FD Interest Rate 2021

Fixed Deposit or FD is a type of investment/savings account in which the banks or the NBFC’s provide the investor with a higher rate of interest than a regular savings account. The investor may or may not need to open a separate account and the maturity amount gets deposited in the bank’s savings account after the maturity date. One of the smartest and conventional ways of securing your money and let it grow is to invest it in a bank FD scheme.

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It not only develops a habit of saving but also helps you earn the best interest rates. Under an FD scheme, the account holder deposits a specific amount for a fixed tenure, against which the bank offers interests, depending on the tenure and the deposit amount. The FD interest rate can be calculated on the principal amount at the end of the tenure. The tenure ranges from 7 days to 10 years, which can be opted for as per the requirement

What is FD Interest Rate?

FD rate of interest refers to the bank interest rates to be availed on a fixed deposit scheme.

Provided by various banks and NBFCs, FDs are quite popular among the investors as it offers the highest rate of interest and secured returns. FDs are also known as 'term deposits' or 'time deposits'.

With different types of FDs, people invest a fixed amount for a predetermined period, which is referred to as maturity tenure. On maturity, the financial institutions return the principal amount invested along with the interest earned throughout the tenure.

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Top Banks Latest Fixed Deposit Interest Rates

One of the safest investment options available in the market, Fixed Deposits offers guaranteed interest rates along with extra interest rate benefits for senior citizens. With no market risk involved compared to other investment options available, FDs are one of the most popular kinds of investments amongst the masses.

Here is a list of the latest fixed deposit interest rates for some top banks in India for less than 2 crore rupees:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a)
Allahabad Bank (Indian Bank) Fixed Deposit Rates 2.90% to 5.15% 3.40% to 5.65%
Andhra Bank FD (Union Bank) Fixed Deposit Rates 3.00% to 5.50% 3.50% to 6.00%
Axis Bank Fixed Deposit Rates 2.50% to 5.75% 2.50% to 6.50%
Bandhan Bank Fixed Deposit Rates 3.00% to 5.00% 3.75% to 5.75%
Bank of Baroda Fixed Deposit Rates 2.80% to 5.25% 3.30% to 5.75%
Bank of India Fixed Deposit Rates 2.85% to 5.05% 3.35% to 5.55%
Canara Bank Fixed Deposit Rates 2.90% to 5.25% 2.90% to 5.75%
Central Bank Of India Fixed Deposit Rates 2.75% to 5.00% 3.25% to 5.5%
DBS Bank Fixed Deposit Rates 2.50% to 5.50% 3.50% to 6.00%
Duetsche Bank Fixed Deposit Rates 1.80% to 6.25% 1.80% to 6.25%
HDFC Bank Fixed Deposit Rates 2.50% to 5.50% 3.00% to 6.25%
HSBC Bank Fixed Deposit Rates 2.25% to 4.00% 2.75% to 4.50%
ICICI Bank Fixed Deposit Rates 2.50% to 5.50% 3.00% to 6.00%
IDFC Bank Fixed Deposit Rates 2.75% to 5.75% 3.25% to 6.25%
Indian Bank Fixed Deposit Rates 2.90% to 5.15% 3.40% to 5.65%
Indian Overseas Bank Fixed Deposit Rates 3.40% to 5.20% 3.90% to 5.70%
IndusInd Bank Fixed Deposit Rates 2.50% to 5.50% 3.00% to 6.00%
Punjab And Sind Bank Fixed Deposit Rates 3.00% to 5.30% 3.50% to 5.60%
Punjab National Bank Fixed Deposit Rates 2.90% to 5.25% 3.50% to 5.75%
SBM Bank Fixed Deposit Rates 2.50% to 6.00% 3.00% to 6.50%
State Bank Of India Fixed Deposit Rates 2.90% to 5.40% 3.40% to 6.20%
Syndicate Bank (Canara Bank) Fixed Deposit Rates 2.90% to 5.25% 2.90% to 5.75%
UCO Bank Fixed Deposit Rates 2.75% to 5.00% 3.00% to 5.50%
Yes Bank Fixed Deposit Rates 3.25% to 6.50% 3.75% to 7.25%

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

FD interest have fallen consistently over the last 5 years.
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Best Tax Saver Fixed Deposit Interest Rates

Banks deduct Tax Deducted at Source on income earned by interest as it is an accumulated amount. Tax saving Fixed Deposits are a little different from regular Fixed Deposits. Under tax saver FDs, a tax amount is exempted up to Rs.1,50,000/- under Section 80C of the Income Tax Act, 1961.

Even under tax saver FDs, senior citizens have an additional 0.50% interest rate as compared to other individuals. Here is a list of banks that offer the best tax saver FD Interest rates as of September 2021:

Name of the Tax Saving FD General Citizens Interest Rate (per annum) Senior Citizens Interest Rate (per annum)
Axis Bank Fixed Deposit (Tax Saver) 5.40% 6.05%
Bank of Baroda Fixed Deposit (Tax Saver) 5.25% 5.75%
Canara Bank Fixed Deposit (Tax Saver) 5.25% 5.75%
HDFC Bank Fixed Deposit (Tax Saver) 5.35% 5.85%
IDFC Bank Fixed Deposit (Tax Saver) 5.25% 5.75%
IndusInd Bank Fixed Deposit (Tax Saver) 6.00% 6.50%
PNB Fixed Deposit (Tax Saver) 5.25% 5.75%
Punjab and Sind Bank Fixed Deposit (Tax Saver) 5.30% 5.80%
SBI Bank Fixed Deposit (Tax Saver) 5.30% 5.80%
Union Bank of India Fixed Deposit (Tax Saver) 5.40% 5.90%

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

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Check Out NBFCs Fixed Deposit Interest Rates

Non-Banking Financial Companies are popularly known as NBFCs offer interest rates in competition to the Fixed Deposits accounts. Registered under the Companies Act, 1956, NBFC offers banking and financial facilities without being considered as an actual bank in legal terms.

