Foreign Banks Fixed Deposit Rates

A fixed deposit is a great option for a long-term investment. A fixed deposit is a financial instrument offered by a bank or an NBFC. This offers all investors a higher interest rate as compared to the savings account.

From October 22, 1997, the RBI has given all commercial banks the freedom to fix their own interest rates on term deposits (domestic). However, they need prior approval from the Board of Directors/Asset Liability Management Committee (ALCO).

As of today, in India, we have 46 foreign banks. Let us look at the fixed deposit interest rates for these banks:

Bank Name Interest Rates for Tenure 1-2 years Interest Rates for Tenure 3-5 years Interest Rates for Tenure 5-10 years
Standard Chartered Bank 5.25 to 5.30% 5.35 to 5.60% --
Citi Bank 2.75 to 3.00% 3.50% --
HSBC Bank 3.10-3.50% 4.00% --
Deutsche Bank 3.85 to 5.00% 5.50 to 6.00% 6.25%
DBS Bank 5.00% to 5.25% 5.65% 5.75%
Barclays Bank 3.58 to 3.85% 4.55 to 4.98% 4.98-5.36% (max tenure is 7 years)

FAQs on Foreign Banks Fixed Deposit Rates

  1. How many years will fixed deposit amount double?

    The fixed deposit can be doubled depending on the rate of interest that is being offered.

  2. What will happen if I do not claim the amount after maturity of the fixed deposit?

    If you do not claim the amount after maturity, you will get less interest in it. The interest will be equal to the amount you get on the savings account.

  3. Can a 5-year tax-saver fixed deposit be broken?

    A 5-year fixed deposit cannot be broken before its tenure of 5 years is completed.

  4. How much higher are fixed deposit rates?

    Banks give more than 5% interest on a fixed deposit with a long tenure (5 to 10 years). The interest rates on savings accounts can range between 3% and 4%.

  5. Is a fixed deposit tax free?

    No, it’s not tax free. However, you can get tax exemptions if you opt for tax-saving fixed deposits. Under such a fixed deposit you can claim a deduction of up to Rs.1.5 lakh under section 80C of the Indian Income Tax Act, 1961.

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