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  • Fixed Deposit BYTES FROM OUR KITCHEN

    Which Bank provide Highest Interest Rate for Fixed Deposit?

    The returns on an FD account can vary due to many factors depending on the type of the FD account, financial institution, age of the investor, tenure of the account, etc. Most financial institutions follow the RBI’s guidelines while offering the interest rates on the FD accounts, however, if the deposit amount is higher, the financial institution may decide to offer a slightly higher interest rate. Additionally, the tax-free FDs offer tax benefits under the Section 80C of the Income Tax Act, 1961. FDs are widely sought for many other benefits such as the availability of a loan against the FD account itself. Most banks and non-banking financial companies (NBFCs) offer a loan up to a maximum of 90% of the account value at a lower interest rate compared to any other unsecured loan in the market. An FD account can be opened for a minimum of 7 days up to a maximum of 10 years or more.

    Guaranteed returns on FDs

    FD accounts have been a popular choice of investment among conservative investors since it is safe and also provide the protection of an insurance. The insurance for up to Rs.1 lakh for the principal and accrued interest is applicable for all FD accounts, following the RBI’s directive. Based on the tenure of the FD account, the age of the investor, deposit amount, and various other factors, the rate of return may change.

    Currently, there are many banks and NBFCs who offer a different rate of return than the other. Few of the financial institutions who offer the highest rate of returns are listed in the following table:

    Banks and NBFCs offering a higher rate of return on fixed deposit accounts:

    Bank/NBFC 1 year 2 year 3 year 4 year 5 year
    Mahaveer Bank 7.00% 8.00% 9.50% 9.50% 9.50%
    Mahindra Finance (Samruddhi) 7.35% 7.35% 7.40% 7.40% 7.40%
    ESAF Small Finance Bank 9.00% 8.00% 7.00% 7.00% 7.00%
    Fincare Small Finance Bank 8.00% 8.75% 9.00% 8.00% 8.00%
    KTDFC 8.25% 8.25% 8.25% 8.00% 8.00%
    LIC HFL 7.20% 7.25% 7.30% - 7.30%
    Lakshmi Vilas Bank (LVB) 7.10% to 7.25% 7.15% 7.15% 7.15% 7.15%
    RBL Bank 7.10% 7.20% 7.10% 7.10% 7.10%
    Repco Bank 7.25% 7.25% 7.00% 7.00% 7.00%
    IDFC Bank 7.00% 7.20% 7.20% 7.20% 7.20%
    DHFL 7.70% 7.80% 7.85% 8.00% 8.00%

    Highlights

    • Most banks and NBFCs provide interest in the range of 7.00% p.a. to 9.50% p.a.
    • The highest rate paid is by Mahaveer Bank where the rate paid is 9.50% p.a for a tenure of 3 years, 4 years, and 5 years
    • Mahaveer Bank pays 8.00% p.a. For 2 years and 7.00% p.a. for 1 year
    • Another bank that offers 9.00% p.a. is ESAF Small Finance Bank for a tenure of 1 year and 8.00% p.a. for 2 years
    • A bank rate of 8.75% p.a. is paid to those who invest in Fincare Small Finance Bank for 1 year, while for 3 years the rate of return is 9.00% p.a.
    • Some of the banks that offer more than 7.00% p.a. on deposits include IDFC Bank, Repco Bank, RBL Bank, and Lakshmi Vilas Bank
    • Lakshmi Vilas Bank offers an interest rate of 7.10% p.a. to 7.25% p.a. for all deposits held for 1 year, while other tenures will fetch the depositor a rate of 7.15% p.a.
    • Repco Bank offers 7.25% p.a. for 1 year and 2 year deposits, while IDFC pays 7.20% p.a for 2 years, 3 years, 4 years and 5 years
    • DHFL pays depositors at the rate of 7.85% p.a. for 3 years, 8.00% p.a. for 4 years and 5 years, 7.80% p.a. for 2 years and 7.70% p.a. for 1 year
    • KTDFC, on the other hand, pays interest at the rate of 8.25% p.a. for all FDs that are held from 1 year to 3 years, while for 4 years and 5 years, the deposit rate is 8.00% p.a.
    • LIC HFL pays 7.30% p.a. for 3 years and 5 years respectively
    • On the other hand, RBL pays more than 7.00% p.a. for all its FD schemes that range from 1 year to 5 years
    • Mahindra pays 7.35% p.a. for 1 year and 3 years, while for other tenures the rate of interest that is applicable is 7.40% p.a.

