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Fixed Deposit Rates

A fixed deposit is popular form of investment in the country. It offers guaranteed returns on your investment. Here is a list of FD rates offered by banks in India. A large number of banks offer 0.50% additional interest rate for senior citizens.

Fixed Deposit Interest Rates by Top 10 Banks in India

Banks FD Rate of Interest Tenure
SBI Bank 5.00% to 6.80% 7 days to 10 years
ICICI Bank 4.00% to 7.30% 7 days to 10 years
HDFC Bank 3.50% to 7.30% 7 days to 10 years
PNB Bank 5.50% to 6.75% 7 days to 10 years
Canara Bank 5.75% to 6.70% 7 days to 10 years
Axis Bank 3.50% to 7.30% 7 days to 10 years
Kotak Mahindra Bank 3.50% to 7.00% 7 days to 10 years
Bank of Baroda 5.25% to 6.45% 7 days to 10 years
IDFC Bank 4.00% to 8.50% 7 days to 10 years
Bank of India 5.25% to 6.75% 7 days to 10 years

*The rates of interest tend to vary at the discretion of the respective bank. The interest rates are mentioned in this table are valid as of July 31st 2019.

*The interest rates are mentioned in this table are for deposits Under Rs. 2 Crore

Highlights of Top Bank FD Rates

  • Tenure Range: 7 days to 10 years
  • Highest Fixed Deposit rates is offered by IDFC Bank i.e. 8.50% p.a. for a tenure of 2 years.
  • Highest rates given by HDFC Bank, ICICI bank and Axis Bank is 7.30%
  • SBI provides a maximum FD rate of 6.80 % p.a. for a maturity between 1 years and 2 years.

FD Rates for Banks in India

FD rate of Interest
Name of the Bank Regular Customers (per annum) Senior Citizens (per annum)
Yes Bank 5.00% to 7.25% 5.50% to 7.75%
IndusInd Bank 3.75% to 7.75% 3.75% to 7.75%
UCO Bank 4.50% to 6.50% 4.75% to 7.00%
United Bank of India 4.00% to 6.25% 4.00% to 7.00%
Union Bank of India 5.00% to 6.75% 5.00% to 6.75%
Allahabad Bank 5.00% to 6.75% 5.00% to 6.75%
Central Bank of India 4.75% to 6.65% 4.75% to 6.65%
IDBI Bank 3.50% to 7.10% 4.00% to 7.60%
State Bank of India 5.00% to 6.80% 5.50% to 7.30%
HDFC Bank 3.50% to 7.30% 4.00% to 7.80%
Indian Bank 4.50% to 6.90% 4.50% to 6.90%
Indian Overseas Bank 4.50% to 6.80% 5.00% to 7.30%
Bandhan Bank 3.50% to 7.65% 4.25% to 8.40%
RBL Bank 5.00% to 8.00% 5.50% to 8.50%
DBS Bank 4.25% to 7.50% 4.00% to 7.50%
Andhra Bank 4.00% to 6.80% 4.50% to 7.30%
HSBC Bank 3.00% to 6.25% 3.55% to 6.60%
Syndicate Bank 4.75% to 7.15% 5.25% to 7.65%
Deutsche Bank 4.25% to 8.00% 4.25% to 8.25%
Corporation Bank 4.50% to 6.90% 5.00 to 7.50%

*The rates of interest tend to vary at the discretion of the respective bank. The interest rates are mentioned in this table are valid as of July 31st 2019.

Interest Rates on FD 2019

Best FD Rates in India

1-year FD Rates

The 1-year FD interest rates range from 3.50% - 5.75%. The highest one-year FD interest rate is offered by HDFC Bank and Axis Bank at 7.10%.

2-year FD Rates

The 2-year FD interest rates range from 6.40% - 8.50%. The highest 2-year FD rate is offered by IDFC Bank at 8.50%.

3-year FD Rates

The 3-year FD interest rates range from 6.50% - 7.50%. The highest 3-year FD rate is offered by IDFC Bank at 7.50%.

4-year FD Rates

The 4-year FD interest rates range from 6.50% - 7.50%. The highest 4 year FD rate is offered by IDFC Bank at 7.50%.

