FD Interest Rates

For general citizens, FD interest rates offered by popular banks in India range from 3.00% to 7.75% per annum and for senior citizens, the range is from 3.00% to 8.25% per annum. In addition, the leading Small Finance Banks (SFBs) like Suryoday SFB, Unity SFB, and Jana SFB are offering one of the best Fixed Deposit interest rates ranging between 3.00% p.a. to 9.00% p.a. for general citizens and 3.50% to 9.50% p.a. for senior citizens.

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FD Interest Rates in 2024

Rates on withdrawable deposits of up to Rs. 2 crores for 1/ 2/ 3/ 5/10-year tenure are as follows:

Name of Bank FD Interest Rates (in % per annum)
Highest FD Interest Rate by the Bank 1-Year Tenure 2-Year Tenure 3-Year Tenure 5-Year Tenure 10-Year Tenure
SBI FD Rates 7.10% (400 days) 6.80% 7.00% 6.50% 6.50% 6.50%
HDFC Bank FD Rates 7.20% (4 years 7 months - 55 months 6.60% 7.00% 7.00% 7.00% 7.00%
ICICI Bank FD Rates 7.10% (15 months - 2 years) 6.70% 7.10% 7.00% 7.00% 6.90%
Axis Bank FD Rates 7.10% (15 months to < 5 years) 6.70% 7.10% 7.10% 7.00% 7.00%
PNB FD Rates 7.25% (444 days) 6.75% 6.80% 7.00% 6.50% 6.50%
Yes Bank FD Rates 7.75% (18 months to < 24 months) 7.25% 7.25% 7.25% 7.25% 7.00%
Kotak Mahindra FD Rates 7.25% (23 months to < 2 years) 7.10% 7.10% 6.50% 6.20% 6.20%
Bandhan Bank FD Rates 7.85% (500 days) 7.25% 7.25% 7.25% 5.85% 5.85%
Suryoday SFB FD Rates 8.60% (>2 years to 3 years) 6.85% 8.50% 8.60% 8.25% 7.25%
Ujjivan SFB FD Rates 8.25% (1 year and 560 days) 8.25% 7.50% 7.20% 7.20% 6.50%
ESAF SFB FD Rates 8.50% (2 years to < 3 years) 6.00% 8.50% 6.75% 6.25% 6.25%
Unity SFB FD Rates 9.00% (1001 days) 7.35% 7.35% 7.65% 7.65% 7.00%
Citi Bank FD Rates 7.10% (15 months to < 5 years) 6.70% 7.10% 7.10% 7.00% 7.00%
Barclays Bank FD Rates 6.36% (6 years to 7 years) 6.22% 6.17% 6.17% 6.27% 6.36%
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*FD Rate of Interest are effective as of Jan 2024.
Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.

What are FD Interest Rates?

FD interest rates are the fixed rate of interest that an FD account holder can avail of on their deposits for a specific period.

Various Scheduled Commercial Banks/ NBFCs/ Small Finance Banks/ Companies offer their customers the best FD schemes.

Preferential Rates of Interest on FD for Senior Citizens:

  • Financial institutions offer better fixed deposit interest rates to senior citizens for different tenures

  • For citizens of India aged 60 years & above

  • Helps in creating a financial net to fulfil the major requirements of old age people

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

List of Different FD Interest Rates in India

Fixed Deposit Schemes offer various rates of interest on FD based on different factors. Let us learn these FD rates with a concise breakdown in this section.

The rates of interest on FD offered by different types of banks / NBFCs are categorised as follows:

  • Public Sector Bank FD Rates

  • Private Sector Bank FD Rates

  • Small Finance Bank FD Rates

  • Non-Banking Financial Company (NBFC) FD Rates

  • Foreign Bank FD Rates

Top FD Interest Rates in India by Public Sector Banks (PSBs)

Here is a list of fixed deposit interest rates, offered by PSBs for deposits of up to Rs. 2 crores:

Name of Bank FD Rate of Interest on FD for General Citizens (in % p.a.) Rate of Interest on FD for Senior Citizens (in % p.a.)
Allahabad Bank (Indian Bank) FD Rates 2.80% to 7.10% 2.80% to 7.25%
Bank of Baroda FD Rates 3.00% to 7.25% 3.50% to 7.75%
Bank of India (BOI) FD Rates 3.00% to 7.25% 3.00% to 7.95%
Canara (Syndicate Bank) Bank FD Rates 4.00% to 7.25% 4.00% to 7.40%
Central Bank FD Rates 3.50% to 6.75% 4.00% to 7.25%
Indian Overseas Bank FD Rates 4.00% to 7.25% 4.50% to 7.75%
PNB FD Rates 3.50% to 7.25% 4.00% to 7.75%
Bank of Maharashtra FD Rates 2.75% to 7.00% 2.75% to 7.50%
SBI Bank FD Rates 3.00% to 7.10% 3.50% to 7.60%
Union Bank of India (Andhra Bank) 3.00% to 7.00% 3.50% to 7.50%
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*FD Rate of Interest is effective as of Jan 2024.
Note: The interest rate on FD for particular banks mentioned in the above table is subject to change. The table does not represent any chronological order.