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    Customer Reviews

    • Karur Vysya Bank Fixed Deposit
      "Service is good"
      0.5 5.0/5 "Blown Away!"
      Rate of interest is little bit high compared to other bank hence i have chosen the Karur Vysya bank for my fixed deposit. I have invested the amount of Rs. 5 lakhs. They have given me a monthly interest rate of Rs. 4400. I have got a proper response from the bank. On the maturity date, i have submit the bond and get the cash.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2019
    • Indian Bank
      Indian Bank Fixed Deposit
      "Service is good"
      0.5 5.0/5 "Blown Away!"
      I have chosen the Indian bank because of its a Government undertaken bank. I have invested the amount of Rs. 5 lakhs. They have given me a interest rate of 4100 monthly basis. They won't charge for anything extra. I visited their branch and put the money and the employee response. I'm happy about the returns because i got the interest on monthly basis.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2019
    • SBI Fixed Deposit
      "Safe and secured"
      0.5 5.0/5 "Blown Away!"
      Being a middle class person definitely I think to invest my money that's the reason I chosen SBI fixed deposit because its safe and secured. I can deposit for long term, the online feature is great and I can open and close the FD account through netbanking.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jun 13, 2019
    • ICICI Bank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I did a Fixed deposit in ICICI BANK for my kids because I got my salary account and also have opened separate account for my kids and wife on the same bank so its easy to do the payment and linked together. The interest rate is 6.75% moreover the options are very flexible, the locking period is like 1month , 3 months, one year,etc and even the online services are enabled. Whenever I have good amount on the account so go for FD on the selected month, the interest amount will be credited into account.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 11, 2019
    • Oriental Bank of Commerce Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have Oriental bank Of Commerce Fixed deposit account ,I have not faced any difficulties so far on using this account .Customer service is also good so far .Each and every transaction will be safe and secure .There was no drawbacks faced so far .I am very much comfortable and easy going and completely satisfied with the service.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 06, 2019
    • Axis Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed deposit account with Axis Bank. I have not faced any difficulties so far on using this account. The customer service is also good so far. Each and every transaction will be safe and secure .There was no drawbacks faced so far. I am very much comfortable in using this account.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 06, 2019
    • HDFC Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      I done a Fixed Deposit account with HDFC BANK before 2 years and the rate of interest was good. I have withdrawn the money and its neither loss or nor profit. My money is safer and return is very low. There was no locking period and the executive is supportive.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 30, 2019
    • HDFC Bank Fixed Deposit
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I had fixed deposit in HDFC for the amount of Rs.10,000 then I withdrawn in two months I got some interest. I went to the bank for account opening within few minutes they helped to open the account. There is no charges for pre matured liquidity fund.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 25, 2019
    • HDFC Bank Fixed Deposit
      "Good Returns from HDFC"
      0.5 4.0/5 "Great!"
      As per the guidance , I taken a Fixed Deposit in HDFC . This is one year plan and worth enough to take this plan in HDFC comparing with the interest rate . I am really happy with the better returns for my FD . I thought of continuing after one year also .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 13, 2019
    • HDFC Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I am using HDFC Bank Fixed Deposit for the past 6 years ,using net banking is also good ,customer service is good .flexy deposit ,whenever required can take the amount and can deposit it later .There was no issues faced so far .The Banking service is good to me so far.I am satisifed with the banking service.
