FD RATES IN INDIA

FIXED DEPOSIT INTEREST RATES :

RBI has given the freedom to commercial banks to fix their own interest rates on domestic term deposits of various maturities with the prior approval of their respective Board of Directors/Asset Liability Management Committee (ALCO). Banks are, however, not allowed to discriminate in the matter of interest paid on deposits, between one deposit and another, accepted on the same date and for the same maturity, whether such deposits are accepted at the same office or at different offices of the bank. Interest rates paid by the bank should be as per the schedule and should not be subject to negotiation between the depositor and the bank. Banks are allowed to offer differential rate of interest on domestic term deposits on the basis of the following: (a) Tenor of Deposits (b) Size of Deposits (c) Availability of early withdrawal option

Hence Bank customers , to get a better interest rate on deposits ,have to get information on interest rates being offered by various banks for the same tenor and place the deposit .

Editor's note dated 05.11.2024 :

PLAN N PROGRESS has now checked and updated the rates that are being offered by around 40 banks including public sector banks, Private sector banks, Foreign Banks, and small finance banks. We have updated interest rates available on the fixed deposits for the general public and senior citizens offered by a spectrum of banks to enable you to select the best one.

As RBI has kept its Repo rate steady at 6.5 % since February 2023 , the FD rates of banks also have steadied in the last one year . Many banks are paying 7 + interest rates for various periods and some small finance banks are paying 8 + interest rates. Some small finance banks are paying up to 9.50 % pa on special deposit periods for their senior citizen customers .

a Non-volatile rate regime is good for the economy and helps citizens to plan their financial activity better .

BANK FD RATES IN INDIA :

COMPARITIVE FIXED DEPOSIT INTEREST RATES

offered by Indian Banks

PLAN N PROGRESS compares interest rates of various banks .

1. We have selected periods of 1 year and 5 years for comparison of interest rates offered by Indian commercial banks including Public Sector banks , Private Sector Banks, and Foreign banks with a network of branches and also Small Finance banks, a new breed of banks in India . The below tables give information on interest rates offered by various banks.

2 . The interest rates are on retail term deposits for public and senior citizens .

3. Normally interest rates quoted are valid for less than Rs 3 crore .

4. For actual terms and conditions and the latest rates, you may visit the banks' websites listed at the end alphabetically.

5. The rates we took are updated on or about 4th, November 2024 and are subject to change.
​

Which bank provides maximum interest on FD?

FOR ONE YEAR DEPOSITS

A. The public sector banks are offering interest rates between 6.10 % % to 6.90 % for public ( 6.60 % to 7.40 % to Senior Citizens ) .

​B. The private sector banks are offering interest rates between 5.00 % to 7.75 % % for public and between 5.50 % to 8.25 % for senior citizens

C .The Small Finance banks are paying interest now in the range of 6.00 % to 8.25 % for public and 6.50 % to 8.75 % for the senior citizens


FOR 5 YEAR DEPOSITS

​A. Public sector banks pay between 6.00 % to 6.70 % ( 6.60 % to 7.50 % for senior citizens ) ​​

B. Private sector banks pay between 5.75 % to 7.25 % ( 6.25 % to 8.00 % for senior citizens ) .
​​
C. Small finance banks pay between 6.25 % to 8.25 % for public ( 6.75 % to 8.75 % for senior citizens ).​

There are NBFC companies , co-operative societies and corporates who pay higher interest rates , but have higher risk weight-ages .

SPECIAL DEPOSITS FOR SENIOR CITIZENS AND GENERAL PUBLIC

Some banks have introduced special deposit schemes for senior citizens and general public for special number of days with special interest rates . Some also are offering additional interest rates for deposits of period above 5 years for the senior citizens .
​
NOTE :
1. Depositors get DICGC cover of Rs 5.00 lakhs on Bank Deposits as insurance .
​​​​​​​
​​​​​​​

NON-CALLABLE DEPOSIT - MINIMUM DEPOSIT AMOUNT RAISED

Dated 27.10.2023 : So far banks could take non-callable deposits from the public on a deposit amount of Rs 15 lakhs or more . Non-callable deposits fetch higher rate of interest while premature closure is not allowed .