Allahabad Bank FD Interest Rates

Allahabad Bank FD Interest Rates

Andhra Bank FD Interest Rates

Andhra Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

Axis Bank FD Rates

Axis Bank FD Rates

Bajaj Finance FD Interest Rates

Bajaj Finance FD Interest Rates

Bandhan Bank FD Interest Rates

Bandhan Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of India FD Interest Rates

Bank of India FD Interest Rates

Bank of Maharashtra FD Interest Rates

Bank of Maharashtra FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Canara Bank FD Interest Rates

Canara Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Central Bank of India FD Interest Rates

Central Bank of India FD Interest Rates

Citibank FD Interest Rates

Citibank FD Interest Rates

City Union Bank FD Interest Rates

City Union Bank FD Interest Rates

Corporation Bank FD Interest Rates

Corporation Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

DBS Bank FD Interest Rates

DBS Bank FD Interest Rates

Dena Bank FD Interest Rates

Dena Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

HDFC Bank FD Interest Rates

HDFC Bank FD Interest Rates

HSBC FD Interest Rates

HSBC FD Interest Rates

ICICI Bank FD Interest Rates

ICICI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDFC First Bank FD Interest Rates

IDFC First Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

IndusInd Bank FD Interest Rates

IndusInd Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Muthoot Capital

Muthoot Capital

Nainital Bank FD Interest Rates

Nainital Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

PNB FD Interest Rates

PNB FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

RBL Bank FD Rates

RBL Bank FD Rates

Saurashtra Gramin Bank FD Interest Rates

Saurashtra Gramin Bank FD Interest Rates

SBI FD Interest Rates

SBI FD Interest Rates

Shriram Finance FD Interest Rates

Shriram Finance FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Travancore FD Interest Rates

State Bank of Travancore FD Interest Rates

Syndicate Bank FD Interest Rates

Syndicate Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

UCO Bank FD Interest Rates

UCO Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Union Bank of India FD Interest Rates

Union Bank of India FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Yes Bank FD Interest Rates

Yes Bank FD Interest Rates

Expand

Top FD Interest Rates in India by Private Sector Banks

Leading Private Sector Banks in India offer the best rate of interest on FD of up to Rs. 2 crores, as mentioned in the table below:

Name of Bank Rate of Interest on FD for General Citizens (in % p.a.) Rate of Interest on FD for Senior Citizens (in % p.a.)
Axis Bank FD Rates 3.00% To 7.10% 3.50% to 7.75%
Bandhan Bank FD Rates 3.00% To 7.85% 3.75% to 8.35%
DBS Bank FD Rates 2.50% To 7.50% 2.50% to 8.00%
Dhanlaxmi Bank FD Rates 5.75% To 7.25% 5.75% to 7.75%
HDFC FD Rates 3.00% To 7.20% 3.50% to 7.75%
IDFC Bank FD Rates 3.00% To 7.75% 3.50% to 8.25%
ICICI Bank FD Rates 3.00% To 7.10% 3.50% to 7.60%
Karur Vysya Bank FD Rates 4.00% To 7.50% 4.00% To 8.00%
RBL Bank FD Rates 3.50% To 8.00% 4.00% to 8.50%
SBM Bank FD Rates 2.10% To 7.35% 2.60% to 7.85%
IndusInd Bank FD Rates 3.50% To 7.85% 4.25% to 8.25%
Jammu & Kashmir Bank FD Rates 3.50% To 7.50% 4.00% to 8.00%
Yes Bank FD Rates 3.25% to 7.75% 3.75% To 8.25%
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*FD Rate of Interest are effective as of Jan 2024.

Top FD Interest Rates in India by Small Finance Banks

The Small Finance Banks (SFBs) registered under the Companies Act, 2013 offer high FD rates of interest to give financial support to the weaker sections of the economy.

