Benchmark stock market indices on Monday kicked off the trading week on a positive note. The bulls have been on full charge on Dalal Street taking the equity market to an all-time high. In the first six months of Calendar Year 2023, Nifty delivered a 5.83 per cent return whereas Sensex surged to the tune of 6.32 per cent from January to June 2023 time. Nifty Bank delivered a 4.10% return during CY 2023.

Bank FDs have outperformed stock market indices
However, there is one asset class that has delivered more than 6% in six months’ tenure. Bank fixed deposits (FDs) have outperformed stock market indices with returns of over 6% in the first half of 2023, thanks to interest rate hikes by the Reserve Bank of India. Public sector and private banks have trailed behind small finance banks in offering competitive rates. There is one plus point with bank FDs, and that is that these are risk-free investments not affected by the volatility in the markets.

Seven banks that have given more returns than Nifty, Sensex, Bank Nifty
Yes Bank 181 days to 271 days 6.10% (general) 6.60% (senior citizens). These are with effect from 3 July

IDFC First Bank 181 days – 1 year 6.50% (general) 7.00%(senior citizens)

Jana Small Finance Bank 181-364 Days 7.00% (general) 7.50%(senior citizens). These rates are effective from 30 May.

Euitas Small Finance Bank 181 – 210 days 6.25% (general) 6.35% (senior citizens). These rates are effective from 5 June.

AU Small Finance Bank 6 Months 1 Day to 12 Months 6.75% (general) 6.92% (senior citizens). These rates are with effect from 5 June.

Unity Bank > 6 Months – 201 Days 8.75% (general) 9.25% (senior citizens). These rates are effective from 14 June.

Utkarsh Small Finance Bank 181 Days to 364 Days 6.50%(general) 7.10% (senior citizens) . These rates are effective from May 22.

SBI, HDFC Bank, ICICI latest FD rates for six-month tenure

ICICI Bank- 185 days to 210 days 5.75% (general) 6.25% (senior citizens). These rates are effective February 24, 2023.

HDFC Bank 6 months 1 day < = 9 months 5.75%(general) 6.25% (senior citizens). These rates are effective 29 May 2023.

SBI 180 days to 210 days 5.25%(general) 5.75% (senior citizens). These rates are effective 15 February.

Source By: livemint

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