Which Bank has the Highest Interest Rate for Fixed Deposits?

The Small Finance Banks offer the highest FD interest rates for a tenure between 7 days to 10 years. Unity Small Finance Bank offers interest rates in the range of 4.50% - 9.00% p.a. for general citizens and between 4.50% - 9.50% p.a. for senior citizens. Other popular banks like the State Bank of India offer the highest FD interest rate of 7.00% p.a. for general citizens and 7.50% for senior citizens.

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Highest FD Rates of Top Banks in 2024

Top Banks offer competitive interest rates on Fixed Deposits (FDs). If you are wondering which Bank has the highest interest rate for fixed deposits, here are the most attractive Fixed Deposit interest rates applicable for deposits below Rs.2 crores: 

Bank Name FD Interest Rates for General Citizens (in % p.a.) FD Interest Rates for Senior Citizens  (in % p.a.)
Unity Small Finance Bank 4.50% - 9.00% 4.50% - 9.50%
SBM Bank 4.25% - 8.25%  4.75% - 8.75%
Bank of Baroda 4.25% - 7.25% 4.75% - 7.75%
Suryoday Small Finance Bank 4.00% - 8.65% 4.50% - 9.10%
ESAF Small Finance Bank 4.00% - 8.25% 4.50% - 8.75%
Canara Bank 4.00% - 7.25% 4.00% - 7.75%
Utkarsh Small Finance Bank 4.00% - 8.50% 4.60% - 9.10%
Ujjivan Small Finance Bank 3.75% - 8.25% 4.25% - 8.75%
AU Small Finance Bank 3.75% - 8.00% 4.25% - 8.50%
DCB Bank 3.50% - 8.50% 4.25% - 8.60% 
IndusInd Bank 3.50% - 7.50% 4.25% - 8.25%
Punjab National Bank 3.50% - 7.25% 4.00% - 7.75%
Equitas Small Finance Bank 3.50% - 8.50% 3.50% - 8.77%
RBL Bank 3.50% - 8.00%  4.00% - 8.50% 
Shivalik Small Finance Bank 3.50% - 7.80% 4.00% - 8.30%
YES Bank 3.25% - 7.75% 3.75% - 8.25%
Union Bank of India 3.00% - 7.25% 3.50% - 7.75%
HDFC Bank 3.00% - 7.20% 3.50% - 7.70%
ICICI Bank 3.00% - 7.10% 3.50% - 7.65%
SBI Bank 3.00% - 7.10% 3.50% - 7.60%
Fincare Small Finance Bank 3.00% - 8.61% 3.60% - 9.21%
Axis Bank 3.00% - 7.10% 3.50% - 7.75%
Bandhan Bank 3.00% - 7.85% 3.75% - 8.35%
IDFC First Bank 3.00% - 7.75%  3.50% - 8.25%
IDBI Bank 3.00% - 7.00% 3.50% - 7.50%
Jana Small Finance Bank 3.00% - 8.50%  3.50% - 9.00%
Indian Bank 2.80% - 7.25% 3.30% - 7.75%
Punjab & Sind Bank 2.80% - 7.40% 3.30% - 7.90%

*It is suggested that you use an online FD calculator to estimate the returns on your Fixed Deposits.

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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Highest FD Rates Bank List

The updated list of the highest FD rates banks for deposits below Rs. 2 crores is as follows:

  1. State Bank of India FD Rates in 2024

    If you want to know which Bank has the highest interest rate for fixed deposits, then SBI is the Bank with the highest FD rates. The current FD interest rates for various tenures offered by SBI Bank are mentioned below:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.80% 7.30%
    2 years 7.00% 7.50%
    3 years 6.75% 7.25%
    4 years 6.75% 7.25%
    5 years 6.50% 7.50%
    10 Years 6.50% 7.50%
    Tax-Saving FD 6.50% 7.50%

    **Interest Rates as of 4th January 2024

  2. ICICI Bank FD Rates in 2024

    The ICICI Bank FD interest rates are competitive. It is essential to compare rates across different banks to learn about the highest FD rates bank in 2024. Below are the rates for ICICI Bank FD rates:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.70% 7.20%
    2 years 7.10% 7.65%
    3 years 7.00% 7.50%
    4 years 7.00% 7.50%
    5 years 7.00% 7.50%
    10 Years 6.90% 7.50%
    Tax-Saving FD 7.00% 7.50%

    **Interest Rates as of 4th January 2024

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  3. PNB FD Interest Rates in 2024

    The increased interest rates provided by the key public sector bank, Punjab National Bank (PNB), clearly answer which Bank gives highest interest rate on Fixed Deposit in India. Let us learn the PNB FD interest rates for various tenures on deposits below Rs. 2 crores:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.75% 7.25%
    2 years 6.80% 7.30%
    3 years 7.00% 7.50%
    4 years 6.50% 7.00%
    5 years 6.50% 7.00%
    10 Years 6.50% 7.00%
    Tax-Saving FD 6.50% 7.00%

    **Interest Rates as of 4th January 2024

  4. HDFC Bank FD Interest Rates in 2024

    Various banks provide competitive FD rates for domestic Fixed Deposit Schemes, but if you are wondering which Bank has the highest interest rate for fixed deposits or which Bank gives the highest interest rate on fixed deposits in India, then you must consider the HDFC FD interest rates. 