Senior Citizen FD Interest Rates in 2019

Name of the bank Range of FD rates in % (in p.a.)
SBI Bank 5.50% to 7.00%
ICICI Bank 4.50% to 7.80%
HDFC Bank 4.00% to 7.80%
PNB Bank 6.00% to 7.25%
Canara Bank 6.25% to 7.20%
Axis Bank 3.50% to 7.95%
Kotak Mahindra Bank 4.00% to 7.50%
Bank of Baroda 5.75% to 6.95%
IDFC Bank 4.50% to 8.25%
Bank of India 5.75% to 8.25%

*The rates of interest tend to vary at the discretion of the respective bank. The interest rates are mentioned in this table are valid as of July 31st 2019.

  • Most banks offer additional interest rate of 0.50% for senior citizens
  • The additional interest rates are applicable for fixed deposits under Rs.2 crore.
  • The highest interest rate for senior citizen is offered by IDFC Bank and Bank of India at 8.25%.
  • Maximum senior citizen FD rates for SBI is 7.00% for a period of 1 year to 2 years

Top Banks for Tax Saver FD

The minimum tenure for a term deposit under Tax Saving Scheme is 5 years. You can get a tax exemption of a maximum of Rs.1.5 lakh by investing in tax saver fixed deposits under section 80C of the Indian Income Tax Act, 1961.

Name of the bank Interest Rate (General Public) Interest Rate (Senior Citizens)
SBI Bank 6.60% 7.10%
ICICI Bank 7.25% 7.75%
HDFC Bank 7.00% 7.50%
Axis Bank 7.00% 7.50%
Bank of Baroda 6.45% 6.95%
IDFC Bank 7.75% 8.25
Central Bank of India 6.45% -
PNB Bank 6.25% 6.75%
IDBI Bank 6.85% 7.35%
Corportation Bank 6.50% 7.00%
Syndicate Bank 6.50% 7.00%

The rates of interest tend to vary at the discretion of the respective bank. The interest rates are mentioned in this table are valid as of July 31st 2019.

  • The highest interest rate for tax saver FD is offered by IDFC Bank at 7.75%.
  • The highest interest rate for tax saver FD for senior citizen is offered by ICICI Bank at 7.75%.

Top Small Finance Banks FD Rates

Name of the bank Interest Rate (General Public) Interest Rate (Senior Citizens)
Jana Small Finance Bank 6.00% to 8.60% 6.60% to 10.73%
Suryoday Small Finance Bank 4.00% to 8.75% 4.50% to 9.58%
Utkarsh Small Finance Bank 5.00% to 9.00% 5.50% to 9.50%
Equitas Small Finance Bank 5.00% to 8.30% 5.60% to 8.90%
  • The highest interest rate is offered by Utkarsh Small Finance Bank at 9.00% for a period of 456 days to less than 2 years
  • The highest interest rate for senior citizen is offered by Jana Small Finance Bank at 10.73% for a period of more than 5 years up to 10 years.
  • Tenure range available for Small Finance Bank FD : 7 days to 10 years

Top 5 NBFC (Non-Banking Financial Companies) Rate

Bank Tenure Range of FD rates in % (in p.a.)
Bajaj Finserv Ltd. 1 year to 5 years 8.00% to 8.60%
Mahindra Finance 15 months to 40 months 8.30% to 9.00%
LIC Housing Finance 1 year to 5 years 8.15% to 8.35%
PNB Housing Finance 1 year to 10 years 8.30% to 8.45%
Sriram Transport Finance 1 year to 5 years 8.25% to 9.25%
  • The highest interest rate is offered by Sriram Transport Finance 9.25% for a period of 5 years.
  • Second highest Company FD rate: 9.00% p.a. by Mahindra Finance
  • Minimum maturity period: 1 year

Key features of Fixed Deposits

  • Tenure: 7 days and 10 years
  • Short term FD: 7 days to 1 year
  • Medium term Fixed Deposit: 1 year to 5 years
  • Long term Time Deposit: Above 5 years
  • TDS: The interest income is taxed under Tax Deducted at Source (TDS) of the Income Tax Act, 1961.
  • Form 15G or 15H: In case your net income does not fall within the taxable limit, you can apply for tax exemption by submitting Form 15G or 15H.
  • Interest payout: You can choose the frequency of interest payout:
    • Cumulative Fixed Deposit: Interest paid on maturity
    • Non-Cumulative FD: Monthly/Quarterly/Half-yearly/Yearly payouts
  • Loans and overdraft facility: Many banks offer facilities such as loans and overdraft which can be availed against the deposit.
  • Nomination: You can also avail the nomination facility for certain Term Deposit schemes.
  • Premature withdrawal: Most banks charge a penalty for prematurely withdrawing or closing an FD.
  • Auto-renewal of FD: Some Term Deposit schemes come with the option of automatic renewal at the time of maturity.