​Now , as per notification issued by Reserve Bank of India ( RBI ) . banks will not be able to receive such deposits for an amount less than Rupees one crore . The minimum amount for offering non-callable TDs is increased from Rupees fifteen lakh to Rupees one crore i.e., all domestic term deposits accepted from individuals for amount of Rupees one crore and below shall have premature-withdrawal-facility . The instruction is also applicable for Non-Resident (External) Rupee (NRE) Deposit / Ordinary Non-Resident (NRO) Deposits. .

To read RBI NOTIFICATION DATED 26.10.2023 , CLICK HERE

Highest Rate of Interest for Senior Citizens :

Best FD Rates In India

​SMALL FINANCE BANKS WHICH PAY INTEREST RATES OF 7 % OR MORE TO SENIOR CITIZENS :

Dated 04.11.2024 : The following banks are paying interest rates of 7 % or more to their Senior Citizen customers for 5 years and above Fixed Deposits as of now :

​1. SURYODAY SF BANK : 8.75 % pa
2. UJJIVAN SF BANK : 7.70 % pa
3. SHIVALIK SF BANK : 7.00 % pa
4. AU SF BANK : : 7 .75 % pa
5. UTKARSH SF : 8.35 % pa
6. EQUITAS SF : 7.75 % pa
7. CAPITAL SF BANK : 7.60 % pa
8 . UNITY SF BANK : 8.20 % pa

9. JANA SF BANK : 8.20 % PA


Following banks pay interest rates of 7 % or more for one-year deposits to senior citizens

1. UJJIVAN SF BANK : 8.75 % pa
​2. JANA SF BANK : 8.75 % pa
3. SURYODAYA SF : 7.35 % PA
4. UTKARSH SF : 8.60 % pa
5. EQUITAS SF : 8.60 % pa
6. CAPITAL SF : 8.00 % pa
7. NORTH EAST SF : 7.50 % PA
8 . UNITY SF BANK : 7.85 % pa
9 . AU SF BANK : 7.75 % pa
​

INDIAN PRIVATE BANKS INTEREST RATES :

Interest Rates for 1 year for General public and Senior Citizens :
​
​
01.AXIS BANK 6.70 % ( 7.20 % for the Senior Citizens )

02.DBS BANK ( FORMERLY LAKSHMI VILAS BANK LTD ) 7.00 % ( 7.50 % for the Senior Citizens )

03. CSB BANK ( Formerly CATHOLIC SYRIAN BANK LTD ) 5.00 % ( 5.50 % for the Senior Citizens )

04.INDUSIND BANK LIMITED 7.75 % ( 8.25 % for the Senior Citizens )

05.ICICI BANK 6.70 % ( 7.20 % for the Senior Citizens )

06.IDBI BANK LIMITED 6.80 % ( 7.30 % for the Senior Citizens )

07.KOTAK MAHINDRA BANK LIMITED 7.10 % ( 7.60 % for the Senior Citizens )

08.KARNATAKA BANK 7.35 % ( 7.85 % for the Senior Citizens )

09.KARUR VYSYA BANK LIMITED. 7.00 % ( 7.40 % for the Senior Citizens )

10.RBL BANK LTD ( THE RATNAKAR BANK LTD.) 7.50% ( 8.00 % for the Senior Citizens )

11.THE SOUTH INDIAN BANK LTD. 6.70 % ( 7.20 % for the Senior Citizens )

12.TAMILNAD MERCANTILE BANK LTD. 7.00 % ( 7.50 % for the Senior Citizens )

13.THE DHANALAKSHMI BANK LIMITED. 6.75% ( 7.25 % for the Senior Citizens )

14.THE FEDERAL BANK LTD. 6.80 % ( 7.30 % for the Senior Citizens )

15.THE HDFC BANK LTD. 6. 60 % ( 7.10 % for the Senior Citizens )
​
16.THE J & K BANK LTD. 7.00 % ( 7.50 % for the Senior Citizens )