The list of best rates of interest on FD for deposits of up to Rs. 2 crores by SFBs is as follows:

List of Top Small Finance Banks (SFBs) Rate of Interest on FD for General Citizens (in % p.a.) Rate of Interest on FD for Senior Citizens (in % p.a.)
Suryoday SF Bank FD Rates 4.00% to 8.60% 4.50% to 9.10%
Ujjivan SF Bank FD Rates 3.75% to 8.25% 4.25% to 8.75%
ESAF SF Bank FD Rates 4.00% to 8.50% 4.50% to 9.00%
Unity SF Bank FD Rates 4.50% to 9.00% 4.50% to 9.50%
Jana SF Bank FD Rates 3.00% to 8.50% 3.50% to 9.00%
Utkarsh SF Bank FD Rates 4.00% to 8.50% 4.60% to 9.10%
Equitas SF Bank FD Rates 3.50% to 8.50% 3.50% to 8.77%
Fincare SF Bank FD Rates 3.00% to 8.51% 3.60% to 9.11%
AU SF Bank FD Rates 3.75% to 8.00% 4.25% to 8.50%

*FD Rate of Interest are effective as of Jan 2024.

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People Also Read: Post Office FD Interest Rates

Top FD Interest Rates in India by NBFCs

Non-Banking Financial Companies (NBFCs) offer a better interest rate on FD in comparison with SCBs.

Here is a list of the best rates of interest on FD in 2024 provided by the top NBFCs in India for deposits of up to Rs. 2 crores:

Non-Banking Financial Companies (NBFC) FD Interest Rate General Citizens (in % p.a.) FD Interest Rate Senior Citizens (in % p.a.) Minimum Deposit Tenure
Hawkins Cooker Ltd FD 7.5% - 8.00% 8.00% Rs. 25,000 1 - 3 Years
Aditya Birla Capital FD 6.70% - 7.50% 6.95% - 7.75% Rs. 5,000 1 - 5 Years
Bajaj Finserv FD 7.40% - 8.35% 7.65% - 8.60% Rs. 15,000 1 - 5 years
HDFC Housing Finance FD 7.30% - 7.70% 7.55% - 8.00% Rs. 20,000 1 – 10 Years
KTDFC Ltd FD 6.75% - 7.00% 7.00% - 7.25% Rs. 10,000 1 - 5 Years
Mahindra & Mahindra Finance Service Ltd FD 7.40% - 7.75% 7.65% - 7.95% Rs. 5,000 1 - 5 Years
Shriram Finance FD 7.34% - 8.18% 7.84% - 8.68% Rs. 5,000 1 - 5 Years
Sundaram Finance FD 7.45% - 7.75% 7.95% - 8.25% Rs. 10,000 1 - 3 Years
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*FD Rate of Interest is effective as of Jan 2024.
Note: The Fixed Deposit interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.

Top FD Interest Rates in India by Foreign Banks

The list of foreign banks offering the best interest rate on FD on deposits of up to Rs. 2 crores is as follows:

List of Foreign Bank FDs Rate of Interest on FD for General Citizens (in % p.a.) Rate of Interest on FD for Senior Citizens (in % p.a.)
Deutsche Bank FD Rates 3.00% To 7.75% 3.00% To 7.75%
Citi Bank FD Rates 3.00% to 7.10% 3.50% to 7.75%
HSBC Bank FD Rates 2.85% to 7.25% 3.35% to 7.75%
Standard Chartered Bank FD Rates 2.75% to 7.50% 3.25% to 8.00%
Barclays Bank FD Rates 5.65% to 6.36% 5.65% to 6.36%

*FD Rate of Interest is effective as of Jan 2024.

Documents Required To Open Fixed Deposit Account

Here is the list of must-have documents for opening a Fixed Deposit Account with the best FD rate of interest in India:

Particulars List of Documents Required
Proof of Identity
  • Aadhaar card
  • PAN card
  • Driving license
  • Voter ID card
  • Government ID card
Address proof
  • Passport
  • Electricity bill
  • Utility bills
  • Photo Ration Card
Savings Account Details to Link with FD Account
  • Bank Statement
  • Cancelled cheque

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Benefits of Fixed Deposit Interest Rates by Top Banks

The key features of the best Fixed Deposit interest rates in India are listed below:

  • Better Rates of interest on FD

    The interest rate on FD by Indian banks is better than the regular savings account interest rate.

  • Indian Citizen Can Open an FD Account

    Any Indian resident, including minors, NRIs, and Hindu Undivided Families (HUF), can open a fixed deposit account.

  • Select Maximum Two Nominees

    You can select up to two nominees for your Fixed Deposit. These nominees will be eligible to collect the maturity amount by providing valid proof of death of the account holder.