Here is a list of the highest NBFCs interest rates ranging from 1 year to 5 years depositing less than 2 crore rupees:

Name of Bank Tenure General Citizens Interest Rate (per annum) Senior Citizens Interest Rate (per annum)
ICICI Home Finance Fixed Deposit 12 months to 120 months 5.25% to 6.65% 7.50% to 6.90%
LIC Housing Finance Fixed Deposit 12 months to 60 months 5.25% to 5.75% 5.50% to 6.00%
PNB Housing Finance Fixed Deposit 12 months to 120 months 5.90% to 6.70% 6.15% to 6.95%
Shriram City Union Finance Fixed Deposit 12 months to 60 months 6.50% to 9.05% 6.80% to 9.35%

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

Fixed Deposit Interest Rates for 1 Year

Let us see some of the top banks offering the highest 1-year Fixed Deposit rates as of September 2021:

Name of Bank General Citizens Interest Rate (per annum) Senior Citizens Interest Rate (per annum)
Bank of India 4.35% 4.85%
Canara Bank 4.40% 4.90%
IDFC First Bank 4.50% 5.00%
Punjab and Sind Bank 4.50% 5.00%
Punjab National Bank 4.40% 4.90%
State Bank of India 4.40% 4.90%

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

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Fixed Deposit Interest Rates for 2 Years

Let us see some of the top banks offering the highest 2-year Fixed Deposit rates as of September 2021:

Name of Bank General Citizens Interest Rate (per annum) Senior Citizens Interest Rate (per annum)
Canara Bank 5.10% 5.60%
IDFC First Bank 4.75% 5.25%
Union Bank of India 5.10% 5.60%

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

Fixed Deposit Interest Rates for 5 Years

Let us see some of the top banks offering the highest 5-year Fixed Deposit rates as of September 2021:

Name of Bank General Citizens Interest Rate (per annum) Senior Citizens Interest Rate (per annum)
Axis Bank 5.40% 6.05%
Canara Bank 5.25% 5.75%
IDFC First Bank 5.20% 5.70%
State Bank of India 5.30% 5.80%
Union Bank of India 5.40% 5.90%

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

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Fixed Deposit for Senior Citizens

Fixed deposits, also known as 'term deposits' or 'time deposits' come with special interest rates for senior citizens. All leading banks provide a fixed deposit facility to senior citizens that come with an array of benefits. One additional advantage for senior citizens is that they get a 0.50% more rate of interest as compared to other Indian citizens.

Best Fixed Deposit Interest Rates for Senior Citizens

Generally, senior citizens prefer depositing their savings in a fixed deposit account as it ensures safety, security, and trust. One other reason besides safety and trust is the higher interest rate that an FD offers when compared to other investments.

Here are some top banks offering the best interest rates to senior citizens under fixed deposit accounts as of April 2021.

Name of Bank 1 year or less More than 1 year less than 5 years More than 5 years
Canara Bank Fixed Deposit From 2.95% to 4.95% per annum From 5.70% to 6.00% per annum 6.00% per annum
HDFC Bank Fixed Deposit From 3.00% to 4.90% per annum From 5.40% to 5.80% per annum 6.25% per annum
HSBC Bank Fixed Deposit From 2.75% to 3.60% per annum From 3.60% to 4.50% per annum -
ICICI Bank Fixed Deposit From 3.00% to 4.90% per annum From 5.40% to 5.85% per annum 6.3% per annum
State Bank of India Fixed Deposit From 2.90% to 4.90% per annum From 4.90% to 5.30% per annum 5.40% per annum

*The FD interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

Fixed Deposit Interest Rates in India - Important Terms

  1. Timely Closure:

    It refers to the closure of your FD account at the time it matures. When you close your fixed deposit account on its maturity date, the bank pays you back the principal amount with the interest that you have accumulated during the term chosen.

  2. Partial Withdrawal:

    As the name of this term suggests, the partial withdrawal enables you to withdraw a certain amount from your fixed deposit amount. The reason for partial withdrawal can be some personal emergency or you may want to deposit some amount with another bank that is offering you a good interest rate on FD than your current interest rate. Generally, it is allowed in Rs.1000 units, and the penalty levied by the bank is 1%. However, the remaining amount in your fixed deposit account will be able to earn the original and the best FD rates in India.

  3. Breaking an FD Account:

    It is the opposite of the timely closure of your FD account. In timely closure, you withdraw the amount after completion of the maturity period, whereas in premature withdrawal or breaking the FD you withdraw your entire fixed deposited money before the maturity. Generally, banks do not allow premature withdrawal of fixed deposit accounts, however, it depends on the norms of the banks. Almost all the banks' levy penalty when you break the FD before its maturity and pays back the principal amount and the interest at the lowest rate of interest. However, banks like Bank of Maharashtra and Yes Bank waive off the penalty, if you withdraw your FD with the bank because of some emergency.

Bank Fixed Deposit Interest Rates - Special Features

  • The FD rates of all banks are higher than the regular savings account interest rates.
  • Any Indian resident including the minors and Hindu Undivided Family can open a fixed deposit account.
  • You can select two nominees in an application form. These two nominees are eligible for collecting the amount by providing valid death proof of the account holder.
  • Premature withdrawal is not allowed. Therefore, you cannot withdraw the amount that you have deposited in it before maturity. However, in case of an emergency, you can withdraw this amount by paying a penalty.
  • There is a sweep-in facility provided by the banks. With this facility, you can interlink your savings bank account with the FD account. The advantage of this facility is that you can auto-transfer your surplus money from a savings bank account to an FD account. It enables the depositors to earn the best rates on their savings account and provides an option to break the FD at any time and hence utilize the amount.
  • The banks also provide the facility to take a loan against FD for meeting any financial emergency. The deposited amount works as a security for the loan that you have taken. You can take a loan up to 75% - 90% of your FD amount depending upon your bank and the rate of interest on it varies from 1% to 1.5% over the interest rate.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Fixed Deposit for Senior Citizens

Fixed deposits, also known as 'term deposits or 'time deposits' come with special interest rates for senior citizens. All leading banks provide a fixed deposit facility to senior citizens that come with an array of benefits. One additional advantage for senior citizens is that they get a 0.50% more rate of interest as compared to other Indian citizens.

Benefits of Fixed Deposits for Senior Citizens

Generally, senior citizens prefer depositing their savings in a fixed deposit account as it ensures safety, security, and trust. One other reason besides safety and trust is the higher interest rate that an FD offers when compared to other investments. When it comes to senior citizens, an extra interest rate is offered by banks or any leading financial institutions as compared to other Indian residents.