Fixed Deposit Calculator

The interest you can earn on your deposited amount depends on multiple factors, including the amount invested, tenure, rate of interest, interest computation frequency, and taxation. You can calculate the returns on your investment by using an FD calculator. The entire process of calculating the amount is easy and hassle-free. All you need to do is enter the deposit term, choose the type of FD (reinvestment, quarterly, or monthly payment), the investment amount, the date of account opening, and the interest rate.

Fixed Deposit Interest and Income Tax

  • The income you earn on your FD is termed as Income from Other Source and it is fully taxable.
  • Banks will not deduct TDS, if your interest income from fixed deposits is less than Rs.40,000 in a year.
  • You need to submit Form 15G and Form 15H with the bank at the beginning of the financial year. Banks will not deduct TDS following the form submission.

FAQs on Fixed Deposit schemes

  1. What is the highest Fixed Deposit rate offered by banks in 2019?
  2. The highest FD interest rate available is 9.00% offered by Suryoday Bank and Ratnakar Bank.

  3. Can I prematurely withdraw from a Tax Saver Term Deposit?
  4. You cannot prematurely withdraw from a Tax Saver FD before completing the 5 year lock in period.

  5. What is the minimum tenure for an FD scheme?
  6. The minimum tenure for a Fixed Deposit scheme is typically 7 days.

  7. Is the interest income earned through Tax Saver Term Deposit free from taxation?
  8. No, the interest income is taxed under TDS of the Income Tax Act, 1961.

  9. What is the penalty for premature withdrawal of FD?
  10. Banks usually charge a penalty of 0.50% to 1% for prematurely withdrawing an FD.

Read Fixed Deposit Rate news or Enjoy it on the go

  • ICICI Bank among other banks revise Fixed Deposit interest rates

    ICICI Bank which is one of the largest private sector banks in the country which has revised their fixed deposit rates recently. After the Reserve Bank of India cut the interest rate for the fourth time in this year, there were many banks including ICICI Bank who have revised the FD rates.

    ICICI Bank offers fixed deposits for a duration of 7 days to a maximum of 10 years and senior citizens receive an interest rate which is 50 bps higher than regular citizens. According to the latest FD rates, for a tenure of 7 days and 14 days, the bank is offering an interest rate of 4%.

    According to the latest rates. for fixed deposits between 1 year to 389 days, ICICI Bank is offering 6.70%, interest rate for 390 days to less than 18 months will be 6.80%, interest rate will be 7.10% for a duration ranging from 18 months to 2 years, for a long-term fixed deposit ranging from 2 years 1 day up to 3 years, the interest rate will be 7.10%, from 3 years 1 day up to 5 years, the rate of interest will be 7.00%, and 5 years 1 day up to 10 years, the rate of interest will be 7.00%.

    The rate of interest for the ICICI Bank 5-year Tax-Saver FD, the rate of interest offered will be 7.00%. The maximum amount for the Tax-Saver FD will be Rs.1,50,000.

    19 August 2019

  • Canara Bank revises interest rate on Fixed Deposits after RBI rate cuts

    From 9 August 2019, as the Reserve Bank of India cut down repo rates by 35 basis points, Canara Bank which is a state-owned bank has revised their interest rates offered on fixed deposits which are less than Rs.2 crore.

    Apart from this, the bank also cut the interest rates sharply for fixed deposits maturing 7 days to 45 days. For a maturity period between 7 days and 45 days, the bank cut down the interest offered from 5.75% per annum to 5.00% per annum.

    The bank also cut down the interest rates for the fixed deposits maturing in one year from 6.70% per annum to 6.50% per annum. However, for the FDs maturing in more than 1 year but less than 3 years, the interest rate was increased to 6.50% per annum. The interest rate will be the same, 6.40% per annum for the fixed deposits maturing in 3 years to less than 5 years.

    Canara Bank has increased the rate of interest for their tax-saver fixed deposit which matures between 5 years and 10 years. For the fixed deposits maturing in 5 years to less than 8 years, the interest rate has been increased from 6.00% per annum to 6.40% per annum. The interest rate for the deposits maturing in 8 years and above to 10 years, the interest rate has increased by 30 basis points from 6.00% per annum to 6.30% per annum.

    Fixed deposit interest rates will be at 50 basis points higher than what regular citizens receive for all maturities. This has been the fourth time the Reserve Bank of India has cut down repo rates, the previous 3 times, the rates were cut down by 25 basis points. Many other banks apart from Canara Bank such as ICICI Bank, the State Bank of India, HDFC Bank, and PNB Bank have cut down their interest rates.