  • Partial Withdrawal of Amount

    Premature withdrawal is allowed in cases of emergency with payment of small charges.

  • Sweep-in Facility for FD Account

    The banks provide a sweep-in facility to inter-link your savings bank account with the FD Account. This enables you to earn the best fixed deposit interest with the option to withdraw the FD amount at any time for better utilization.

  • Loan Against FD Amount

    The banks also provide the facility to take a loan against FD to meet any immediate financial commitments. The deposited amount works as a security for your loan. The banks in India provide a loan on FD of up to 75% - 90% of your FD amount.

  • Taxation Benefits on Interest earned from rates of interest on FD

    The taxation rules applicable while filing the annual Income Tax Returns (ITR) on the income earned from Fixed Deposits Interest Rates are as follows:

    Taxation Tax Benefits
    Tax on FD Investment
    • Normal FD:Taxable as per Income Tax Slab Rates
    • Tax-Saver FDTax deductions allowed u/ Section 80C of the IT Act, 1961
    Tax on Fixed Deposit Interest  Applicable for 10% TDS deduction on FD interest, if:
    • For Senior Citizens: Annual Fixed Deposit interest is more than Rs. 50,000
    • For General Citizens: Annual Fixed Deposit interest is more than Rs. 40,000

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Wrapping It Up!

The top banks offer the best interest rate on FD with attractive features like guaranteed returns, loans on FD, and nomination facility. You must make a comparative analysis of all the FD savings plans as per your investment horizon and future financial needs.

People Also Read: What is XIRR in Mutual Funds?

Frequently Asked Questions

  • What is the normal FD interest rate?

    As of October 2024, the average FD interest rate for general citizens is between 3.00% and 8.00%, and the average FD interest rate for senior citizens is between 3.50% and 8.50%.
  • What is the FD interest rate in SBI?

    The current FD interest rates for SBI for various tenures are as follows:
    Tenure FD Interest Rates (in % p.a.)
    Highest FD Rate 7.10%
    1-Year 6.80%
    2-Year 7.00%
    3-Year 6.50%
    5-Year 6.50%
    10-Year 6.50%
  • What are the best FD rates in India?

    The best FD interest rates in India for 2024 are listed below:
    Name of Bank FD Interest Rates (in % per annum)
    Highest FD Interest Rate 1-Year Tenure 2-Year Tenure 3-Year Tenure 5-Year Tenure 10-Year Tenure
    SBI FD Rates 7.10% 6.80% 7.00% 6.50% 6.50% 6.50%
    HDFC Bank FD Rates 7.20% 6.60% 7.00% 7.00% 7.00% 7.00%
    ICICI Bank FD Rates 7.10% 6.70% 7.10% 7.00% 7.00% 6.90%
    Axis Bank FD Rates 7.10% 6.70% 7.10% 7.10% 7.00% 7.00%
    PNB FD Rates 7.25% 6.75% 6.80% 7.00% 6.50% 6.50%
    Yes Bank FD Rates 7.75% 7.25% 7.25% 7.25% 7.25% 7.00%
  • Which bank is giving 7% interest on FD?

    Here are some of the banks offering 7% FD interest rates:
    • SBI FD Rates

    • HDFC Bank FD Rates

    • ICICI Bank FD Rates

    • Axis Bank FD Rates

    • PNB FD Rates

    • Yes Bank FD Rates

  • Which bank FD interest rate is high?

    The bank with the highest FD rate in India currently is Unity SF Bank, offering a maximum interest rate of 9.00% for general citizens and 9.50% for senior citizens.
  • Which bank is best for Fixed Deposit for 1 year?

    Some of the top banks to consider for 1-year FDs are as follows:
    • Punjab National Bank

    • YES Bank

    • IDFC First Bank

    • Bandhan Bank

    • RBL Bank

  • Is the rate of interest on FD for senior citizens better as compared to regular FD?

    Majorly, banks offer the best FD interest rates for senior citizens. It ranges from 3.00% - 9.50% p.a.
  • How much interest on FD is tax-free?

    Interest income on a fixed deposit (FD) is taxable in India. However, there are certain limits on how much interest income is tax-free under the old tax regime.
    • For Individuals: Interest income of up to ₹40,000 is tax-free

    • For Senior Citizens (> 60 years of age): Interest income of up to ₹50,000 is tax-free

  • Do I have to pay tax on my FD income?

    Interest income earned from FD interest rates in India is tax-free up to ₹40,000 for individuals and ₹50,000 for senior citizens under the old tax regime.
  • What is the FD rate today?

