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Fixed Deposit Rates

When it comes to investments, fixed deposits are a preferred option as it offers guaranteed returns. Here, we have compiled the FD interest rates offered by various banks that operate in the country.

Know All About FD Interest Rates

Fixed Deposit Interest Rates by Top 10 Banks in India

Listed in the table below are the interest rates(p.a) offered by top banks for the duration of 7 days to 10 years.

Name of Bank For General Citizens For Senior Citizens
State Bank of India 5.00% to 6.80% 5.50% to 7.30%
ICICI Bank 4.00% to 7.10% 4.50% to 7.60%
HDFC Bank 3.50% to 7.30% 4.00% to 7.80%
Punjab National Bank 5.00% to 6.75% 5.50% to 7.25%
Canara Bank 5.00% to 6.50% 5.50% to 7.00%
Axis Bank 3.50% to 7.20% 3.50% to 7.85%
Kotak Mahindra Bank 3.50% to 6.90% 4.00% to 7.40%
Bank of Baroda 4.50% to 6.60% 5.00% to 7.10%
IDFC Bank 4.00% to 8.50% 4.50% to 9.00%
Bank of India 5.00% to 6.50% 5.50% to 7.00%

Note: The interest rates mentioned in the table are for deposits less than Rs.2 crore as of 31 August 2019.

Highlights of Top Bank FD Rates

  • The tenure of the fixed deposits is in the range between 7 days and 10 years.
  • The highest interest is offered by IDFC Bank among all the banks. It offers interest of 8.50% to general citizens and 9.00% to senior citizens for the tenure of 2 years.

FD Rates Offered by Other Banks Operating in India

Name of the Bank General Citizens (p.a.) Senior Citizens (p.a.)
Yes Bank 5.00% to 7.25% 5.50% to 7.75%
IndusInd Bank 3.75% to 7.50% 4.25% to 8.00%
UCO Bank 4.50% to 6.50% 4.75% to 6.90%
United Bank of India 4.00% to 6.50% 4.50% to 7.00%
Union Bank of India 5.00% to 6.75% 5.00% to 6.75%
Allahabad Bank 5.00% to 6.70% 5.00% to 6.70%
Central Bank of India 4.50% to 6.60% 4.50% to 6.60%
Indian Bank 4.50% to 6.90% 5.00% to 7.40%
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 7.75% 5.50% to 8.25%
DBS Bank 4.00% to 7.25% 4.00% to 7.25%
Andhra Bank 4.00% to 6.80% 4.50% to 7.30%
HSBC Bank 3.00% to 6.00% 3.50% to 6.50%
Syndicate Bank 4.75% to 6.70% 5.25% to 7.20%
Duetsche Bank 6.50% to 8.00% 7.00% to 8.00%
Corporation Bank 5.00% to 6.90% 5.50% to 7.40%

Note: The interest rates offered by the banks are for deposits below Rs.2 crore as of 31 August 2019.

 
 

Banks which offer high interest on Tax Saver FDs

Tax Saver FDs are those under which you can get a tax exemption of up to Rs.1.5 lakh under Section80C of the Income Tax Act, 1961. The tenure of a tax saving FD is 5 years. Listed in the table below are the banks which offer good interest rates to both general and senior citizens FD.

Name of the Bank Interest rate offered to General Citizens (p.a.) Interest rate offered to Senior Citizens (p.a.)
State Bank of India 6.50% 7.00%
ICICI Bank 7.00% 7.50%
HDFC Bank 7.25% 7.75%
Axis Bank 6.75% 7.25%
Bank of Baroda 6.45% 6.95%
IDFC Bank 7.75% 8.25%
Central Bank of India 6.45% -
Punjab National Bank 6.50% 7.00%
IDBI Bank 6.85% 7.35%
Corporation Bank 6.50% 7.00%
Syndicate Bank 6.50% 7.00%

Note: The interest rates mentioned in the table are for deposits below Rs.2 crore as 31 August 2019.

Highest Interest rates offered on FDs by Small Finance Banks

Small Finance banks operating in the country also offer individuals the option of opening a FD account with them. Listed in the table below are the small finance banks that offer the highest interest rates on FDs:

Name of the Bank For General Citizens (p.a.) For Senior Citizens (p.a.)
Jana Small Finance Bank 5.50% to 8.60% 6.10% to 9Highesr.10%
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%

Note: The Small Finance Banks FD interest rates mentioned here are as of 31 August 2019

Interest rates offered by NBFCs (Non-Banking Financial Companies)

Non-Banking Financial Companies (NBFC) also offer you the option of opening an FD account with them. Listed in the table are the NBFCs which offer good interest rates for opening an FD account with them.