The below mentioned are some of the benefits to be availed with senior citizen fixed deposit account:

  • The minimum eligibility age is 60 years or more while initiating the investment
  • The tenure is 7 days to 10 years in most of the Banks in India
  • The best FD rates in India for senior citizens are around 0.25% to 0.75% higher as compared to other FD accounts
  • Senior citizens can avail of loans against their fixed deposit accounts
  • Premature withdrawals are allowed, however, a nominal penalty is applicable depending on the amount to be withdrawn 

Fixed Deposit Interest Rates Calculator

FD calculator is a user-friendly and convenient financial tool that is easily available online. A fixed deposit interest rate calculator can be used in a matter of a few seconds. An individual needs to type an FD interest rate calculator in his/her Google search bar and various results will be displayed. By using the calculator, an individual can instantly calculate the highest fixed deposit rates he/she will earn on his/her deposit. Alternatively, one can as well find out the same by using the following formula:

A = P * (1+r/n) ^ n * t

I = A - P

P = Principal Amount

A = Maturity Value

r = Interest Rate

n = Frequency of compound interest

t = Tenure

I = Earned interest

  1. How does a Fixed Deposit Interest Rates Calculator Work?

    The fixed deposit interest calculator computes the highest fixed deposit rates earned by using the following components:

    • Amount to be deposited: It is the principal amount an FD account holder invests in a fixed deposit. The amount is invested only once and an individual can decide the amount as per his/her investment goals.
    • Deposit Term: It’s the time duration for which the amount is invested in an FD. The deposit term can vary from 7 days to 10 years.
    • Interest Rate: It's the rate at which interest will be earned on the deposit amount based on the deposit amount and tenure. Once an individual has entered the details mentioned above, the interest rates calculator displays the amount which will be paid out at the time of maturity.
  2. Fixed Deposit Interest Maturity Calculator

    A Fixed Deposit Interest maturity calculator is a financial tool that is used to compute the maturity amount i.e. the returns on the fixed deposit. This tool is easily available online and is quite similar to the fixed deposit interest rates calculator. It computes the maturity amount based on various details of a fixed deposit, like the principal deposit amount, deposit term, and the FD rates.

Taxation on Fixed Deposit Interest Rates

  1. How is Income Earned by Interest Taxed?

    As mentioned earlier, income earned by interest is fully taxable. It’s added to the total income and taxed as per the applicable tax slabs. It falls under the category ‘Income from Other Sources’ in the Income Tax Return.

  2. Why TDS?

    Banks deduct Tax Deducted at Source on income earned by interest as it is an accumulated amount. Some people tend to believe that banks deduct tax at the time a fixed deposit scheme matures and the interest earned is credited. However, the bank will deduct TDS at the end of every financial year.

  3. When to Pay Tax On Income Earned by Fixed Deposit Interest Rates?

    In case a fixed deposit account holder is supposed to pay the tax on his/her income earned by interest, he/she must pay it before the end of a financial year i.e. 31st March. But now the deadline has been extended amid the ongoing pandemic.

    Note- If an account holder earns a large income from interest, then he/she must pay tax every quarter.

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Fixed Deposit Investment Tips

Mentioned below are some of the tips that one should consider before investing in a fixed deposit. These tips are:

  • Before investing in an FD, you must consider the factors like maturity, penalty on breaking the fixed deposit before its maturity, rate of interest, etc.
  • It is advised to do your research related to the latest trend of the FD interest rates. If you are thinking to re-invest when the rates in India go up, then it is suggested to opt for a shorter tenure and vice-versa.
  • Before taking the final decision of opening a fixed deposit account, you must go through the tenure-wise rate of interest offered by the bank. Sometimes, the banks offer the highest interest rate for some specific tenures.
  • In addition to this, you must plan your expenses carefully and make sure that it is not affecting your budget.

Types of Fixed Deposit Interest Rates in India

FD interest rates are of two types as mentioned below:

  1. Flexi FD Interest Rates

    With a Flexi FD, the depositor can link its FD account with a savings account. The deposited money moves between the savings account and the FD account. This type of FD is also popular as Sweep in- Sweep out fixed deposit. It helps you earn the highest rate of interest.

  2. Regular FD Interest Rates

    Regular FDs are designed for a fixed tenure, which offers the highest interest rates, depending on the tenure.

Tax-Saving Fixed Deposit Account: 10 Facts

As per Section 80C of the Income Tax Act, fixed deposit account holders can claim a tax deduction for investment(s) up to Rs 1.5 Lakh in a tax-saving fixed deposit account. The invested amount is deducted from the gross total income to compute a person's taxable income.

Here are 10 Things to know about a Tax-Saving FD Account:

  • Who Can Invest: Only HUFs and individuals can opt for tax-saving fixed deposit schemes.
  • Minimum Amount -While a fixed deposit account can be opened in any bank, the minimum amount to be invested varies as per a bank’s terms and conditions.
  • Lock-in Period - These fixed deposit schemes come with a lock-in period of five years. Loans against FDs and Pre-mature withdrawals are strictly not allowed.
  • How to Invest - An individual can invest in tax-saving FDs very easily. Many public and private sector banks offer the facility of opening a fixed deposit account. The only exception is rural and cooperative banks.
  • Post Office FD Scheme - Investment in post office fixed deposit scheme with a duration of five years is eligible for a tax deduction as per section 80 (C) of the IT Act, 1961.
  • Transfer Ability - FD account in post offices are eligible for transfer from one post-office branch to another.
  • Type of Account - An individual can hold a tax-saving FD in 'single-mode' or 'joint mode' as per his/her preference. If the opted type is a joint account, the tax benefits* can be claimed only by the first account holder.
  • TDS Applicability - According to the tax slabs, the tax is levied on the interest earned on a fixed deposit account. Hence, Tax Deducted at Source (TDS) is applicable. The interest on the deposit amount is payable on a monthly/quarterly frequency. Additionally, account holders can re-invest the earned interest.
  • Nomination Facility - A FD scheme also offers a nomination facility to the account holder.
  • Additional Benefits - Mostly, all bank FD rates are higher for senior citizens.

Factors Impacting FD Rates in India

The factors that impact fixed deposit interest rates in India are mentioned below:

  1. Present Scenario of the Nation’s Economy

    Gross domestic product i.e. the value of the total goods & services produced in India during a specific period reflects the present scenario of the nation's economy. In case it increases, it means India's economy is prospering and hence, the rate of interest will also increase.