    Various financial institutions offer the best FD interest rates in India ranging between 3.00% - 8.35% p.a. Also, the Small Finance Banks and Corporate houses provide better FD rate of interest between 3.00% – 9.60% p.a.
  • Which type of FD is best?

    The best type of FD for you will depend on your individual circumstances and investment goals.

    Here are some of the most popular types of FDs:

    • Standard FD:  This is the most basic type of FD. It offers a fixed interest rate for a fixed tenure.
    • Tax saving FD: These FDs are specifically designed to help you save tax. They offer better interest rates than standard FDs, but you may be required to invest a minimum amount.
    • Recurring FD: This type of FD allows you to invest a fixed amount of money every month. It is a good option if you want to save money regularly and earn interest on your savings.
    • Senior citizen FD:  These FDs offer better interest rates to senior citizens.
  • Do I have to pay tax on my FD income?

    Interest income earned from FD interest rates in India is tax free up to ₹40,000 for individuals and ₹50,000 for senior citizens.
  • When to Pay Tax On Income Earned by FD Interest?

    You must pay the tax on interest from the interest rate on FD before the end of a financial year, i.e., 31 March. However, if you earn a large income from interest on an FD, then you must pay tax quarterly.
  • Is LIC better than FD?

    LIC is a financial product offering life coverage benefits while providing financial support to your nominee. Fixed Deposits with high interest rates are a good option to create a financial net for your future needs.
  • Is FD 100% safe?

    Yes, Fixed Deposits (FDs) are the safest and most reliable investment plans that offer guaranteed returns at a fixed interest rate. DICGC insures your savings and deposits with RBI-regulated financial institutions, with a sum of up to Rs. 5 lakhs.
  • How much amount can be claimed by DICGC?

    DICGC, a subsidiary body under RBI, assures a sum of up to Rs. 5 lakhs to depositors in case their banks run out of funds. Before September 2021, this maximum sum insured was up to Rs. 1 lakhs.
  • Is interest on fixed deposit is compounded?

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

    A re-investment plan is 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.
  • Can I get fixed deposits interest credited to my account every month?

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

    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.
  • What’s the minimum and maximum term for which I can open a fixed deposit account?

    Typically, the minimum duration is 7 days, and the maximum duration is 10 years for which one can open a fixed deposit account.
  • Who can invest in FDs?

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

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

    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.
  • When can I renew my FD?

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

    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.
  • Can I go for an auto-renewal option at the time of opening a fixed deposit account?

    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.
  • Why does the rate of interest on FD keep on changing in 2024?

    Various factors influence banks to change the interest rate of fixed deposits in 2024 as well. 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.

FD News

85-Year-Old J&K Bank Increases FD Interest Rates by 40 Basis Points

16 November 2023

Jammu and Kashmir Bank (J&K Bank) has announced a substantial increase of 40 basis points in its Fixed Deposit (FD) interest rates. The revised rates, which are effective from November 16, 2023, will particularly benefit depositors with amounts less than Rs. 2 Crores.

J&K Bank has increased the FD rates for tenure of 1 year to 554 days to 7.10% p.a. Notably, an impressive 7.50% p.a. with 40 basis points increase from the previous rate of 7.10% is now offered for deposits of 555-day tenure. For 556 days to less than 2 years tenure, the bank maintains a competitive interest rate of 7.10% p.a.
J&K Bank's strategic decision to revise its FD rates underscores its commitment to providing customers with a rewarding banking experience.

Read more

SBI reintroduces ‘Amrit Kalash’ special Retail FD Scheme at 7.1% interest rate

18 May 2023

The State Bank of India (SBI) relaunched the ‘Amrit Kalash’ Fixed Deposit scheme on 12 May 2023 for a special tenure of 400 days.

The bank is offering attractive FD interest rates of 7.1% p.a. for its general customers and 7.6% p.a. for senior citizens. The customers can join this FD scheme until 30 June 2023. Both the Domestic Retail Term Deposits and NRI Rupee Term Deposits (below Rs. 2 crores) can avail of the benefits of the Amrit Kalash scheme.
Earlier, the SBI Bank launched the scheme between 15 February and 31 March 2023.

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Shriram Finance Announces Unnati Jubilee Fixed Deposit Scheme at 9.15% FD Rate of Interest

06 May 2023

Shriram Finance Limited (SFL) introduced the best FD interest rates of 9.15% p.a. for its women senior citizens under its Unnati Jubilee Fixed Deposit category.

