates calculator to get a customized interest rate for yourself. Almost all the banks, NBFCs and financial institutions have their online interest rate calculators. Go and compare all the interest rates that you are looking for.
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