  2. Monetary Policy of Reserve Bank of India

    Banks in the country borrow money from the Reserve Bank of India. The interest rate at which the money is borrowed is known as the Repo Rate. If there is an increase in repo rates then the banks will enhance their interest rates on FDs (and loans).

  3. Effect of Recession and Inflation

    Inflation is the rate at which the cost of goods & services increases. To control inflation, the interest rates are hiked so that people are tempted to save more. When inflation decreases, the interest rate also decreases. As a result, they borrow money and spend more.

    The Reserve Bank of India makes the best use of interest rates to tackle inflation. Last year, RBI reduced the repo rate by 40 basis points from 4.4% to 4%.

Rules to Consider for Fixed Deposit Account 

Here are some fixed deposit account rules that are a must to know for every investor as well as a potential investor.

  • Tax Deducted at Source (TDS) - The interest earned on bank fixed deposits is taxable. It means, income earned as interest is added to your total income and will be taxed as per the applicable tax slabs. In case the income earned from interest for a financial year is greater than 40,000 rupees (Rs 50,000 in the case of senior citizens), banks levy TDS @10 percent on the earned interest.
  • Note- In case the fixed deposit account holder hasn’t provided his/her PAN (permanent account number); the bank will deduct Tax Deducted at Source@ 20 percent.
  • Loan/Overdraft Facilities - Overdraft or loan facility against fixed deposits is available. For example, the State Bank of India offers the facility of loan/overdraft of up to 90 percent of the principal amount. SBI charges a 1 percent higher interest than the interest earned on the fixed deposit.
  • Insurance of Fixed Deposit - It is also known as deposit insurance. It's a protection cover that the account holder gets on his/her deposit in the bank. This facility is provided by Deposit Insurance and Credit Guarantee Corporation.

DICGC is a subsidiary of the Reserve Bank of India (RBI). The insurance premium is paid by the banks. If a bank is bankrupted, DICGC would provide a maximum sum of Rs 1 lakh to every account holder for the principal as well as interest amount.

  • Clubbing of Interest Income - Interest earned from FD or RD is clubbed across all bank branches for 2 main purposes.
    • For calculating the total interest earned by an FD account holder during a specific financial year
    • For calculating the applicability of Tax Deducted at Source
  • Form 15G/15H - To prevent TDS, the account holder can submit either Form 15G or 15H to the bank. These are self-declaration forms that can be submitted by the account holder. The form states that the account holder's total income doesn't fall into the taxable income bracket.
  • If an FD account holder fails to do so, he/she can claim a tax refund while filing his/her Income Tax Return.
  • Minor or Spouse - Many account holders tend to think that one can avoid tax deduction by investing their money in the name of their minor child or non-working spouse. This is a myth, which needs to be busted right now. If an account holder invests in the highest interest rate bank FD in the name of his/her non-working spouse or minor child, the earned interest income would be accredited to his/her income. It will be taxed as per his/her income tax slab.
  • Cumulative Deposits - In case an FD account holder has opted for a cumulative deposit to get the best interest rates in India at the end of the deposit term, tax experts recommend declaring the income earned by interest every year. It's because his/her bank might deduce the applicable TDS and deposit it as per his/her PAN. If an FD account holder doesn't declare his/her interest income, it will reflect a mismatch in his/her 26AS statement i.e. tax credit statement and the return filed by him/her.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

How to Find the Best FD Interest Rates in India?

When it comes to finding the right type of fixed deposit, it is recommended to look for banks, instead of organizations that issue FD policies for the investors. Some banks offer decent interest rates in a short period, and others may provide better interest in the longer run. The interest rates allowed by the banks tend to change regularly. You need to check the current interest rate on the websites of the respective banks.

Go for a Company Only if

Many companies offer FD policies as well. These companies may offer the highest rate of interest. Though most of the organizations live up to the promise, others may be a ‘Ponzi Scheme’.

To avoid any kind of disenchantment, read about the company over the internet; check the company’s credibility online, especially the history of solvency.

A little hard work and research will fetch you a great benefit in the minimum time possible. All you need to do is deposit your funds in the bank account and see your money multiply with time. Ensure that you benchmark with multiple sources to keep maximum alternatives available to yourself.

Fixed Deposit (FD) vs Recurring Deposit (RD)

Both recurring deposits and fixed deposits offer interest on the deposit amount.

However, there is one single feature that one ought to be aware of. Both RDs and Fixed Deposits have a deposit term but in FD, one has to deposit an amount just once while investors investing in recurring deposits must deposit a fixed amount in stipulated intervals.

Investors who want to invest their money in the fixed deposits have to select a term that typically ranges from 7 days-10 years, and he/she must deposit a fixed amount once. The FD interest rates would be credited to the investor’s account on a monthly/quarterly basis (as opted).

Investors who want to invest their money in recurring deposits can deposit a fixed amount every month and earn interest. The interest would be credited along with the capital at the time of maturity.

The difference between Recurring Deposits and Fixed Deposits is listed below:

Basis Fixed Deposit Recurring Deposit
Term Generally, fixed deposit schemes are offered for 7 days - 10 years. The account holder can opt for deposit term as per his investment goals Usually, the deposit term for recurring deposits varies from 6 months - 10 years. The account holder needs to deposit a stipulated amount during regular intervals over opted deposit term
Interest Rate On a per annum basis, the interest rate varies as per the deposit amount, bank, and the opted term. Typically, the rate of interest for RD varies on basis of the deposit term, the bank, and the investment amount.
Minimum and Maximum Limit A fixed deposit doesn’t come with any restriction on the investment amount. That being said, banks decide and set the minimum investment amount as Rs 100 and the maximum investment amount is Rs 1.5 lakh. There isn’t any minimum or maximum limit as such. Usually, it varies from bank to bank. Typically, banks set the minimum investment amount as Rs 1000 and there is no set maximum limit, as it varies from one bank to another
Withdrawal By the end of deposit tenure, premature withdrawal is allowed. The fixed deposit account holder will have to pay a penalty, however. No premature withdrawal is allowed.
Required Documents  Proof of identity and proof of address are required to open a fixed deposit account. Additionally, as per the requirement of the bank, customers need to submit documents such as PAN cards, passports, & income documents. Proof of identity and proof of address are required to open an RD. Additionally, as per the requirement of the bank; customers need to submit documents such as PAN cards, passports, & income documents.
Tax Benefits* Under section 80C of IT Act, 1961, fixed deposit account holders can claim tax benefits*. No tax will be deducted in case earned interest on RD is up to 10, 000 Rupees.
Taxability Interest earned on the fixed deposit account is taxable. Majorly, banks deduct TDS. Interest earned on the RD is taxable. Majorly, banks don’t deduct TDS.
Extra Benefits A loan facility is offered. No facility as such.

