Fixed Deposit Interest Rates after COVID
Traditionally, fixed deposits or FDs have been a go-to investment option for a majority of the population. Fixed deposits allow you to invest for a period of 7 days to 10 years.
Lately, most banks have been cutting down the interest rates for fixed deposits on both short-term and long-term deposits.
However, some of the banks providing the best rates at this point in time are being listed below:
SBI Fixed Deposit (FD) Interest Rates
State Bank of India (SBI) offers interest rates starting at 3.50% p.a. for term deposits. The rates go up to 7.10% p.a. The bank also offers special rates for senior citizens, which is an additional 0.50% p.a. over and above the regular rates.
The rates of interest for term deposits under Rs.2 crore are as follows:
The interest rates for domestic term deposits of less than Rs.2 crore are given below:
Tenors | Interest Rates for Public | Interest Rates for Senior Citizens |
7 days to 45 days | 3.50% | 4.00% |
46 days to 179 days | 4.75% | 5.25% |
180 days to 210 days | 5.75% | 6.25% |
211 days to less than 1 year | 6.00% | 6.50% |
1 year to less than 2 years | 6.80% | 7.30% |
400 Days (AMRIT KALASH) | 7.10% | 7.60% |
2 years to less than 3 years | 7.00% | 7.50% |
3 years to less than 5 years | 6.75% | 7.25% |
5 years and up to 10 years | 6.50% | 7.50% |
Note: The above-mentioned interest rates are effective from 27 December 2023. SBI can change the interest rates without prior notice.
HDFC Fixed Deposit Interest Rates
HDFC Fixed Deposit rates start at 3.00% p.a. and goes up to 7.25% p.a. for the general public . Senior citizens enjoy an additional rate of interest of 0.50% p.a. You can invest in HDFC term deposits for a period of 7 days to 10 years, as per your requirement.
The rates for different investment tenure are listed below.
Tenure | Interest Rates for General Public (p.a.) | Interest Rates for Senior Citizen (p.a.) |
7 - 14 days | 3.00% | 3.50% |
15 - 29 days | 3.00% | 3.50% |
30 - 45 days | 3.50% | 4.00% |
46 - 60 days | 4.50% | 5.00% |
61 - 89 days | 4.50% | 5.00% |
90 days < = 6 months | 4.50% | 5.00% |
6 months 1 days <= 9 mnths | 5.75% | 6.25% |
9 months 1 day to < 1 year | 6.00% | 6.50% |
1 year to < 15 months | 6.60% | 7.10% |
15 months to < 18 months | 7.10% | 7.60% |
18 months to < 21 months | 7.25% | 7.75% |
21 months - 2 years | 7.00% | 7.50% |
2 Years 1 day to < 2 Year 11 Months | 7.00% | 7.50% |
2 Years 11 Months - 35 Months | 7.15% | 7.65% |
2 Years 11 Months 1 day <= 3 Year | 7.00% | 7.50% |
3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
4 Year 7 Months - 55 months | 7.20% | 7.70% |
4 Year 7 Months 1 day <=5 Years | 7.00% | 7.50% |
5 Years 1 day to 10 Years | 7.00% | 7.75%* |
Note: New rates are effective from 01 October 2023 and can change from time to time.
PNB Fixed Deposit (FD) Interest Rates
Punjab National Bank (PNB) offers Fixed Deposit for interest rates starting at the rate of 3.50% p.a. Senior citizens are eligible to get an additional 50 bps or 0.50% p.a. interest over the prevailing interest rates for deposits of less than Rs.2 crore. The FD schemes come with a tenure ranging from 7 days to 10 years.
Tenure | Regular FD Rates (p.a.) | Senior Citizen FD Rates (p.a.) |
7 days to 14 days | 3.50% | 4.00% |
15 days to 29 days | 3.50% | 4.00% |
30 days to 45 days | 3.50% | 4.00% |
46 days to 90 days | 4.50% | 5.00% |
91 days to 179 days | 4.50% | 5.00% |
180 days to 270 days | 6.00% | 6.50% |
271 days to less than a year | 6.25% | 6.75% |
1 year | 6.75% | 7.25% |
above 1 year to 399 days | 6.80% | 7.30% |
400 days | 7.25% | 7.75% |
401 days to 2 years | 6.80% | 7.30% |
Above 2 years and up to 3 years | 7.00% | 7.50% |
Above 3 years and up to 5 years | 6.50% | 7.00% |
Above 5 years and up to 10 years | 6.50% | 7.30% |
Note: The FD interest rates are effective as of 12 April 2024. It can change at the discretion of the bank.
