Best Fixed Deposit Schemes of 2023 for the Indian Citizens

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 2023

Commercial Banks FD Rates

The fixed deposit rates for commercial banks are:

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

Small Finance Bank:

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.