FFD Interest Rates FAQs

  • Q. Is interest on fixed deposit is compounded?

    Ans: Generally, the interest on a fixed deposit is compounded and is credited along with the principal sum when the deposit matures. However, in case the fixed deposit account holder opts to get the credit of interest on a monthly or quarterly basis, then a compound interest isn't offered.
  • Q. What’s a re-investment plan in an FD account?

    Ans: A re-investment plans a type of term deposit. Rather than the interest being credited at an opted regular frequency, the interest is credited at the end of the maturity period. At the time of maturity, the regular interest, as well as the principal sum, are paid out.
  • Q. Can I get fixed deposits interest credited to my account every month?

    Ans: Yes. The periodicity of the interest paid for a fixed deposit depends on your preference.
  • Q. How can I compute FD interest rates in India?

    Ans: It is very simple. You can use a fixed deposit interest calculator, fill in the asked details and that's it. The tool is available online. All you have to do is type a fixed deposit interest calculator and conduct a Google search.
  • Q. What are the factors that impact fixed deposit rates in India?

    Ans: The factors that impact fixed deposit rates in India are mentioned below.
  • Q. What is the minimum amount that can be deposited in an FD account?

    Ans: There is no limit as such. But, it varies from bank to bank.
  • Q. What are the pre-requisite documents for opening a fixed deposit account?

    Ans: Here are the documents that are a must-have for opening a fixed deposit account.
    Proof of Identity
    • Aadhaar card
    • PAN card
    • Driving license
    • Voter ID card
    • Government ID card
    Address proof
    • Passport
    • Electricity bill
    • Telephone bill
    • Bank Statement with a canceled cheque
  • Q. Is the rate of interest on FD for senior citizens is higher as compared to regular FD?

    Ans: Majorly, banks offer the highest interest rates for senior citizens. It ranges from 4.50 percent - 8 percent.
  • Q. What’s the minimum and maximum term for which I can open a fixed deposit account?

    Ans: There is no minimum duration. Typically, the minimum duration is 7 days, and the maximum duration is 10 years.
  • Q. Do I have to pay tax on my FD income?

    Ans: Typically, banks deduct TDS on the interest in case the interest-earned income through the fixed deposit is more than 10,000 Rupees per annum. The TDS is deducted at the rate of 10 percent on the income earned by interest if your account is linked with your PAN number. If your account isn't linked with your PAN, the bank, then TDS is deducted at the rate of 20 percent on the income earned by interest.
  • Q. Who can invest in FDs?

    Ans: In case you are a resident of India, you can invest in these schemes, regardless of your age. Apart from that, Hindu Unified Family (HUFs), private or public Ltd. co. and partnership firms are eligible to invest in a fixed deposit account.
  • Q. Does investment made into term deposits provide any benefits?

    Ans: Yes. It offers multiple benefits such as high tax highest interest rates on FD, tax-saving benefits, etc.
  • Q. Can I redeem my fixed deposits before the original term?

    Ans: Yes. A fixed deposit can be closed before its maturity term. In case you close your Fixed Deposit before its maturity, the interest will be credited at the rate as applicable on the deposit date for the duration the amount was deposited in the bank.
    When a fixed deposit is withdrawn before maturity, it is called a premature withdrawal. A few banks charge a penalty for premature withdrawal.
  • Q. When can I renew my FD?

    Ans: You can renew a deposit at the end of its maturity period for the same deposit term.
  • Q. Are there any loans offered against fixed deposits?

    Ans: Yes. If you want to withdraw your deposit prematurely, you can consider taking a loan against your FD. This way, you won’t have to pay any penalty, and you will get ample funds to manage your finances. Additionally, you will earn interest on the fixed deposit. You can take a loan of up to 70 percent - 90 percent of your principal amount. Generally, the interest on the loan is charged 2 percent to 2.5 percent higher than the interest rate offered by your Fixed Deposit. Still, the rate of interest is lesser than that of a personal loan.
  • Q. Can I go for an auto-renewal option at the time of opening a fixed deposit account?

    Ans: Yes. You can select an auto-renewal facility at the time of opening a fixed deposit account. Additionally, you can get in touch with your bank and opt for auto-renewability any time before maturity. The auto-renewal facility enables your fixed deposit to get renewed by default for the same fixed deposit term.
  • Q. Why does the rate of fixed deposit keep on changing?

    Ans: Various factors influence banks to change the interest rate of fixed deposits. A few factors are mentioned below.
    • Deposit rates share a relationship with the inflation Rate-Ideally; banks should offer positive returns to the depositors. Investors should keep a tab on the inflation rate as it affects the lending rates. There can be times when depositors might get negative returns due to high inflation.
    • Present Liquidity of the Country-When there is sufficient liquidity, banks don't focus on FDs to fulfill their financial goals, unlike the times when there is tight liquidity. During such times, banks turn the fixed deposits. As a result, bank FD rates in India can change.
    • Demand and supply scenario-When the demand for credit is less, usually, bank interest rates are decreased and vice-versa. Typically, banks cut interest on fixed deposits when a cut is anticipated on the lending rate.