    19 August 2019

  • Bank of India and Federal Bank Revises Fixed Deposit Rates

    Bank of India (BoI), one of the public sector banks operating in the country and a private sector lender namely Federal Bank has revised the fixed deposit (FD) interest rates. While Bank of India revised the rates with effect from August 1, Federal Bank did so from August 6.

    Bank of India offers an interest of 5% for deposits that mature in a period between 7 days and 45 days. The interest paid by the bank on deposits which mature between 46 days and 90 days is 5.50% while for deposits which mature between 91 days to 179 days and 180 days to less than a year, the interest payable is 5.75% and 6% respectively. For fixed deposits which mature between 1 year and less than 8 years, the interest paid by the bank is 6.50%. For deposits which mature between 8 years and 10 years, the payable interest by the bank is 6.35%.

    Federal Bank offers interest in the range of 3.5% to 6.50% on deposits that mature between 7 days and less than 1 year. Deposits which mature in 1 year and less than 20 months, the interest paid by the bank is 7%. The private lender offer interest of 7.25% on deposits which mature in 20 months and 7% on those which have a maturity period above 20 months.

    It needs to be mentioned here that State Bank of India, HDFC Bank, and Punjab National Bank had also cut the FD rates for select maturities.

    14 August 2019

  • Major banks slash FD interest rates

    Major public and private banks, including Punjab National Bank (PNB), Bank of Baroda (BoB), HDFC Bank, Axis Bank, Kotak Mahindra, IDFC First Bank, and Federal Bank, have revised their fixed deposit interest rates in July. The move comes right after Reserve Bank of India decided to slash repo rates.

    PNB and IDFC were the first banks to transmit the changed rates to their system. HDFC followed suit and is now offering an interest rate of 5.50% on fixed deposits of seven to 45 days. On fixed deposits of a one-year maturity period, HDFC is offering an interest rate of 7.10%. For deposits maturing in 1 year to 2 years, HDFC Bank is offering an interest rate of 7.20%. For long-term fixed deposits maturing in 5 years to 10 years, the bank is offering an interest rate of 7%.

    For short-term deposits, PNB is offering an interest rate ranging from 6.75% to 6.80%. For long-term deposits, the bank is offering an interest rate of 6.25%. Similarly, IDFC First Bank is offering rates ranging from 6.50% to 7.50% for short- and mid-term deposits. For long-term deposits, the bank is offering an interest rate of 7.25%.

    Axis Bank on the other hand is offering rates ranging from 6.25% to 7.20% for short- and mid-term FDs. For long-term FDs, the bank is offering an interest rate of 7%.

    Private sector banks like Federal Bank, Kotak Mahindra, and Bank of Baroda have also revised their FD rates.

    1 August 2019

  • Fixed deposits rates revised by Kotak Mahindra Bank

    Kotak Mahindra Bank has revised the fixed deposit (FD) rates with effect from July 11. The bank is the latest lender to have tweaked the FD rates after Bandhan Bank, Yes Bank, HDFC Bank, Punjab National Bank, ICICI Bank, Canara Bank, and Axis Bank. As per the bank’s website, the interest rates offered on various tenures range between 3.5% and 7.2% per annum.

    The bank offers interest in the range of 3.50% to 5.50% p.a. on deposits having a tenure between 7 days to 90 days. FDs opened for a tenure of 91 days to 270 days attract interest in the range of 6% to 6.50% p.a. For opening a FD having a maturity period of 271 days to 10 years, the interest offered to customers is in the range of 6.50% to 7.20% p.a.

    The highest interest rate offered by the lender can be availed for opening a FD having a tenure of 390 days to less than 23 months. It needs to be mentioned here that banks have been revising the FD rates after Reserve Bank of India (RBI) on June 6 cut the key policy rate by another 25 basis points and asked banks to do more.

    16 July 2019

  • RBI Governor thinks banks should lower lending rates

    According to reports, Reserve Bank of India (RBI) Governor Shaktikanta Das said that he expects banks to lower lending rates. The comment comes following RBI’s 75 basis points cut to which banks didn’t respond proportionally in terms of lowering the rates.

    While addressing to the media at a press conference, Das further said that adequate liquidity always initiates better transmission, which is exactly the situation right now, and that he expects better transmission to happen in the coming weeks.

    He further said that the issue is being constantly monitored by RBI and adequate measures are taken as and when. Das said that earlier it used to take at least six months for transmission, but now it has come down to two to three months.