Name of NBFC Interest rate (p.a.) Tenure
Bajaj Finserv Limited 8.00% to 8.60% 1 year to 5 years
Mahindra Finance 8.30% to 9.00% 1 year 3 months to 3 years 4 months
LIC Housing Finance 7.80% to 8.00% 1 year to 5 years
PNB Housing Finance 8.25% to 8.45% 1 year to 10 years
Sriram Transport Finance 8.25% to 11.13% 1 year to 5 years

Note: The interest rates mentioned here are as of 31 August 2019

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.

Frequently Asked Questions (FAQs)

What is the minimum period for a fixed deposit?

A fixed deposit account can be opened for a minimum period of 7 days.

What is the minimum amount that can be deposited in an FD account?

The minimum amount varies from bank to bank. It can be as low as Rs.50.

Is FD a good investment?

Investing in fixed deposits is one of the safest investment options available. The interest offered on FDs by banks makes it a good option.

What is the highest interest rate offered on fixed deposits by banks in 2019?

The highest interest rate offered on fixed deposits by banks in 2019 is 8.50% p.a.

Can I prematurely withdraw from a Tax Saver Term Deposit?

No, you can prematurely withdraw a tax saver term deposit as it has a lock-in period of 5 years.

What is the maximum duration for which a FD account can be opened?

You can open a fixed deposit account for a maximum period of 10 years.

Do all NBFCs offer the option of opening a FD account with them for a period of 10 years?

No, not all NBFCs offer you open of opening a FD for a period of 10 years.

What is maximum exemption that I can get under tax saver FDs?

Under tax saver FDs, the maximum exemption you can get is Rs.1.5 lakh.

Under which section of the Income Tax Act is the tax benefit offered on tax saver FDs?

The tax benefit is offered under Section 80C of the Income Tax Act, 1961.

Do banks charge a penalty for premature withdrawal of FD?

Yes, banks charge a penalty for premature withdrawal of a FD.

Read Fixed Deposit Rate news or Enjoy it on the go

  • Kotak Mahindra Bank Revises Fixed Deposit Rates

    Kotak Mahindra Bank has revised their interest rates for fixed deposits which has been effective from 6 September 2019. The current rate of interest for fixed deposits ranges from 3.50% per annum to 6.80% per annum.

    For the fixed deposits which are maturing in 7 to 14 days, 15 to 30 days and 31 to 45 days, Kotak Mahindra Bank offers interest rate 3.5%, 4.00% and 5% respectively.

    After their latest revision, the Bank is offering 5.25% interest on the fixed deposits maturing between 46-90 days. For a tenure of 91 to 120 days, the interest rate which is offered is 5.50%.

    Kotak Mahindra Bank is offering an interest rate of 5.60% for the fixed deposits maturing between 121 and 179 days. For term deposits maturing in 3 months to 9 months, Kotak Mahindra Bank is offering a 6.25% interest.

    For FDs maturing in 271 days to less than 1 year, Kotak Mahindra Bank offers an interest rate of 6.35%. The highest rate of interest for deposits maturing in less than a year is for a duration of 364 days with an interest rate of 6.75% per annum.

    For the fixed deposits maturing between one year to 389 days, an interest rate of 6.75% is given. For deposits maturing in 390 days, the interest rate offered is 6.80%.

    Fixed deposits which are maturing in 391 days to less than 23 months, Kotak Mahindra Bank gives 6.70% interest. For deposits maturing in 23 months to less than 2 years, the bank is offering a 6.70% interest. After the latest revision, fixed deposits maturing within a period 390 days will be given the highest interest rate of 6.80%.

    13 September 2019

  • IDBI Bank Updates Fixed Deposit Rates

    IDBI Bank has revised its Fixed Deposit (FD) rates across tenures. The bank offers customers short as well as long-term deposit tenures and offers special rates for senior citizens. The interest rates are for deposits below Rs.2 crore.

    Deposits for 1 year tenure offer 6.95% for general customers and 7.45% for senior citizens. In the case of FDs maturing between 1 year and 2 years, the bank pays out 6.85% interest.

    FDs maturing between 2 and 3 years will pay out 6.80% while those maturing between 3 and 5 years will earn customers 6.70%.

