Interest Rates Comparison Sites in India?

An NRI Friend of mine returned to India recently, after a prolonged stay in the US. He was complaining about the lack of comprehensive comparison information sites about interest rates across various banks.

In the US you have www.bankrate.com that does a great job of getting the best rates of interests in a comparison format so you can make informed choices about where you invest your money, or take loans from.

I took up the challenge, researched on this topic to help my friend. I came up with some interesting findings with respect to comparison sites that I thought would be useful for you as well. As you invest in various products in various banks, you definitely want to have a good idea of prevailing interest rates in the market, and how your bank stacks up.

I am a huge proponent of simplicity and sticking to 1 or 2 bank accounts. However when the amount to be invested is higher, it does a make difference to know if someone is offering a higher rate of interest, and be open to going with them. This also applies in the case of Home Loans or Credit Cards. You can get the best deal by comparing the banks and pitting them against each other. That will directly contribute to your savings. The higher the money and the longer the term, the greater the savings.

If you don't want to go with the respective bank or institution, you can use the information as a negotiating lever with your current bank to get a better rate.

Two Sites came close to Bank rate in the US.

Disclaimer: I am in no way affiliated, employed or have any fiduciary interests in these 2 sites below, and it is for informational purposes only. I don't own any shares of these 2 sites. This is not a paid advertisement also.


Here they are in no particular order:

(1)Ecompare:

The Home Page looked as below.




I chose Fixed Deposits 1-10 years, and the site showed me results with about 38 banks (private, foreign and nationalized banks) and their interest rates. I have shown a small subset of the results for convenience only. You can check it out yourself. The gray highlighted column shows highest interest to lowest interest rates (descending order) across banks.



I didn't check out the other portions of the site like Credit cards or loans. That is the home work for you. The site didn't ask me for the types of banks I'm interested in, or any other criteria like whether I'm a senior citizen or what was my location.

(2) Ratekhoj.com

The home page showed up as below.

Unlike eCompare, this site let me chose the types of banks, that I was interested in, location and certain other details like whether I was a senior citizen. It also gave me the option to compare with Company FDs and Post Office Products.

I chose the location to be Bangalore, restricted the search to Nationalized banks, and it listed about 39 banks (small subset shown for simplicity) as below.


Boy, I would have no way predicted that State Bank Of Patiala would be the bank with the highest interest rate for this group. I didn't know it even existed. It also showed links to the terms and conditions, premature withdrawal rules, finding location etc.,

As far my friend, I'm sure he is convinced the capabilities exist. I'm not sure if he's going to use it or not, but I'm sure you will give this a shot, before your next deposit in to any FD or shopping for the next housing loan or credit cards.

What sites or methods do you use to determine , compare the interest rates? Please share your experiences.