Latest Fixed Deposit (FD) News

  • Axis, Kotak Mahindra, and IDFC First Bank Have Made Some Changes in Their Fixed Deposit Rates – Know from Where You Will Get the Great Returns

    Fixed Deposit is a type of financial tool which carries low risk and gives security as well as better return in a short time. In September 2021, three private Banks have made some changes in their FD rates and those banks are Axis, Kotak Mahindra, and IDFC First Bank. So if one is planning to invest in FD, then definitely go through the rates of these three banks.
    Take a look at the list of banks given below where you can get a finer return.
    IDFC First Bank
    IDFC First Bank has made some changes in its fixed deposit rates on 15 September 2021. The bank is offering interest from 2.5% to 5.25% on FDs.
    Here is a brief of its FD rates:
    • 7 to 29 days- 2.50%
    • 30 to 90 days - 2.75%
    • 91 to 180 days - 3.25%
    • 181 days to less than one year - 4.50%
    • 1 year to 2 years – 4.75%
    • 2 years 1 day to 3 years - 5.00%
    • On FD of 3 years 1 day to 5 years - 5.20%
    • On FD of 5 years 1 day to 10 years - 5.25%
    Axis Bank
    The new rates on Axis Bank FDs are applicable from September 9, 2021, which are:
    • 7 to 29 days - 2.50%
    • 30 to 60 days - 3.00%
    • 61 days or more but less than 6 months - 3.50%
    • 6 months or more but less than 11 months 25 days - 4.40%
    • 11 months 25 days or more but less than 1 year - 4.40%
    • More than 1 year but less than 1 year 5 days - 5.10%
    • More than 1 year 5 days but less than 1 year 11 days - 5.15%
    • More than 1 year 11 days but less than 18 months - 5.10%
    • More than 18 months but less than 2 years- 5.25%
    • More than 2 years but less than 3 years- 5.40%
    • More than 3 years but less than 5 years- 5.40%
    • 5 years to 10 years - 5.75%
    Kotak Mahindra
    Kotak Mahindra Bank has also revised its FD rates. On FD of 7 days to 30 days, 31 days to 90 days, 91 days to 179 days you will get 2.5%, 2.75%, and 3% interest. These new rates are applicable from 8 September. 2021.
    • 7 to 30 days- 2.50%
    • 31 days to 90 days - 2.75%
    • 91 to 120 days - 3%
    • 121 to 179 days - 3.25%
    • 180 days 4.25%
    • 181 days to 354 days 4.40%
    • 365 to 389 days - 4.50%
    • 390 days - 4.75%
    • 391 days - 4.75%
    • 23 Months - 4.9%
    • 23 months one day or more but less than 4 years - 5.10%
    • 4 years or more but less than 5 years - 5.20%
    • 5 years or more and up to 10 years
  • RBI Makes No Changes to Repo Rate for the 4th Time

    The Reserve Bank of India (RBI) has decided to make no changes to the repo rate in its latest monetary meet held bi-monthly. As a consequence, the repo rate remained unchanged at 4 per cent as announced after the meet, which was held from 3-5 February 2021. Similarly, the reverse repo rate also stayed at 3.35 per cent.

    The apex bank has kept the repo rates unchanged consecutively for the fourth time. The move was expected by many as the steady repo rates would keep a check on the government securities yields, which are likely to face pressure in the financial year 2021-22 due to the government’s plan of higher borrowings.

    With the RBI making no changes to the repo rates, the fixed deposit interest rates will not be reduced anymore. However, there are fewer chances of an immediate reduction in the borrowers’ loan EMIs or equated monthly instalments.

    Moreover, the time is ideal for new borrowers to take a home loan as the bank interest rates are pretty low as a result of no change in repo rates.

  • DCB Bank, YES Bank Amongst Banks Offering Highest Rates on 5-Year Tax Saving FD

    DCB Bank and YES Bank are among the banks that are currently offering the highest interest rates on tax-saving fixed deposits with a tenure of five years. Equitas Small Finance Bank, IndusInd Bank, AU Small Finance Bank and RBL Bank are other banks that are offering higher rates on five-year tax-savings deposits.

    At present, DCB Bank, YES Bank and Equitas Small Finance Bank is offering an interest rate of 6.75 per cent on tax-saving fixed deposits with a maturity period of five years. Following close are IndusInd Bank and AU Small Finance Bank that offers an interest rate of 6.50 per cent on five- year tax-saving FD. Similarly, the RBL Bank is offering an interest rate of 6.40 per cent on tax-saving fixed deposits of similar tenure.

    The above tax-saving FD interest rate is applicable on deposits purchased by the general public. The Banks offer a higher rate of 0.50 per cent to senior citizens.

    Tax-saving fixed deposits allow depositors to save tax up to Rs 1,50,000 in a financial year under section 80C of Income Tax Act, 1961. It comes with a lock-in period of five years and the depositor cannot withdraw prematurely or take a loan against these FDs. However, 10 per cent TDS (Tax Deducted at Source) is deducted on the annual interest earned by the depositors on these FDs.

    A person can open a tax-saving FD through public as well as private sector banks, except for rural banks and cooperative banks.

  • Small Finance Banks Offer 8% FD Interest rates to Senior Citizens

    Small Finance Banks in India, such as Suryoday Small Finance Bank and North East Small Finance Bank, are providing a fixed deposit (FD) interest rate of as high as 8 per cent to senior citizens. These interest rates are quite higher as compared to leading public and private banks in India.

    Currently, Suryoday Small Finance Bank is offering fixed deposits to senior citizens for an interest rate ranging from 4.5 per cent to 8 per cent. The interest rate of 8 per cent can be earned with a maturing period of five years.

    Similarly, North East Small Finance Bank is providing an interest rate ranging from 3.5 per cent to 8 per cent to senior citizens. The depositors can earn 8% interest rate on FDs with a maturity tenure of 730 days to less than 1095 days.

    Other small finance banks, such as Jana Small Finance Bank and Utkarsh Small Finance Bank, are also offering high fixed deposit interest rates to senior citizens. While Jana Small Finance Bank is offering FDs rates ranging from 3 per cent to 7.75 per cent to senior citizens, Utkarsh Small Finance Bank is providing senior citizens with FD rates ranging from 3.50 per cent to 7.50 per cent.

    Senior citizens can earn the highest interest rate of 7.75 per cent in Jana Small Finance Bank on deposits with a maturity tenure of three years to less than five years. On the other hand, Utkarsh Small Finance Bank offers the highest rate of 7.50 per cent to senior citizens on deposits with a maturity period of 700 days.

    Top banks in India, such as ICICI Bank, State bank of India (SBI), HDFC Bank, etc. offers a higher interest rate of 50 basis points (bp) on fixed deposits to senior citizens. Nonetheless, their interest rates are lower than the rates offered by small finance banks in India.

  • Enjoy the Best Tax-Saving FD Rates with DCB Bank, IndusInd Bank & Yes Bank

    Smaller private banks, such as DCB Bank, IndusInd Bank and YES Bank, are offering the highest interest rates on tax-saving fixed deposits as compared to leading private and public sector banks.