    In the case of long-term deposits, tenures ranging from 5 to 20 years offer interest rates ranging from 6.00% to 6.60%. The interest rate for a 20-year deposit is 6.00%.

    Tax-saving FDs that mature in 5 years offer 6.60% interest.

    11 September 2019

  • Axis Bank cuts Fixed Deposit interest rates

    Private sector bank, Axis Bank has decreased the interest rates which are being given for fixed deposits. Interest rates for tenures ranging from 7 days to 10 years have been cut down. The rate of interest which is being offered for a tenure of 7 days to less than a month is 3.50% per annum.

    For the tenure ranging from 30 days to 45 days, the interest rate being offered is 5.50%. With just 25 basis points more, the rate of interest is 5.75% per annum for tenures ranging from 46 days to less than 5 months.

    6.00% per annum is the interest rate given for fixed deposits maturing between 5 months and 6 months and just 25 basis points more for FDs maturing between 6 months and 9 months at 6.25% per annum. The interest rate offered is 6.75% per annum for a tenure ranging between 10 months and 1 year. The highest rate of interest offered by Axis Bank is for FDs maturing in less than 14 months at 7.10% per annum.

    Long-term fixed deposits have a higher rate of interest ranging from 6.75% per annum to 6.85% per annum. After most major banks in the country like Punjab National Bank, State Bank of India, etc. Axis Bank is among the other banks which have done the same.

    10 September 2019

  • State Bank of India cuts interest rates for FD twice in 2 weeks

    The State Bank of India has cut down the rate of interest for its Fixed Deposits for the second time in a matter of only 2 weeks. On Monday, the bank cut down the interest rate by 20-25 basis points. The bank also cut down its MCLR by 10 basis points for all tenures.

    An official from the bank has mentioned that due to the current market and falling interest rate scenario and surplus liquidity, the bank will realign its interest rate on the term deposits which the bank offers from 10 September 2019. The term deposits rates have been slashed by 20-25 basis points and bulk term deposits, by 10 basis points.

    The term deposits maturing in 7 days to 45 days will give you an unchanged rate of interest of 4.50% per annum and deposits maturing in 46 days to 179 days will give you an interest rate of 5.50% per annum. However, the term deposit tenure which was hit with the interest rate cut was the one maturing in 180 days to less than 1 year. The rate of interest dropped by 20 basis points and will not get you a rate of 5.80% instead of 6.00% per annum.

    For the long-term fixed deposits, the rate of interest will remain unchanged as per the State Bank of India.

    9 September 2019

  • FD rates slashed for a second time in a month by HDFC Bank

    HDFC Bank, one of the private sector banks operating in the country has revised the FD rates for the second time in a month. The bank offers general citizens interest in the range of 3.50% p.a. to 7.10% p.a. for opening an FD account with them. HDFC offer a variety of investment tenures when it comes to FDs with maturities starting from 7 days to 10 years.

    The bank in its website mentioned that for deposits having a tenure between 7 days and less than 12 months, the rate of return offered is in the range of 3.50% p.a. and 6.35% p.a. Deposits which have an investment tenure between 12 months and 24 months attract an interest between 6.80% p.a. and 6.90% p.a. The lender offers interest is in the range of 7% p.a. to 7.10% for deposits having a tenure between 24 months 1 day and 120 months. It needs to be mentioned here that the bank offers additional interest of 0.50% p.a. on all deposit tenures.

    It must be noted here that banks like State Bank of India (SBI), Axis Bank, ICICI Bank, Kotak Mahindra Bank, Punjab National Bank, Canara Bank, and IDFC First Bank have also revised FD interest rates this month.

    4 September 2019

  • Punjab National Bank revises FD rates

    Punjab National Bank (PNB), one of the public sector banks operating in the country has revised the fixed deposit rates with effect from September 1. PNB is the latest bank to revise the rates after the country’s central bank i.e., Reserve Bank of India cut the repo rate for the fourth time this year. The lender is offering interest in the range of 4.50% p.a. to 6.60% p.a. for deposits having a tenure between 7 days and 12 months. For investments which have a tenure above 12 months and up to 3 years, the rate of return offered by the bank is between 6.50% p.a. to 6.60% p.a. Term deposits opened for a tenure of 3 years and up to 10 years attract an interest of 6.50% p.a. Citizens above the age of 60 years are offered additional interest of 0.50% p.a. on all FD tenures. It needs to be mentioned here that last week the government announced four new sets of mergers in the public-sector banking arena. As part of that merger scheme, the country’s second largest lender will be formed by combining PNB, United Bank of India, and Oriental Bank of Commerce.