17. YES BANK 7.25 % ( 7.75 % for the Senior Citizens )

FOREIGN BANKS

1. STANDARD CHARTERED BANK 7.50 % ( 8.00 % for the Senior Citizens )

2.HONGKONG & SHANGHAI BANKING CORPORATION . 4.00 % ( 4.50 % for the Senior Citizens )
​​​

Interest Rates for 5 years for General public and Senior Citizens :
​
​
01.AXIS BANK 7.00 % ( 7.75 % for the Senior Citizens )

02.DBS BANK ( FORMERLY LAKSHMI VILAS BANK LTD ) 6.50 % ( 7.00 % for the Senior Citizens )

03. CSB BANK ( Formerly CATHOLIC SYRIAN BANK LTD ) 5.75 % ( 6.25 % for the Senior Citizens )

04.INDUSIND BANK LIMITED 7.25 % ( 7.75 % for the Senior Citizens )

05.ICICI BANK 7.00 % ( 7.50 % for the Senior Citizens )

06.IDBI BANK LIMITED 6.50 % ( 7.00 % for the Senior Citizens )

07.KOTAK MAHINDRA BANK LIMITED 6.20 % ( 6.70 % for the Senior Citizens )

08.KARNATAKA BANK 6.50 % ( 7.00 % for the Senior Citizens )

09.KARUR VYSYA BANK LIMITED. 7.00 % ( 7.40 % for the Senior Citizens )

10.RBL BANK LTD ( THE RATNAKAR BANK LTD.) 7.10 % ( 7.60 % for the Senior Citizens )

11.THE SOUTH INDIAN BANK LTD. 6.00 % ( 6.50 % for the Senior Citizens )

12.TAMILNAD MERCANTILE BANK LTD. 6.50 % ( 7.00 % for the Senior Citizens )

13.THE DHANALAKSHMI BANK LIMITED. 7.25 % ( 7.75 % for the Senior Citizens )

14.THE FEDERAL BANK LTD. 6.60 % ( 7.25 % for the Senior Citizens )

15.THE HDFC BANK LTD. 7.00 % ( 7.50 % for the Senior Citizens )

16.THE J & K BANK LTD. 6.50 % ( 7.00 % for the Senior Citizens )

17. YES BANK 7.25 % ( 8.00 % for the Senior Citizens )

FOREIGN BANKS

1. STANDARD CHARTERED BANK 6.75 % ( 7.25 % for the Senior Citizens )

2. HONGKONG & SHANGHAI BANKING CORPORATION . 6.00 % ( 6.50 % for the Senior Citizens )
​

FOR THE LATEST FD INTEREST RATES OF PUBLIC SECTOR BANKS , CLICK HERE
For NBFC DEPOSITS , CLICK HERE

FOR THE LATEST INTEREST RATES OFFERED BY SMALL FINANCE BANKS , CLICK HERE

To know the latest interest rates offered by individual banks for various maturities , click on the name of the bank to reach their websites . ( Banks listed alphabetically )

​
01.AXIS BANK

02.CITIBANK N.A. ( Since merged with Axis Bank )

03. CSB BANK ( Formerly CATHOLIC SYRIAN BANK LTD )

04.INDUSIND BANK LIMITED

05.ICICI BANK

06.IDBI BANK LIMITED

07.KOTAK MAHINDRA BANK LIMITED

08.KARNATAKA BANK

09.KARUR VYSYA BANK LIMITED.

10.STANDARD CHARTERED BANK

11.THE HONGKONG & SHANGHAI BANKING CORPORATION LTD.

12.TAMILNAD MERCANTILE BANK LTD.

13.THE DHANALAKSHMI BANK LIMITED.

14.THE FEDERAL BANK LTD.

15.THE HDFC BANK LTD.

16.THE J & K BANK LTD.

17.THE SOUTH INDIAN BANK LTD.
​
18. RBL BANK LTD ( THE RATNAKAR BANK LTD.)

19. DBS BANK ( FORMERLY LAKSHMI VILAS BANK LTD )

20 YES BANK