    As per a recent data compilation, customers of DBS Bank can enjoy the highest interest rate of 6.95 per cent on tax-saving fixed deposits. The IndusInd Bank and YES Bank are following suit by offering the second-highest interest rate of 6.75 per cent on tax-saving FDs.

    Tax-saving fixed deposits allow the investor to claim tax deductions up to Rs 1.5 lakh under section 80C of the Income Tax Act. However, such FDs come with a lock-in period of five years and the investor cannot withdraw the FD prematurely.

    If an investment of Rs 1.5 lakh in a tax-saving FD is made under DCB Bank, the amount can grow to Rs 2.12 lakh after a period of five years. Similarly, the investment amount of Rs 1.5 lakh can grow to Rs 2.10 lakh each at IndusInd Bank and YES Bank at the maturity of a five-year tax-saving fixed deposit.

    On the other hand, customers of leading private banks, such as AXIS Bank, ICICI Bank and HDFC Bank can get an interest rate of 5.50 per cent, 5.35 per cent and 5.30 per cent respectively on five-year tax-saving fixed deposits.

    Public sector banks, such as Union Bank and Canara Bank is currently offering the highest interest rate of 5.55 per cent and 5.50 per cent respectively on tax-saving fixed deposits. State Bank of India (SBI), which is the leading public sector bank offers 5.40 per cent interest on tax-saving FDs.

  • Indusind Bank and RBL Bank Offer the Best Rates on One-Year Fixed Deposits

    IndusInd Bank provides 7% interest, and RBL Bank provides 6.75% on one-year FDs

    The Reserve Bank of India (RBI) kept the benchmark interest rate at 4% in the December monetary policy. The good news for policy holders is that the banks are not going to further decrease the interest rates.

    Due to the lowering interest rates, you should not ignore investing in fixed deposits. It helps you in meeting your short-term goals and build an emergency corpus. You get fixed returns and it is one of the safest investment options. It offers liquidity and flexible tenures to withdraw in case of uncertainty.

    You can invest a portion of your fixed deposits despite the falling interest rates. You can choose a policy tenure that offers good returns. Sometimes the smaller private banks offer good returns on fixed deposits. To invest wisely you can do a thorough risk assessment of the bank.

    A Note About the Table

    Notes- The interest rates are as per the rates are given on the banks website as of December 16, 2020. Banks for which data was not verified are not considered. The investment would depend on the term deposit account, and quarterly compounding is assumed for all FDs.
  • Higher Rates Offered by Smaller Private Banks

    Smaller private banks offer interest rates of up to 7% on one-year FDs. For example, IndusInd Bank provides 7% interest on one-year FD, followed by RBL Bank that offers 6.75% interest on one-year FD. The interest rates are higher in comparison to the ones offered by public sector banks.

    The interest rate offered by leading private banks like HDFC Bank and ICICI Bank is 4.90%. Whereas the interest rate on one-year FD by Axis Bank is 5.15% and by Kotak Mahindra Bank is 4.60%, which is the lowest among all the private banks.

    Public sector banks like Punjab & Sind Bank, Union Bank, Bank of India, and Canara Bank provide 5.25% interest on one-year FDs. The interest rate provided by the State Bank of India (SBI) and Bank of Baroda (BOB) for one-year FD is 4.90%.

    The minimum amount that you can invest in FDs varies, for private banks this amount varies from Rs 100 to Rs 10,000. Assured FD investments of up to Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which is an RBI’s subsidiary.

  • Small Private Banks Offer Up to 7% Interest on 1-Year Fixed Deposits

    In the prevailing economic situation, smaller private banks in India are providing interest rates of up to 7 per cent on fixed deposits with a maturity of one year.

    At present, smaller private banks such as IndusInd Bank and YES Bank is offering an interest of 7 per cent on fixed deposits of one-year maturity as compared leading foreign banks. Even RBL Bank is currently offering 6.85 per cent of interest on one year fixed deposits.

    On the other hand, foreign banks such as Standard Chartered, Deutsche Bank and DBS Bank are offering a lower rate of interest rates on one-year deposits. While Standard Chartered is offering an interest rate of 6.30 per cent, DBS Bank and Deutsche Bank is providing an FD rate of 4.15 per cent and 4 per cent respectively on deposits of one year.

    However, leading private and public banks are offering a lower FD rate than smaller private banks but higher than leading foreign banks. For instance, AXIS Bank, ICICI Bank and HDFC Bank are providing an interest rate of 5.15 per cent, 5 per cent and 5.10 per cent respectively for one-year deposits. Similarly, leading public sector banks, such as State Bank of India (SBI) and Bank of Baroda is currently offering an interest of 4.90 per cent for a one year FD.

  • All Lakshmi Villas Bank Services Available; No Change in Interest Rates: DBS Bank

    DBS Bank India has declared that customers of recently merged Lakshmi Villas Bank can continue to access all its banking services. It also confirmed that no changes have been made to the interest rates of fixed deposits and savings accounts as of now.

    The DBS Bank India, which is subsidiary of DBS Group Holdings Ltd., has merged with crisis-laden Lakshmi Villas Bank on 27th November 2020 as per section 45 of the Banking Regulation Act, 1949 that gives special powers to the Reserve Bank of India (RBI) and the government.

    DBS Bank India in a statement said that the banking services of Lakshmi Villas Bank can now be accessed by all its customers. It added that the interest rates on savings accounts and fixed deposits remain the same until further notice.

    The DBS Bank also stated that its team is working closely to integrate the system of Lakshmi Villas Bank with its network. Post the integration, it will offer a broader array of products and services, including its globally acclaimed banking services to the customers of Lakshmi Villas Bank.

    On 17th November 2020, the RBI had imposed a 30-day moratorium on Lakshmi Villas Bank after it experienced a financial crisis. During the moratorium, every depositor of the Bank was allowed to withdraw cash up to a maximum of Rs 25,000. However, the banking services of Lakshmi Villas Bank was restored at all branches, ATMs and digital platforms as soon as its merger with DBS Bank came into effect.

    The merger Lakshmi Villas Bank with DBS Bank India is expected to provide better stability and future prospects to the customers, depositors as well as employees of Lakshmi Villas Bank. Besides, the DBS Group plans to invest Rs 2,500 crore into DBS Bank to support the merger.

  • Small Saving Plans Offer Better Interest Rates Than Bank FD

    Amidst the dropping bank FD rates, small savings schemes, such as National Savings Certificate and post office scheme, are currently offering better interest rates to depositors as compared to fixed deposits.