    HDFC bank FD interest rates on deposits of less than Rs. 2 crores for various tenures are mentioned in the following table:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.60% 7.10%
    2 years 7.00% 7.50%
    3 years 7.00% 7.50%
    4 years 7.00% 7.50%
    5 years 7.00% 7.50%
    10 Years 7.00% 7.75%
    Tax-Saving FD 7.00% 7.50%

    **Interest Rates as of 4th January 2024

  5. Axis Bank FD Rates in 2024

    In order to help you answer which Bank has the highest interest rate for Fixed Deposit, the following table shows the Axis Bank FD interest rates for various tenure on deposits below Rs. 2 crores:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.70% 7.20%
    2 years 7.10% 7.60%
    3 years 7.10% 7.60%
    4 years 7.10% 7.60%
    5 years 7.00% 7.75%
    10 Years 7.00% 7.75%
    Tax-Saving FD 7.00% 7.75%

    **Interest Rates as of 4th January 2024

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  6. Bank of Baroda Fixed Deposit Interest Rates in 2024

    The best Bank of Baroda interest rates, as mentioned in the following table, help you to learn which Bank gives the highest interest rate on Fixed Deposit in India in 2024:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.85% 7.35%
    2 years 6.85% 7.35%
    3 years 7.25% 7.75%
    4 years 6.50% 7.15%
    5 years 6.50% 7.15%
    10 Years 6.50 6.50
    Tax-Saving FD 6.50% 7.15%

    **Interest Rates as of 4th January 2024

  7. Unity Small Finance Bank Fixed Deposit Interest Rates

    The following fixed deposit interest rates offered by Unity Small Finance Bank on deposits less than Rs. 2 crores for different FD tenures provide the answer to the highest FD rates in which Bank in India:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 8.20% 8.46%
    2 years 7.75% 7.98%
    3 years 8.00% 8.24%
    4 years 7.50% 7.71%
    5 years 7.25% 7.45%
    10 Years 7.25% 7.45%
    Tax-Saving FD 7.25% 7.45%

    **Interest Rates as of 4th January 2024

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  8. Suryoday Small Finance Bank Fixed Deposit Interest Rates

    The competitive FD interest rates offered by Union Bank of India on regular deposits below Rs. 2 crores help you to learn the highest FD rates bank in India in 2024:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 6.85% 7.35%
    2 years 8.50% 9.00%
    3 years 8.60% 9.10%
    4 years 6.75% 7.25%
    5 years 8.25% 8.75%
    10 Years 7.25% 7.75%
    Tax-Saving FD 8.25% 8.75%

    **Interest Rates as of 4th January 2024

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  9. Fincare Small Finance Bank Fixed Deposit Interest Rates

    The following table shows the Fincare FD interest rates for deposits below Rs. 2 crores to help you learn which Bank has highest interest rate for Fixed Deposit in India in 2024:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 7.65% 8.25%
    2 years 8.11% 8.71%
    3 years 8.11% 8.71%
    4 years 7.50% 8.10%
    5 years 8.00% 8.60%
    Tax-Saving FD 8.00% 8.60%

    **Interest Rates as of 4th January 2024

  10. Jana Small Finance Bank FD Interest Rates

    Let us learn which Bank gives highest interest rate on Fixed Deposit in India in 2024 through one of the highest FD rate banks in 2024, i.e. Jana Small Finance Bank:

    Tenure Highest Interest Rate for General Citizens (in % p.a.) Highest Interest Rates for Senior Citizens  (in % p.a.)
    1 year 8.50% 9.00%
    2 years 8.25% 8.75%
    3 years 7.25% 7.75%
    4 years 7.25% 7.75%
    5 years 7.25% 7.75%
    10 Years 6.50% 7.00%
    Tax-Saving FD 7.25% 7.75%

    **Interest Rates as of 4th January 2024

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FAQ's

  • Which Bank gives the highest rate of interest on FD?