The rates are announced to celebrate the golden jubilee eve of the Shriram Group. The special FD rates are offered for the fixed tenure of 50 months and are effective as of 05 May 2023.

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Save Big with New FD Rates from Bandhan Bank

09 February 2023

The latest rate hike for bulk fixed deposits is part of Bandhan Bank's ongoing strategy to attract more depositors and enhance its overall financial performance. Bank has raised its bulk fixed deposit (FD) interest rates, offering up to 7.90% on deposit terms ranging from 365 days to less than 15 months, effective from 30th January 2023.

The rate hike applies to deposits ranging from Rs 2 crore to less than Rs 5 crore, with maturity periods of one to two years. With the increase, Bandhan Bank's FD interest rates are now more competitive compared to other banks in the market. This, coupled with its reputation for offering quality banking services, is likely to make the bank an attractive option for people looking to invest their money.

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Interest Rates Skyrocket at Post-Office Banks

08 February 2023

The Indian government has raised the interest rates of various small savings schemes for the 4th quarter of the 2022-23 financial year. The Department of Posts is launching an "Ek Din Mein Ek Crore" campaign to spread the benefits to the public.

Senior Citizen Savings Scheme has the interest rate of 8%, Sukanya Samriddhi Yojana 7.6%, Monthly Income Scheme 7.1%, 5-year National Saving Certificate 7%, and Kisan Vikas Patra 7.2%. Post office time deposit interest rates for 1, 2, 3, and 5 years are 6.6%, 6.8%, 6.9%, and 7.0%, respectively. The increase in interest rates will offer better returns to the citizens who choose to invest in these schemes.
The Department of Posts' initiative "Ek Din Mein Ek Crore" will further boost the reach of these benefits to the public. This move by the government is expected to encourage more people to invest in small savings schemes, thereby providing them with long-term financial stability and security.

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Axis Bank FD Interest Rates Increased: Changed for the Second Time in November!

16 November 2022

Axis Bank increased their FD Interest Rates twice in November. Earlier changed on 5th November, the rates have now been revised on the 15th November for an amount less than Rs. 2 crores.

For the tenure of 15 months to 18 months, the interest rates have been increased by 15 basis points from 6.25% to 6.40% for deposits below Rs. 2 crores. Also, for 18 months to 3 years of tenure, the rates have been hiked by 20 basis points, from 6.30% to 6.50%.

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Top 5 Income Tax Saving FDs: Check Out the List!

10 November 2022

Section 80C of the Income Tax Act 1961 allows investors to save tax deductions from their income, including bank Fixed Deposits. FDs are considered risk-free investment options; hence, many people opt for FDs as a safe option.

The top banks that offer tax-saving FDs are DCB Bank at an interest rate of 7.25% for a 5-year tax-saving FD, City Union Bank at 7%, AU Small Finance Bank at 6.95%, IndusInd Bank at 6.75%, and Yes Bank at 6.75% for a 5-year tax-saving FD. Up to Rs. 1,50,000 can be claimed under tax deductions in a fiscal year under Section 80C of the IT Act.

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IDBI Updates Their Fixed Deposit Interest Rates: Check Out the New Rates!

04 November 2022

IDBI Bank has updated their Fixed Deposit Interest Rates with effect from 1st November 2022 for the “Amrit Mahotsav” variant. Under the updated scheme, a 7.5% interest rate is offered to senior citizens, whereas 7% is for the general citizens.

IDBI Bank offers a 7% interest rate to general citizens and 7.5% to senior citizens for a tenure of 700 days. Due to the repo rate hike by the Reserve Bank of India (RBI), all the banks have updated their interest rates, including the IDBI Bank, in the last 6 months.

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Returns up to 7.60% on 3- to 5-Year Tenure for Senior Citizens: Check Out the Banks!

12 October 2022

As per the CPI (Consumer Price Index), inflation has risen from 6.71% in July to 7.00% in August 2022. To curb the credit demand in the market, the RBI (Reserve Bank of India) has increased its repo rates by 0.50%.

Investors looking for maximum guaranteed returns are opting for bank Fixed Deposits.
Top banks like DCB Bank have increased their interest rates at 7.50% for senior citizens on deposits below Rs. 2 crores for 5 years. Similarly, Bandhan Bank, IndusInd Bank, RBL Bank, and Yes Bank have also increased their FD interest rates up to 7.60% on 3-year to 5-year tenure for senior citizens of the country.

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All Banks Update Their FD Rates: Check Out the Banks Offering Interest Rates Above 7%!