    As per the latest FD rates, the State Bank of India offers an interest of 4.9 per cent for one year FD while ICICI Bank and HDFC Bank yields an interest rate of 5 per cent and 5.1 per cent respectively for similar deposits. On the other hand, a post office saving scheme of one year tenure fetches a 5.5 per cent interest, which is higher than Bank FD rates.

    The small savings plans are able to beat the bank FDs as the Finance Ministry makes no changes to the interest rates of small savings schemes for the last quarter of the year ending in December 2020. With this move, the government hopes to raise funds by making small saving schemes more attractive to customers as compared to fixed deposits.

    The gap in interest rates is wider between the two types of schemes for deposits of five-year tenure. While SBI offers 5.4 per cent interest for a five-year fixed deposit, both ICICI Bank and HDFC Bank provides an interest rate of 5.5. per cent on similar deposits.

    However, a five-year deposit under the National Savings Certificate fetches an interest rate of 6.8 per cent. Similarly, a post office scheme of five years yields an interest of 6.7 per cent....

  • All You Should Know About HDFC Bank’s Special Scheme of FD for Senior Citizens

    After SBI’s (State Bank of India) special FD scheme for senior citizens, it is HDFC Bank that has launched an FD scheme for the senior citizens with the name ‘Senior Citizen Care FD’. As per the website of HDFC Bank, the bank is now offering 75 basis points additionally for the deposits that have the tenure of more than five years for investments that are up to Rs. Five Crore. The people who want to get the benefit of this scheme should opt for this scheme between 18th May 2020 to 30th September 2020. On the website of the Bank, it is also stated that senior citizens will be getting an additional 0.25% premium, which is over and above the current premium that is 0.50%. Currently, for the deposits that are less than Rs. Two Crore and have tenure of five years and one day to ten years have the best FD rates 5.75% for non-senior citizens and for senior citizens it is 6.5% per annum. As per the website of HDFC Bank, the key points of this scheme are:
    • This scheme with the name of ‘Senior Citizen Care’ is applied to all the new FDs that are booked as well as for all the renewable FDs of the senior citizens during the above-mentioned period. However, it does not apply to NRIs.
    • In the situation of pre-mature closure of FD that is booked in the above-mentioned offer (including partial closure/ sweep in) before five years, the rate of interest will be 1.00% less from the applicable base rate or contracted rate for the period the deposit has been with the bank, whichever is lesser.
    • In the situation of premature closure of FDs booked as per the above-mentioned offer (including partial closure or sweep in) after five years, the rate of interest will be reduced by 1.25% below the applicable base rate or contracted rate for the period the deposit is kept in the bank, whichever is lesser.

    With this, the Bank has also revised the interest rate of Fixed Deposits from 18th May 2020. As per their website, FDs of different tenures will get the interest between the range of 3% to 5.75% per annum, and a senior citizen will get the interest from 3.5% to 6.5%..

  • ICICI Bank Cuts the Rates of Its Fixed Deposits - See the Full News Here:

    • Due to the lockdown, the banks are getting comparatively less requirement for loans, even they have enough liquidity.
    • This scenario has put pressure on the interest rates of fixed deposits.
    ICICI Bank has revised its rates of fixed deposits and it is not only this bank, but many other banks are lowering their fixed deposits rates because of surplus liquidity. On 4th June, ICICI Bank has as well cut down the rates of interest on its savings accounts deposits that are less than Rs.50 Lakhs. This interest rate is reduced to 3% from 3.25%. For all the deposits that are more than Rs.50 lakhs, the interest is decreased from 3.75% to 3.50%. Presently, the banks have a lesser need for loans and have enough liquidity. The lesser requirement for loans is the impact of lockdown. This has put pressure on the current FD rates. Starting from the rate of interest of 2.75% on FDs deposits that are between 7 days to 14 days. On the FDs having deposits between one year to 389 days, the ICICI Bank is offering an interest rate of 5.15%. The customers are getting an interest of 5.35% on the Fixed Deposit having maturity between 18 months and two years. For deposits that are over three years, the rate of interest is 5.50%. On the other hand, the senior citizens will get an additional rate of interest of fifty basis points in all the maturities of FDs...
  • SBI Cuts Down the Rates of FD by 40 BPS Throughout All the Tenors. See the New Rates

    The SBI (State Bank of India) has cut down the interest rates of its term deposits (retail) by 40 bps (basis points) for all its tenors. These new rates came into existence from 27th May 2020. After this sharp inclination in the rates, the FDs having tenure between one year to less than two years are having an interest rate of 5.1%, FDs with three years to less than five years are having a rate of 5.3% and five years to up to ten years are having an interest rate of 5.4%. This is for the second time when this Public Sector Bank has cut down its FD’s interest rates in May month. Earlier in May 2020 only, SBI had cut down the rate of interest of its FDs by 20 bps. These rates were applicable for the FDs that were having the tenure of up to three years and it became effective from 12th May 2020. Despite lowering its rates, SBI has as well launched a product for safeguarding the interests of the seniors. This news was given in a press release from the bank. In this process, SBI launched SBI We care Deposit for its senior citizens. This scheme will come in effect from 30th September 2020. In this release, SBI as well stated that the new product with an extra premium of 30 bps will be given to the senior citizens for the deposits of 5 years and above. This scheme will be in effect from 30th September 2020...
  • For the Second Time in a Month, SBI Cuts Down FD Interest Rates

    India's largest bank State Bank of India (SBI) for the second time inside a month has chopped down interest rates on the fixed deposits. From March 10, 2020, the amended rates have been into impact. Prior on 10 February 2020, State Bank of India had cut interest rates.

    According to the present amendment, the SBI FD's between 7 days to 45 days, which prior 4.5% will right now bring 4%. In like manner, the FD’s that are one year to under 5 years, which prior got 6% will presently get 5.9% and between 5 years as long as 10 years, which prior brought 6% will currently bring 5.9%.

    Nonetheless, the senior residents in contrast with the common citizens will keep getting 50 basis points on higher interest rates. Any retails fixed deposits, which is of not as much as Rs. 2 crores the rates will be pertinent the equivalent.

    The revised FD interest rates will apply to both the fresh deposits and the renewal of the maturing deposits. It is also expected that additionally different banks may likewise bring down interest rates....

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