Bank of India (BOI) Fixed Deposit (FD) Interest Rates
Bank of India (BOI) offers fixed deposits for investment tenures of 7 days to 10 years. The rates of interest start at the rate of 3.00% p.a. and goes up to 7.25% p.a. for the general public. Senior citizens are eligible for an additional interest rate of 0.5% p.a. for investment tenures of 6 months and above.
Tenure | Interest Rates for General Public (p.a.) | Interest Rates for Senior citizens (p.a.) |
7 days to 14 days | 3.00 | 4.50 |
15 days to 30 days | 3.00 | 4.50 |
31 days to 45 days | 3.00 | 4.50 |
46 days to 90 days | 4.50 | 5.25 |
91 days to 179 days | 4.50 | 6.00 |
180 days to 210 days | 5.50 | 6.25 |
211 days to 269 days | 5.50 | 6.50 |
270 days to less than 1 year | 5.75 | 6.50 |
1 Year | 6.80 | 7.25 |
2 Years | 7.25 | 6.50 |
Above 2 Years to less than 3 Years | 6.75 | 6.50 |
3 Years to less than 5 Years | 6.50 | 6.00 |
5 Years to less than 8 Years | 6.00 | 6.00 |
8 years & above to 10 Years | 6.00 | 6.00 |
Note: The interest rates are applicable w.e.f. from 01 April 2024.
Axis Bank Fixed Deposit Interest Rates
Axis Bank offers fixed deposits for the general public for investment tenure ranging from 7 days to 10 years. The rates of interest offered by the bank ranges from 3.00% p.a. to 7.20% p.a. for the general public. The bank also offers special additional rates for senior citizens for certain investment tenures. The rates for deposits of less than Rs.5 crore are listed below.
Maturity Period | Interest Rates for General Citizens (p.a.) | Interest Rates for Senior Citizens (p.a.) |
7 – 14 days | 3.00 | 3.50 |
15 – 29 days | 3.00 | 3.50 |
30 – 45 days | 3.50 | 4.00 |
46 – 60 days | 4.25 | 4.75 |
61 days < 3 months | 4.50 | 5.00 |
3 months < 4 months | 4.75 | 5.25 |
4 months < 5 months | 4.75 | 5.25 |
5 months < 6 months | 4.75 | 5.25 |
6 months < 7 months | 5.75 | 6.25 |
7 months < 8 months | 5.75 | 6.25 |
8 months < 9 months | 5.75 | 6.25 |
9 months < 10 months | 6.00 | 6.50 |
10 months < 11 months | 6.00 | 6.50 |
11 months – 11 months 24 days | 6.00 | 6.50 |
11 months 25 days < 1 year | 6.00 | 6.50 |
1 year – 1 year 4 days | 6.70 | 7.20 |
1 year 5 days – 1 year 10 days | 6.70 | 7.20 |
1 year 11 days – 1 year 24 days | 6.70 | 7.20 |
1 year 25 days < 13 months | 6.70 | 7.20 |
13 months < 14 months | 6.70 | 7.20 |
14 months < 15 months | 6.70 | 7.20 |
15 months < 16 months | 7.10 | 7.60 |
16 months < 17 months | 7.10 | 7.60 |
17 months < 18 months | 7.20 | 7.85 |
18 Months < 2 years | 7.10 | 7.60 |
2 years < 30 months | 7.10 | 7.60 |
30 months < 3 years | 7.10 | 7.60 |
3 years < 5 years | 7.10 | 7.60 |
5 years to 10 years | 7.00 | 7.75 |
Note: The interest rates mentioned in the table are effective from 4 April 2024.