11 October 2022

The Reserve Bank of India has consistently increased the repo rate in the last five months, leading to a hike in the interest rates for Fixed Deposits (FDs) and Recurring Deposits (RDs). This increase has attracted more investors to invest their savings in FDs.

Canara Bank has come up with a special 666 days plan wherein they offer 7% to general citizens and 7.5% to senior citizens for deposits below Rs. 2 crores. Other top banks, including Bandhan Bank, RBL Bank, and IDFC Bank, also offer interest rates of around 7%, attracting more investors.

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Post Office FD Vs. Bank FD: Where to Invest?

07 October 2022

The government of India has increased its interest rates for particular term deposits by 1%. It is generally for a tenure of 2 years and 3 years. Banks have also substantially increased their interest rates on term deposits or FDs along with the government.

While senior citizens are allowed better returns in bank FDs, the post office offers the same interest rates for all categories of citizens. Post office FDs have increased their rates from 5.5% to 5.7% for a tenure of 2 years, while banks like SBI (State Bank of India) offer 5.95% returns for a tenure of less than 2 years.

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PNB Updates FD Interest Rates: 0.80% Increase for Senior Citizens!

06 October 2022

Punjab National Bank has introduced the updated Fixed Deposit Interest Rates effective from 13th September 2022. The PNB FD rates offer an 80 BPS increase under certain tenures for senior citizens and all tenures for super senior citizens.

Super Senior Citizens above 80 years of age are allowed 0.80% above the regular FD rates offered to General Citizens. The tenure of bank FDs ranges from 7 days to 10 years in general. PNB is offering the best fixed deposit rates for super senior citizens compared to other banks across all the tenures.

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ICICI Bank and Federal Bank Increase Their FD Rates: Check Out the New Interest Rates!

29 September 2022

Effective from 26th September 2022, ICICI Bank has updated its FD Interest Rates, whereas, in the case of Federal Bank, the updated FD rates are effective from 27th September 2022.

Before the Reserve Bank of India’s (RBI) monetary policy review this week, top private banks, like ICICI and Federal, have increased their Fixed Deposit Interest Rates for deposits less than Rs. 2 crores. ICICI Bank’s revised rates for the tenure of 185 days to 1 year is 5.50% from 4.65%. Whereas in the case of Federal Bank, revised rates for the tenure of 333 days have increased to 5.60%.

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Increased FD Rates for Certain Tenures: Check Out ICICI Bank’s Revised Rates!

26 September 2022

With effect from 26th September 2022, ICICI Banks FD Interest rates are increased up to 25 basis points for certain tenures below the amount of Rs. 2 crores. The revised interest rates range between 2.75% to 6.10% for the tenure of 7 days to 10 years for general citizens.

For the tenure of 91 days to 120 days, 121 days to 150 days, and 151 days to 184 days, the interest rates have gone up from 3.75% to 4%. Penalties are levied on premature withdrawals as per the bank’s terms.

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Increased Interest Rates for Kotak Mahindra Fixed Deposits: Check out the Revised Rates!

22 September 2022

Kotak Mahindra, one of the leading private sector banks, has recently updated its interest rate on fixed deposits. Effective from 19th September 2022, the rates have increased by 10 points for deposits below Rs. 2 crores for the tenure ranging from 2 years to 10 years.

For the tenure of 2 years and above, Kotak Mahindra Bank FD Rates are increased from 6% to 6.10%. The interest will be paid as per the terms and conditions of the bank, and penalty charges will be applicable for premature closures of the FD.

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Increased FD Rates for Senior Citizens: Check out the SBI Wecare Fixed Deposit Scheme!

21 September 2022

Generally, most banks offer 0.5% additional interest rates to senior citizens aged 60 years and above. But, when it comes to SBI’s Wecare Fixed Deposit Scheme, the interest rate offered to senior citizens is up to 0.80%.

The scheme was previously supposed to discontinue from 30th September 2022 but has now been extended until March 2023. The increased FD rates for senior citizens are beneficial, attracting more and more depositors. SBI Wecare’s increased FD rates is payable on TD for the tenure of 5 years and above.

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Interest up to 7.50% on 3 to 5 years FD tenure: Check Out These Banks!

20 September 2022

One of the safest investment tools, FDs are a popular choice for investors when investing their hard-earned money. Besides offering high interest rates to general and senior citizens of India,

FD does not come up with any market-related risks, and offers different interest payment options along with tax-saving benefits.
The top 5 banks to have increased their FD interest rates for a tenure of 3 years to 5 years are Fincare Small Finance Bank at 7.50%, Jana Small Finance Bank FD rates at 7.35%, Ujjivan Small Finance Bank at the interest rate of 7.20%, whereas Bandhan Bank and Deutsche Bank at 7% each.