    Earlier, the Monetary Policy Committee (MPC) helmed by the RBI Governor reduced the policy repo rate three times successively by 25 basis points each, making it a total cut of 75 basis points. Following the repo rate cut announcement, some banks like SBI, HDFC, and Axis have lowered their small savings scheme rates, including fixed deposit and PPF rates.

    11 July 2019

  • PPF and Other Small Savings Schemes Witness Slash in Interest Rates

    PPF and other small savings schemes excluding savings deposits have seen a slash in interest rates in the wake of falling interest rates in the financial ecosystem. Only the interest rates of savings deposits remain constant at 4%, as per reports.

    The government has reduced the rates by 10 basis points for the July to September quarter. Already many banks have reduced their fixed deposit (FD) rates following Reserve Bank of India’s (RBI’s) recurring decision of reducing basis points. Since the start of this year, RBI has cut interest rate by 75 basis points. Earlier, the interest rate on small savings schemes like PPF, which are revised on a quarterly basis, witnessed a sharp increase in interest rates in the October to December quarter. Since then the rates have remained steady.

    As per reports, in this quarter, PPF and National Savings Scheme (NSC) will have an interest rate of7.9% as opposed to 8% earlier. Similarly, Kisan Vikas Patra (KVP) will fetch an interest rate of 7.6% with maturity of 113 months as compared to 7.7% and maturity of 112 months earlier. Similarly, the interest rate on Sukanya Samridhi Yojana, a scheme specifically designed for the girl child, has been slashed to 8.4% from 8.5%.

    According to sources, the recent cut in interest rates is a measure undertaken by the government to match the reduced rates in the banking sector following RBI’s move to cut its benchmark policy as many as three times this year.

    2 July 2019

  • Private Banks revise FD rates after RBI cuts repo rate

    Recently Reserve Bank of India (RBI) cut its repo rate by 25 basis points prompting lenders to revise their existing fixed deposit rates. As per reports, leading financial institutions like ICICI Bank, Axis Bank, and Kotak Mahindra, among others have already revised their FD rates.

    ICICI Bank has reportedly lowered their rates between 10 basis points and 25 basis points for domestic deposits below Rs.2 crore. As per the new rates, customers will get to earn an interest of 6% on the deposits made for tenures ranging from 61 days to 184 days. Earlier, the interest rate for the tenure was 6.25%. The rates for maturity period of 390 days to 2 years have been slashed to 7% from 7.10%.

    Like ICICI, Axis Bank has also reduced its rates for domestic deposits. The bank is offering 7.10% interest rate for 1-year tenure as opposed to 7.3% earlier.

    28 June 2019

  • Private banks slash deposit rates by up to 25 bps

    As per latest reports, top banks have cut their rates by 0.25% over the last week. ICICI Bank and Axis Bank have already announced the cut in deposit rates. The move comes right after Reserve Bank of India’s decision to slash rates by 25 basis points.

    According to reports, ICICI bank has revised rates on certain specific maturities. The new rates will be effective from 17 June 2019.

    For FDs with maturity period ranging from 46 to 184 days, the bank has reportedly increased the rates from 6.25% to 6.60%. For FDs ranging from 290 days to less than one year,?one?can earn an interest of 6.75% as opposed to 6.40% that was offered earlier.?

    The bank has also increased interest rates for?FDs maturing?between 2 and 3 years from 7.3% to 7.5%. However, the interest rates will remain unchanged for long-term fixed deposits. As per reports, senior citizens will continue to enjoy a 0.5% increase on their deposits.?

    On the other hand, Axis Bank has cut its deposit rates by 0.15%.For deposits of over Rs 2 crore for a period between 3-5 years, the slash in rate cut is recorded at 0.10%.

    24 June 2019

  • Acceptance And Premature Withdrawals of FDs Suspended by DHFL

    Following the downgrade to BBB- from A by CARE Ratings, Dewan Housing Finance Corporation has informed its distributors that company has suspended acceptance and premature withdrawals of fixed deposits.

    The company, however, stated that it would honour all premature deposit withdrawals requests in case of medical or financial emergency if appropriate documentations is fulfilled. It needs to be mentioned here that as per National Housing Bank (NHB) norms, companies which do not have an investment grade rating cannot raise deposits.

    The company earlier in the year had announced its intention to induct a strong strategic partner in a bid to add value as well as alleviate concerns that the market might have on the business. It had also announced its intent to sell its life insurance, education finance and direct selling agency business.

    30 May 2019

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