    Following is the list of highest FD rates bank in India in 2024 for general and senior citizens:
    Bank Name FD Interest Rates for General Citizens (in % p.a.) FD Interest Rates for Senior Citizens (in % p.a.)
    Unity Small Finance Bank 4.50% - 9.00% 4.50% - 9.50%
    Canara Bank 4.00% - 7.25% 4.00% - 7.75%
    Utkarsh Small Finance Bank 4.00% - 8.50% 4.60% - 9.10%
    IndusInd Bank 3.50% - 7.50% 4.25% - 8.25%
    Punjab National Bank 3.50% - 7.25% 4.00% - 7.75%
    YES Bank 3.25% - 7.75% 3.75% - 8.25%
    Union Bank of India 3.00% - 7.25% 3.50% - 7.75%
    HDFC Bank 3.00% - 7.20% 3.50% - 7.70%
    ICICI Bank 3.00% - 7.10% 3.50% - 7.65%
    SBI Bank 3.00% - 7.10% 3.50% - 7.60%
  • Who is offering the highest interest rate for fixed deposits?

    The following financial institutions are offering the highest interest rate for Fixed Deposit in India in 2024:
    • Unity Small Finance Bank

    • Suryoday Small Finance Bank

    • IDFC First Bank

    • Aditya Birla Capital

    • Punjab National Bank (PNB)

  • Which is the highest FD rate bank in the public sector in 2024?

    The following list shows which Bank has the highest interest rate for Fixed Deposits in the public sector in 2024:

    Name of Public Sector Bank
    Highest
    FD Interest Rate
    (in % p.a.)
    1-year
    FD Rates
    (in % p.a.)
    3-year
    FD Rates
    (in % p.a.)
    5-year
    FD Rates
    (in % p.a.)
    Additional
    Interest Rate
    for Senior Citizens
    (in % p.a.)
    Punjab & Sind Bank 7.40% 6.20% 6.00% 6.00% 0.50%
    Punjab National Bank 7.25% 6.75% 7.00% 6.50% 0.50%
    Bank of Baroda 7.25% 6.85% 7.25% 6.50% 0.50-1.00%
    State Bank of India 7.10% 6.80% 6.80% 6.80% 0.50%
  • Which private sector bank has the highest FD interest rates in 2024?

    The following list shows which Bank gives highest interest rate on Fixed Deposit in India among the private sector banks:

    Banks
    Highest
    FD rate
    (% p.a.)
    1-year
    FD rate
    (% p.a.)
    3-year
    FD rate
    (% p.a.)
    5-year
    FD rate
    (% p.a.)
    Additional
    interest rate
    for senior citizens
    (% p.a.)
    Bandhan Bank 7.85% 7.25% 7.25% 5.85% 0.50% - 0.75%
    ICICI Bank 7.10% 6.70% 6.70% 6.70% 0.50%
    Induslnd Bank 7.85% 7.50% 7.25% 7.25% 0.40% - 0.75%
    IDFC First Bank 7.75% 6.50% 7.25% 7.00% 0.50%
    YES Bank 7.75% 7.25% 7.25% 7.25% 0.50% - 0.75%
  • Which is the highest interest-rate bank in 2024?

    The following are the highest FD rates banks in 2024 in India:
    Bank Name FD Interest Rates for General Citizens (in % p.a.) FD Interest Rates for Senior Citizens (in % p.a.)
    Unity Small Finance Bank 4.50% - 9.00% 4.50% - 9.50%
    Bank of Baroda 4.25% - 7.25% 4.75% - 7.75%
    Suryoday Small Finance Bank 4.00% - 8.65% 4.50% - 9.10%
    Utkarsh Small Finance Bank 4.00% - 8.50% 4.60% - 9.10%
    Ujjivan Small Finance Bank 3.75% - 8.25% 4.25% - 8.75%
    IndusInd Bank 3.50% - 7.50% 4.25% - 8.25%
    Punjab National Bank 3.50% - 7.25% 4.00% - 7.75%
    Equitas Small Finance Bank 3.50% - 8.50% 3.50% - 8.77%
    HDFC Bank 3.00% - 7.20% 3.50% - 7.70%
    ICICI Bank 3.00% - 7.10% 3.50% - 7.65%
    SBI Bank 3.00% - 7.10% 3.50% - 7.60%
    Fincare Small Finance Bank 3.00% - 8.61% 3.60% - 9.21%
    Jana Small Finance Bank 3.00% - 8.50%  3.50% - 9.00%
    Indian Bank 2.80% - 7.25% 3.30% - 7.75%
  • How do you get 7% interest on FD?

    You can follow the ways mentioned below to get 7% p.a. on a fixed deposit (FD) in India:
    • Specific tenures: Several banks offer 7% interest for specific tenures.

    • Senior citizens: Senior citizens often get 0.50% - 0.75% p.a. higher interest rates.

    • Small Finance Banks (SFBs) and Non-Banking Financial Companies (NBFCs): These institutions often offer higher interest rates compared to traditional banks.

    • Special schemes: Banks occasionally offer special schemes with higher interest rates for limited periods.

  • Who would you consider the best interest rate bank for fixed deposits?

    The following are the 5 best interest rates banks for fixed deposit in India in 2024:
    • HDFC Bank

    • SBI Bank

    • Axis Bank

    • PNB Bank

    • Yes Bank

    • ICICI Bank

* 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. 20,000/- 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)
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