      Was this review helpful? 3
      , chennai
      Reviewed on May 13, 2019
    • Oriental Bank of Commerce Fixed Deposit
      "Trusted investment for the future"
      0.5 5.0/5 "Blown Away!"
      I have fixed deposit with Oriental Bank of commerce, they give interest rate around 7.5%when I was invested but I am not sure about current one. However there is no charges applicable for the fd maintenance, They have nice online banking to open or close the account and its a trusted one.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 13, 2019
    • ICICI Bank Fixed Deposit
      "Have to be more quick in their procedure"
      0.5 3.0/5 "Satisfactory"
      I have Fixed Deposit with ICICI also which was matured earlier even it was a tax free accounts they are charging some amount. Before the financial year completion, i need to submit the document to income department to get my fund but the procedure is too long and I did not get the money. I had done investment of 1L and 0.50L which am unhappy. I would suggest them to provide the bills on time after this experience have stopped investing with them.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 12, 2019
    • HDFC Bank Fixed Deposit
      "Very much convenient"
      0.5 5.0/5 "Blown Away!"
      My all time favorite is Fixed Deposit which is secured and I can count the returns on evey month which am most comfortable. My family all have them are having in HDFC account, the manager is very friendly and rendering the service. Am doing investment since 2011 and their services are more good than the profit.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 12, 2019
    • Axis Bank Fixed Deposit
      "Convenient fixed deposit"
      0.5 4.0/5 "Great!"
      My fixed deposit was opened with Axis bank, I invested around Rs. 1 lakh for one year. If I want I can also extend the tenure. I believe the rate of interest is more than 7% for per annum. I can also track the fixed deposit through online banking its more simple.
      Was this review helpful? 5
      , thane
      Reviewed on May 04, 2019
    • HDFC Bank Fixed Deposit
      "Userfriendly FD experience"
      0.5 4.0/5 "Great!"
      I do have fixed deposit with HDFC, I opened it through online there is no locking period, while opening I have specified the maturity date. Minimum deposit start from Rs. 5000, they are providing 7.3% per annum. Its safe and secured to invest money with HDFC.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 03, 2019
    • SBI Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I am having fixed deposit with State Bank Of India ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well. I am satisfied with the overall service.
      Was this review helpful? 12
      , faridabad
      Reviewed on Apr 30, 2019
    • Canara Bank Fixed Deposit
      "Good nservice"
      0.5 5.0/5 "Blown Away!"
      I am having fixed deposit with Canara Bank ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well.
      Was this review helpful? 2
      , faridabad
      Reviewed on Apr 30, 2019
    • Punjab National Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Iam having fixed deposit with Punjab national bank ,interest is good .The banking service is good so far .I have not faced any issues so far .Money will be safe on this account .Whenever need money can take and can deposit as well .The banking service is good and satisfied so far .Will get frequent update as well.
      Was this review helpful? 1
      , faridabad
      Reviewed on Apr 30, 2019
    • SBI Fixed Deposit
      "Can do better"
      0.5 3.0/5 "Satisfactory"
      SBI gives only 6.7% of interest for the fixed deposit, there is some charges applicable for the per matured liquidity amount. They take 1% from the paid amount, its not flexible as HDFC. The customer dealing is also average to resolve the queries.
      Was this review helpful? 6
      , delhi
      Reviewed on Apr 29, 2019
    • HDFC Bank Fixed Deposit
      "Flexible Fixed deposit"
      0.5 5.0/5 "Blown Away!"
      HDFC Is more convenient to open and close the FD through online, they give better interest as per the RBI around 6.8%. The online portal is easy to track the fixed deposit details, the help desk is good to handle the queries. I am very much happy with HDFC. I can take the tenure from three months to max tenure.
      Was this review helpful? 1
      , delhi
      Reviewed on Apr 29, 2019
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