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Fixed Deposit (FD) is a financial instrument offered by banks or non-banking financial institutions, after making an FD it offers investors a higher rate of interest than a regular savings account till a given maturity date, A Fixed Deposit (FD) means that money cannot be withdrawn before maturity, unlike a recurring deposit or a demand deposit.
Because of the restriction some banks also offer additional services to FD holders like loans against FD certificates at competitive interest rates, The tenure of FD can vary from 7 to 15 or 45 days to 1 year to 2 years and can be up to a maximum of 10 years, Each Fixed Deposit (FD) bank also offers income tax and wealth tax benefits.
Fixed Deposit
Money savers are mostly interested in fixed deposits, Because banks guarantee the investment and the interest earned on it, the first thing that those who want to invest without any risk is to make a fixed deposit in banks.
Most of us do not have a proper understanding of how much interest is earned by depositing in any bank, As a result, there is a possibility of losing interest by depositing in any back, But before making fixed deposits it is very important to know the interest rates offered by which banks, It is better to check and invest in banks that offer higher interest rates.
Interest rates vary from bank to bank. So if some banks are giving very low interest rates on fixed deposits, some banks are giving only a little bit more interest, so you should invest by checking which bank is getting the highest interest rate, Only few banks offer good rates for senior citizens, know about public and private sector banks offering FD interest rates above 8 percent for senior citizens.
Before making a fixed deposit in a bank, one should observe the previous history of the bank, fixed deposit is safer in a government bank than in a private bank, But now let’s find out which of the banks in the country give the highest interest on fixed deposits.
How to Open Fixed Deposit (FD)
Online Mode – To open a Fixed Deposit (FD) online it is very easy to do it with a bank where you already have an account, You fill and submit the online form for opening Fixed Deposit (FD) using Net Banking facility, KYC is not required as your bank already has your details, you can transfer funds through your account using internet banking facility.
Fixed Deposit on WhatsApp – Now as a new trend banks have started partnering with WhatsApp to provide basic banking services to their customers, WhatsApp Banking It enables customers to check their account balance, recent transactions, credit card payments, fixed and recurring deposit details and get information related to Fixed Deposits (Fund), get answers to their queries.
By using WhatsApp banking, customers can now chat with the bank for queries related to their banking transactions, make fixed deposits and also apply for various banking products.
By typing FD on your bank’s WhatsApp and providing the required details, an investor can find available fixed deposit interest rates that offer higher interest rates than their current bank.
Offline Mode – To open a Fixed Deposit (FD) account you visit the nearest bank branch, meet the manager tell about making Fixed Deposit (FD) and know how much interest you are depositing for how many days and how much interest you will get and fill up the application form at the help desk, submit it with the required documents at the respective bank help desk, deposit the required amount and you get the FD Receipt.
FD Calculator
The amount of interest you can earn on your fixed deposit in a bank depends on various factors, including the interest rate for how many days, the frequency of interest calculation on the fixed deposit and taxes, you can calculate the return on your investment using the FD calculator.
The whole process of calculating fixed deposit amount is very simple, all you have to do is enter fixed deposit tenure, FD type (reinvestment, quarterly or monthly payment) investment amount, account opening date and interest rate, Now you can know how much interest you get on your fixed deposit.
Features and Benefits of Fixed Deposit
No Risk – Frauds or scams in the financial market will not affect your fixed deposits returns.
Insurance on FD – The fixed deposits you make in the bank are insured up to Rs.1 lakh by RBI.
Loan on Fixed Deposits – You can mortgage your fixed deposits bond with your bank and avail loans of up to 90% of the fixed deposits amount at very low interest rates.
Easy Liquidity – In case of emergency when you need money, you can easily liquidate your FD and release the funds.
Regular Income – Through Fixed Deposits you can earn interest amount as per your requirement on monthly or yearly basis.
Income Tax Benefits – Investing in Fixed Deposits will get income tax exemptions of up to Rs.1.5 lakh in a financial year.
Benefits for Senior Citizens – Investing in fixed deposits offers higher interest rates to senior citizens as compared to regular customers.
FD Rates
A fixed deposit in a bank is a safe investment option that guarantees FD interest rates, special interest rates for senior citizens and income tax exemptions, Now you can invest in Bank Fixed Deposits digitally and branch for a fixed period of time at your convenience.
Before opening a new fixed deposit or renewing an existing one it is important to compare the latest fixed deposit interest rates between leading private or government banks in the country, Small finance banks and NBFCs offer the highest fixed deposit interest rates, followed by PSU banks and large private sector banks.
FD Interest Rates
Many banks offer fixed deposit interest rates as low as 3.00% p.a. for general public. to 9.50%. Senior citizens are offered higher interest rates of 0.50% to 0.75% as compared to FD interest rates offered to general public.
These Fixed Deposits have tenors ranging from 7 days to 10 years, know the fixed deposit interest rates in different banks, we have given the table below to find out which bank offers FD interest rates.
