Best Fixed Deposit Schemes of 2024 for the Indian Citizens

Most of us prefer low-risk investment instruments, and fixed deposits are one such scheme. From deposits of banks to non-banking financial companies deposits to time deposits of post offices, the investors today have a wide range of FD options to select from. Many factors make a fixed deposit scheme worthy to invest such as its rate of interest, its flexible tenure, and its safe nature for investing our hard-earned money in it. An important thing about fixed deposits of banks is that these deposits are safeguarded by the Deposit Insurance and Credit Guarantee Corporation.

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However, due to the pandemic, the FD interest rates for this year have fallen. In such a situation, the best FD rates offered by some of the small financial banks and commercial banks are mentioned below:

Best FD Rates in 2024

Commercial Banks FD Rates

The fixed deposit rates for commercial banks are:

Best FD Offers by Commercial Banks in India
Name of the Bank Interest Rate Tenure
Regular People Senior Citizens
DCB Bank 6.95% 7.45% 36 months
IDFC First Bank 6.00% 6.50% 500 days
IndusInd Bank 7.00% 7.50% One year to one year two days
RBL Bank 6.95% 7.45% 36 months to 36 months one day
Yes Bank 7.00% 7.75% Two years to less than three years

Note: The interest rates are updated on 18th November 2020.

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

Small Finance Bank:

Best FD Rates Offered by Small Finance Banks in India
Name of the Bank Interest Rate Tenure
Regular People Senior Citizens
Fincare Small Finance Bank 6.50% 7.00% 36 months one day to 42 months
Jana Small Finance Bank 7.50% 8.00% Less than two years to three years
North East Small Finance Bank 7.50% 8.00% 730 days to less than 1095 days
Suryoday Small Finance Bank 7.50% 8.00% Five years
Utkarsh Small Finance Bank 7.00% 7.50% 700 days

Note: The rates of interest are updated on 18th November 2020.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Benefits and Features of FD Schemes

The above-mentioned FD interest rates are for different banks. Now we are going to provide a small description of these schemes.

  1. DCB Bank Fixed Deposits:

    • The tenure ranges from seven days to 10 years.

    • The options for interest payment are flexible.

    • The minimum amount that you can deposit in this scheme Rs. 10,000.

    • Feature to take a loan against FD for up to 80% of the FD amount.

    • The scheme offers quarterly, half-yearly, yearly, and quarterly interest pay-out for non-cumulative option.

  2. IDFC First Bank Fixed Deposits:

    • The tenure of this FD ranges from seven days to 10 years.

    • For senior citizens, this bank offers an additional 0.50% interest rate.

    • Simple interest for tenure that is up to 180 days.

    • The senior citizens are not charged any penalty in case of premature withdrawal or closure.

    • For a tenure of more than 180 days, the interest is compounded quarterly.

    fd return beater
  3. IndusInd Bank Fixed Deposits:

    • The investment tenure ranges from seven days to five years.

    • Partial withdrawals are allowed.

    • The senior citizens get 0.50% extra FD rates.

    • One can receive the interest on a monthly, quarterly, half-yearly, or yearly basis upon maturity.

    • The facility of nomination and option of auto-renewal is offered.

    • The interest is paid by crediting the amount to the linked current or savings account.

  4. RBL Bank Fixed Deposit:

    • The tenure of the fixed deposit ranges from seven days to 20 years.

    • The facility of nomination is offered.

    • Options of partial withdrawal and total premature withdrawal are provided.

    • The FD account is easily accessible through the internet and mobile banking.

    Guaranteed return plan Guaranteed return plan
  5. Yes Bank Fixed Deposits:

    • The tenure of this policy ranges from seven days to ten years.

    • The facility of auto-renewal is offered.

    • The facility of overdraft is provided.

    • A sweep-in facility is offered.

    • There is no penalty for premature withdrawal of the fixed deposit.

  6. Fincare Small Finance Bank Fixed Deposits:

    • The tenure of fixed deposits ranges from seven days to seven years.

    • The pay-out of interest is flexible, which is non-cumulative and cumulative (quarterly/ monthly).

    • The fixed deposit rate for senior citizens is 0.50% extra.

    • For deposits up to Rs.2 Crore, the FD rates can go up to 7.50%.

    • Pre-closure and flexible renewals are offered.

  7. Jana Small Finance Bank Fixed Deposits:

    • The tenure of fixed deposits ranges from seven days to 10 years.

    • The initial deposit amount to start the FD is Rs. 1,000.

    • The Jana Small Finance Bank provides the option to choose non-cumulative and cumulative options (quarterly, yearly, half-yearly, and monthly basis).

    • Easy application through a mobile banking app.

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    *Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
    All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
  8. North East Small Finance Bank Fixed Deposits:

    • The tenure of these FDs ranges from seven days to ten years.

    • The facility of partial withdrawal is offered.

    • The minimum deposited amount is Rs. 1,000.

    • The option of reinvestment is provided.

    • The facility of auto-renewal is offered.

  9. Suryodaya Small Finance Bank Fixed Deposits:

    • The tenure of the FDs of this bank ranges from seven days to 10 years.

    • Cumulative and non-cumulative options are provided.

    • Affordable FD amount that starts from Rs. 1,000.

    • Extra 0.25% rate of interest for fixed deposits for senior citizens is offered.

    • A simple rate of interest is paid for FDs maturing in less than six months.

    • If the FD is withdrawn in less than seven days from the opening date, then no interest is paid.

    • The interest is compounded quarterly for the deposits that are maturing in six months and more.

  10. Utkarsh Small Finance Bank Fixed Deposits:

    • The tenure of the FDs of Utkarsh Small Finance Bank ranges from seven days to 10 years.

    • Minimum investment of Rs. 1,000.

    • The depositor can appoint his/her nominee online.

    • Hindu Undivided Families, Resident Indians, Partnership Firms, Sole Proprietorship, Trusts Accounts, and Limited Companies are eligible to open a Fixed Deposit account with this bank.

    You may like to Read: HDFC Bank FD Rates

The Final Words!

These are some of the best fixed deposit schemes for the year 2023. You can choose a scheme as per your convenience and requirement.

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

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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