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Higher Interest Rates for a Limited Time: SBI Launches a Special FD Scheme

19 September 2022

On the special occasion of the 76th Independence Day of India, the State Bank of India came up with a special "Utsav Deposit" scheme for a limited time period up till 28th October 2022.

The Utsav Deposit scheme's tenure is 1000 days, with interest rates as high as 6.10% for general citizens and 6.60% for senior citizens. The interest payment can be made monthly, quarterly, and half-yearly, per the requirement of the depositor. Premature withdrawals are also available as applicable for retail term deposits, and TDS is applicable as per the prevailing tax laws.

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Interest Rates Ranging 7.50% to 8.25% on 2-year FDs: A bonus for Senior Citizens!

13 September 2022

Fixed Deposits are hugely popular amongst the masses because they are safe, government-backed, and offer guaranteed returns to their customers for decades. FDs for senior citizens are considered one of the best options for future security. The payouts are made monthly, quarterly, semi-annually, and annually based on the requirement.

Some banks have increased their interest rates ranging from 7.50% to 8.25% for a tenure of 2 years, attracting more customers. The banks offering high-interest rates include Utkarsh Small Finance Bank, Jana Small Finance Bank, Bandhan Bank, IndusInd Bank, and Yes Bank.

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Interest Rates Up to 7.5% for Senior Citizens: Check Out These Top Banks!

12 September 2022

After the hike in repo rates by the Reserve Bank of India recently by 140 points, many banks, and financial institutions have raised their interest rates. This rise in interest rate has brought a sigh of relief for the depositors, especially the senior citizens and retirees dependent on FD income.

The banks that have increased their interest rates include IndusInd Bank, Kotak Mahindra Bank, DCB Bank, etc., for deposits less than Rs. 2 Crores. The premiums offered are, at times, even higher based on the maturity period and the deposited amount, making it highly beneficial for the depositors.

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Revised FD Interest Rates for Equitas Small Finance Bank: Get Up to 7.25%!

09 September 2022

A new interest rate revision has been made on FDs below Rs. 2 crores for the Equitas Small Finance Bank, effective from 8th September 2022. The new rates range from 3.50% to 7.25% for a tenure of 7 days to 10 years, respectively.

Some of the basic features of Equitas Small Finance Bank FD rates include a 7.45% interest rate for senior citizens for a tenure of 10 years, full or partial withdrawal before the maturity date, nomination facility, zero penalties in case of withdrawal after 6 months of the FD tenure, and much more.

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New FD Rules Introduced by RBI: Less Interest If Left Unclaimed!

08 September 2022

The Reserve Bank of India has introduced a new amendment for the interest rates on overdue FDs. After the recent modification of the interest rates in both private and government sector banks and financial institutions, the interest rates have been reduced on overdue or unclaimed FDs.

As per the new rules, if an FD has matured and the proceeds are still unpaid, the amount that has not been claimed will receive a lesser interest than a regular FD. If an investor does not withdraw or claim the FD, the interest rate will be less after the maturity of the FD.

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SBI Multi Option Deposit Scheme: Withdraw Anytime Without Paying Penalty!

07 September 2022

In general, investors who withdraw their FD before the maturity date are bound to pay the penalty. State Bank of India has come up with SBI's Multi Option Deposit Scheme, wherein investors can withdraw whenever they wish to without any penalties levied.

SBI Multi Option Deposit Scheme is a term deposit open by Resident Individuals, Hindu Undivided Families, Local Bodies, Government Departments, and Companies. The interest rates of this scheme are similar to SBI's regular fixed deposit rates. The scheme can be easily linked to an investor's current or savings account.

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Rise in FD Interest Rates for NRIs: Yes Bank

05 September 2022

Due to the monetary policy tightening, the RBI has temporarily allowed banks to raise their interest rates on deposits and loans. Yes Bank FD Rates has recently increased for NREs (Non-Resident Externals) and NRIs (Non-Resident Indians) by 50 to 75 basis points.

FCNR (B) and NRE deposit rates were increased from 7th July 2022 for a period up to 31st October 2022. Currently, as per the Yes bank website, the NRE Fixed Deposit Interest Rate from 1 year to 18 months is 7.01%, whereas, above 18 months to less than 10 years is 7.25% (for deposits below Rs. 2 Crores). It should be noted that these rates are subject to change.

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* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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