    3 September 2019

  • FD interest rates cut by SBI

    State Bank of India (SBI) has reduced the interest rates for the second time within a month. Interest rates of all tenures have been reduced after the lending rates were reduced by the Reserve Bank of India (RBI).

    Apart from SBI, various other banks such as IDFC First Bank, HDFC Bank, ICICI Bank, and others have also reduced the Fixed Deposits (FD) interest rates. Bulk deposits of all tenors have been reduced by 30-70 basis points and retail FD rates on maturities have been reduced by 10-50 basis points by SBI. The new interest rates would be effective from 26 August 2019. The new FD rates offered by SBI are 4.50%, 5.50%, 6.00%, 6.00%, 6.70%, 6.50%, 6.25%, and 6.25% for tenures ranging from 7-45 days, 46-179 days, 180-210 days, 211 days to less than a year, 1-2 years, 2-3 years, 3-5 years, and 5-10 years. The new FD rates offered by ICICI Bank, IDFC Bank, and HDFC Bank were effective from 14 August 2019, 21 August 2019, and 2 August 2019, respectively. Individuals can compare the interest rates that are being offered by various banks before opting for the right one.

    28 August 2019

  • FD interest rates revised by IDFC First Bank for select maturities

    With RBI reducing the repo rate for the fourth time this year, IDFC First Bank has revised the interest rates on fixed deposits. The new interest rates shall be effective 21 August. It needs to be mentioned here that ICICI Bank, Kotak Mahindra Bank, and Axis Bank has also revised the FD interest rates recently.

    IDFC First Bank offers general citizens interest in the range of 4.00% p.a. to 8.00% p.a. for opening a fixed deposit account with them. Senior citizens are offered additional interest of 0.50% on all maturities.

    For short-term fixed deposits, the bank offers a maximum interest of 7% p.a. while for medium-term and long-term deposits, the highest interest offered is 8% p.a. and 7.25% p.a. respectively. For opening a tax saver FD with the bank, the rate of return offered is 7.75% p.a.

    27 August 2019

  • SBI revise interest rates offered on fixed deposits

    The country’s largest lender i.e. State Bank of India has revised the fixed deposit interest rate across all maturities. The bank has reduced the interest rates by 10-50 basis points in the retail segment while in the bulk segment the rates have been cut by 30-70 basis points. The new interest rates will come into effect from 26 August. The revision of the rates was done in view of the falling interest rate scenario and surplus liquidity, the lender said in a statement.

    Going forward, a fixed deposit account opened for a tenure between 7 days to 45 days will attract interest of 4.50% p.a. The interest offered on fixed deposits having a tenure between 46 days to less than 5 years will range between 5.50% to 6.70% p.a. Deposits which are opened for a period of 5 years and up to 10 years will attract interest of 6.25% p.a. Senior citizens will continue to receive additional interest of 0.50% p.a. on all tenures.

    It needs to be mentioned here that this the second time in the month that SBI has revised the FD interest rates. It had earlier revised the interest rates on August 1.

    26 August 2019

  • Early withdrawal of retail FDs stopped by DHFL

    In a move that has affected a huge number of retail investors (including senior citizens), premature withdrawal of Fixed Deposits (FDs) has been stopped by Dewan Housing Finance Ltd (DFHL). Individuals will not be able to withdraw their FD amount even for financial and medical emergencies.

    Earlier, DHFL was allowing premature withdrawal for financial and medical emergencies in case individuals submitted the relevant documents. Vijay Z, the nodal officer for DHFL, had recently informed an FD investor based out of Mumbai that requests have been stopped for premature withdrawals from the FDs. He further added that the National Housing Board has been sent an intimation regarding the same. According to the company, financial obligations have been met by the company via repayment collections and securing of assets. In May, DHFL had announced that it has stopped taking requests for renewal of FDs as well as the opening of new FDs. The move was taken after credit rating agencies downgraded its fixed deposit programme. FDs to the public were offered by DHFL with interest rates varying between 8.2% to 9.25% with maturity periods ranging from 1 year to 10 years. The estimated fixed deposit liability of the company is around Rs.12,000 crore. However, in recent months, DHFL has not been able to repay its debt and has been seeking fresh loans ranging between Rs.1,200-1,500 crore on a monthly basis. The move was taken by DHFL to restart its lending business.

    23 August 2019

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