Bank Of Baroda (BOB) Fixed Deposit (FD) Interest Rates
Bank of Baroda offers the Fixed Deposit (FD) schemes at attractive interest rates with a tenure ranging between 7 days and 10 years. The rates of interest for the general public ranges from 3.00% p.a. to 7.25% p.a. Senior citizens are offered an additional interest rate on the FD scheme at the rate of 0.50% p.a. for tenures of up to 5 years and 1.00% p.a. for more than 5 years and up to 10 years.
Tenors | Interest Rates for General Public (p.a.) | Interest Rates for Sr. Citizen (p.a.) |
7 days to 14 days | 4.25% | 4.75% |
15 days to 45 days | 4.50% | 5.00% |
46 days to 90 days | 5.50% | 6.00% |
91 days to 180 days | 5.60% | 6.10% |
181 days to 210 days | 5.75% | 6.25% |
211 days to 270 days | 6.15% | 6.65% |
271 days & above and less than 1 year | 6.25% | 6.75% |
1 year | 6.85% | 7.35% |
Above 1 year to 400 days | 6.85% | 7.35% |
Above 400 days and up to 2 Years | 6.85% | 7.35% |
Above 2 Years and up to 3 Years | 7.25% | 7.75% |
Above 3 Years and up to 5 Years | 6.50% | 7.15 % |
Above 5 Years and up to 10 Years | 6.50% | 7.50% |
Above 10 years (MACT/MACADCourt Order schemes only) | 6.25% | 6.75% |
399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.15% | 7.65% |
Note: Bank of Baroda can change the interest rates at any given time without prior notice. The above-mentioned interest rates are effective from 15 January 2024.
YES Bank Fixed Deposit (FD) Interest Rates
YES Bank offers term deposit schemes for customers with investment tenure that ranges from 7 days and goes up to 10 years. The bank offers rates of interest starting at the rate of 3.25% p.a. for the general public. The rates go up to 7.75% p.a. The bank also offers special rates for senior citizens. The rates are listed below.
Tenure | Interest Rates for General public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
7 days to 14 days | 3.25% | 3.75% |
15 days to 45 days | 3.70% | 4.20% |
46 days to 90 days | 4.10% | 4.60% |
91 days to 120 days | 4.75% | 5.25% |
121 days to 180 days | 5.00% | 5.50% |
181 days to 271 days | 6.10% | 6.60% |
272 days to < 1 year | 6.35% | 6.85% |
1 year to < 18 months | 7.25% | 7.75% |
18 month < 24 months | 7.75% | 8.25% |
24 months to < 36 months | 7.25% | 7.75% |
36 months to < 60 months | 7.25% | 8.00% |
60 months | 7.25% | 8.00% |
60 months 1 day to <= 120 months | 7.00% | 7.75% |
Note: YES Bank can change the interest rates at any given time without prior notice. The above-mentioned interest rates are effective from 21 November 2023
FAQs on FD Rates after COVID-19
- Can I apply for an FD scheme online?
Yes, you can apply for an FD scheme online.
- Can I apply for an FD scheme offline?
Yes, you can apply for an FD scheme offline.
- Do I need to be a customer of a bank to avail its FD scheme?
Yes, you will need to be the customer of a bank to avail its FD scheme.
- Will the interest rate susceptible to be changed by a bank?
Yes, based on different factors, a bank may increase their decrease their interest rates for FD.
- RBI increased the repo rate. Will my bank FD rates change?
Yes, there is a chance that your bank FD may increase or decrease their interest rates given the repo rate has been increased by the bank.
- Can I open more than one FD account?
You can invest in different FD schemes with a bank if more than one scheme is available. If you have more than one bank account with different banks, then you can open an FD scheme for each of them.
- For how long should I be invested in an FD scheme?
You can invest in an FD scheme for a short or a long-term period depending on your requirements. If you are looking for returns keeping in mind your long-term goals then you can invest for a long period. In order to take care of immediate future needs, you can invest in an FD scheme for a short-term.
- Is it safe to invest in an FD scheme?
Yes, FD is considered to be a safe investment tool which promises decent returns. Depending on your needs, you can invest in a fixed deposit scheme. You can either apply online or offline.
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