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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 offered.

Name of Bank Tenure Rate of Interest (p.a.) for General Citizens Rate of Interest (p.a.) for Senior Citizens
State Bank of India 7 days to 10 years 5.00% to 6.80% 5.50% to 7.30%
ICICI Bank 7 days to 10 years 4.00% to 7.10% 4.50% to 7.60%
HDFC Bank 7 days to 10 years 3.50% to 7.30% 4.00% to 7.80%
Punjab National Bank 7 days to 10 years 5.00% to 6.75% 5.50% to 7.25%
Canara Bank 7 days to 10 years 5.00% to 6.50% 5.50% to 7.00%
Axis Bank 7 days to 10 years 3.50% to 7.20% 3.50% to 7.85%
Kotak Mahindra Bank 7 days to 10 years 3.50% to 6.90% 4.00% to 7.40%
Bank of Baroda 7 days to 10 years 4.50% to 6.60% 5.00% to 7.10%
IDFC Bank 7 days to 10 years 4.00% to 8.50% 4.50% to 9.00%
Bank of India 7 days to 10 years 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 20 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 20 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 saver 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 20 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 Interest rate offered to General Citizens (p.a.) Interest rate offered to 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 20 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 20 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

  • IDFC First Bank offers an interest rate of 7% to 8.5% on Fixed Deposits

    IDFC First Bank which is a private sector lending firm is offering an interest rate ranging from 7% to 8.5% on fixed deposits maturing in 1 year to 10 years. Senior citizens availing for a fixed deposit with the bank will receive 50 basis points more compared to a regular citizen.

    The bank is offering an interest rate of 4.00% per annum for a fixed deposit maturing in 7-14 days and 5.00% per annum for deposits which are maturing in 15-29 days. For a maturity period of 30 days – 45 days, the interest being offered is 6.25% and 6.50% per annum is the interest rate for a maturity period ranging from 46 days to 60 days. For a maturity period of more than 3 months to 6 months, the interest rate is 6.75% per annum. These interest rates are for fixed deposits which are less than Rs.2 crore.

    However, for the fixed deposits of Rs.2 crore and above, the interest rate offered is 7.00% per annum for a maturity period of more than 6 months to less than 1 year. For a tenure of more than 1 year to less than 2 years, the bank is offering an interest rate of 7.75% per annum. The bank offers the highest interest rate for a fixed deposit tenure of 2 years with an interest rate of 8.50% per annum for regular citizens and 9.00% per annum for senior citizens.

    The bank is offering an interest rate of 7.75% per annum for the tax-saver fixed deposit scheme which is for a fixed period of 5 years.

    21 August 2019

  • Bajaj Finserv announces Fixed Deposit schemes for NRIs with a high interest rate

    Bajaj Finserv has recently announced the offering of fixed deposit schemes to Non-Resident Indians which enables them to park their earnings and also earn a high rate of interest of up to 8.95% per annum. The fixed deposit scheme of the company comes with flexible tenure ranges for NRIs and ranges between 12 months to 36 months. The fixed deposit scheme will come with the feature of auto deposit as well as easy renewal benefits.

    The key features of the fixed deposit scheme for NRIs will include high-interest rates, safety of investment, multi-deposit facility, flexible tenure, taxation of investment as well as renewal feature. Mr. Sachin Sikka, Chief Business Officer of Retail and Corporate Liabilities mentioned that the company aims to cater to NRI investors who wish to invest in the Indian market and eventually generate high rates of return. Since fixed deposits are a comparatively safer investment without any dependency on the stock market, investors can use this to deposit their earnings in a regulatory environment.

    Bajaj Finserv has the highest stability ratings, and this indicates the safety of investments. Due to the volatile nature of the markets currently, investing in a fixed deposit is among the best options to save for the future or to invest.

    21 August 2019

  • Kotak Mahindra Latest Bank to Revise Interest Rates

    Kotak Mahinda Bank has revised their fixed deposit rates, joining other private sector banks in revising their rates.

    Fixed deposits maturing in 7 to 45 days will attract interest between 3% and 5%. Tenors of 46-90 days will attract interest at 5.25% while deposits between 91 to 120 days will attract 5.75%.

    Interest on FD’s with a tenor of 121 and 179 days will be 6% while deposits maturing between 180 to 270 days will attract 6.40% interest. Deposits maturing from 271 to 364 days will see a 6.75% interest rate payout.

    For deposits maturing between 365 to 389 days, deposit holders will receive 6.75% interest. Deposits maturing in 390 days but in less than 23 months will receive 6.80% interest.

    20 August 2019

  • Axis Bank Revises Fixed Deposit Rates

    Axis Bank has revised its fixed deposit rates following the Reserve Bank of India’s lowering of the repo rate for the fourth time this year. The new deposit rates come into effect from 10th August, 2019.

    Following the revision, Axis Bank offers 3.5% interest on deposits between 7 and 14 days. For FDs between 46 days and 6 months, the bank offers 6%. Deposits ranging from 5 months to less than 9 months will receive 6.4% as interest.

    Deposits between 9 months and 1 year will receive 6.75% interest on the deposited sum. In the case of FD’s between 1 year and 1 year 25 days, the bank offers an interest rate of 7.10%.

    In the case of deposits ranging from 2 years to 5 years, the bank offers 7% as interest. Deposits ranging from 5 years to 10 years will receive interest of 6.75%.

    Senior citizens will receive a higher rate of interest on specific deposit tenures.

    20 August 2019

  • 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

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