Post Office FD Interest Rates 2023
| Post Office FD Rates | Interest Rates |
| Post Office Schemes | Schemes |
FD Rates 2024 for Top Government Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| Bank of Baroda | 7.25 | 6.75 | 7.05 | 6.50 |
| Bank of India | 7.00 | 7.00 | 6.50 | 6.00 |
| Bank of Maharashtra | 7.00 | 6.35 | 6.00 | 5.75 |
| Canara Bank | 7.25 | 7.00 | 6.80 | 6.70 |
| Central Bank of India | 7.10 | 6.75 | 6.25 | 6.25 |
| Indian Bank | 7.25 | 6.10 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.25 | 6.50 | 6.50 | 6.50 |
| Punjab & Sind Bank | 7.35 | 6.40 | 6.25 | 6.25 |
| Punjab National Bank | 7.25 | 6.75 | 7.00 | 6.50 |
| State Bank of India | 7.10 | 6.80 | 6.50 | 6.50 |
| UCO Bank | 7.05 | 6.50 | 6.30 | 6.20 |
| Union Bank of India | 7.00 | 6.30 | 6.50 | 6.70 |
FD Interest Rates 2024 for Top Private Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| Axis Bank | 7.20 | 6.75 | 7.00 | 7.00 |
| Bandhan Bank | 7.85 | 7.25 | 7.25 | 5.85 |
| City Union Bank | 7.00 | 6.75 | 6.50 | 6.25 |
| CSB Bank | 7.35 | 5.00 | 5.75 | 5.75 |
| DBS Bank | 7.50 | 6.25 | 6.50 | 6.50 |
| DCB Bank | 8.00 | 7.25 | 8.00 | 7.75 |
| Dhanlaxmi Bank | 7.25 | 6.75 | 6.50 | 6.60 |
| Federal Bank | 7.25 | 6.80 | 6.60 | 6.60 |
| HDFC Bank | 7.25 | 6.60 | 7.00 | 7.00 |
| ICICI Bank | 7.10 | 6.70 | 7.00 | 7.00 |
| IDBI Bank | 7.15 | 6.80 | 6.50 | 6.50 |
| IDFC First Bank | 7.50 | 6.50 | 7.25 | 7.00 |
| IndusInd Bank | 7.75 | 7.75 | 7.50 | 7.25 |
| Jammu & Kashmir Bank | 7.10 | 7.10 | 6.50 | 6.50 |
| Karnataka Bank | 7.30 | 7.00 | 6.50 | 6.50 |
| Karur Vysya Bank | 7.30 | 7.00 | 7.00 | 6.25 |
| Kotak Mahindra Bank | 7.20 | 7.10 | 6.50 | 6.20 |
| Nainital Bank | 7.05 | 6.70 | 6.25 | 5.75 |
| RBL Bank | 7.80 | 7.00 | 7.10 | 7.10 |
| SBM Bank India | 7.75 | 7.05 | 7.30 | 7.75 |
| South Indian Bank | 7.40 | 6.60 | 6.50 | 6.00 |
| Tamilnad Mercantile Bank | 7.25 | 7.25 | 6.50 | 6.50 |
| Yes Bank | 7.75 | 7.50 | 7.25 | 7.00 |
Fixed Deposit Rates 2024 for Top Corporate Private Banks
| Company Name | Interest Rates (p.a.) | Tenure range | Additional interest rate for senior citizen (p.a.) | ||
| 1-year tenure | 3-year tenure | 5-year tenure | |||
| Bajaj Finance Limited | 7.40% | 8.05% | 8.05% | 12-60 months | 0.25% |
| ICICI Home Finance | 7.00% | 7.45% | 7.30% | 12-120 months | 0.25% |
| Kerala Transport Development Finance Corporation | 7.00% | 7.00% | 6.75% | 12-60 months | 0.25% |
| LIC Housing Finance Ltd. | 7.25% | 7.75% | 7.75% | 12-60 months | 0.25% |
| Mahindra Finance | 7.40% | 8.05% | 8.05% | 12-60 months | 0.25% |
| Manipal Housing Finance Syndicate Ltd. | 8.25% | 8.25% | 7.75% | 12-60 months | – |
| Muthoot Capital Services Limited | 6.25% | 6.75% | 7.25% | 12-60 months | 0.25% |
| PNB Housing Finance Ltd. | 7.35% | 7.70% | 7.50% | 12-120 months | 0.25% |
| Shriram Finance Ltd.* | 7.34% | 7.95% | 8.18% | 12-60 months | 0.50% |
| Sundaram Home Finance | 7.45% | 7.75% | 7.90% | 12-60 months | 0.50% |
| Sundaram Finance | 7.45% | 7.75% | – | 12 to 36 months | 0.35% |
Fixed Deposit Interest Rates 2024 for Small Finance Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
| AU Small Finance Bank | 7.75 | 6.75 | 7.75 | 7.00 |
| Capital Small Finance Bank Limited | 7.50 | 7.50 | 7.15 | 7.10 |
| Equitas Small Finance Bank | 8.50 | 8.20 | 8.00 | 7.25 |
| ESAF Small Finance Bank | 8.50 | 6.00 | 6.75 | 6.25 |
| Fincare Small Finance Bank | 8.51 | 7.50 | 8.00 | 8.00 |
| Jana Small Finance Bank | 8.50 | 7.25 | 7.35 | 6.00 |
| North East Small Finance Bank | 8.50 | 6.50 | 7.25 | 6.25 |
| Shivalik Small Finance Bank Limited | 8.00 | 7.50 | 8.00 | 7.00 |
| Suryoday Small Finance Bank | 9.10 | 6.85 | 8.60 | 9.10 |
| Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 |
| Unity Small Finance Bank | 9.00 | 7.35 | 7.65 | 8.25 |
| Utkarsh Small Finance Bank | 8.25 | 7.75 | 8.25 | 7.50 |
FD Interest Rates 2024 for Leading Foreign Banks
| Bank Name | Interest Rates (p.a.) | |||
| Highest slab (%) | 1-year tenure (%) | 3-year tenure (%) | 5-year tenure (%) | |
| Deutsche Bank | 7.75 | 7.00 | 7.75 | 7.25 |
| HSBC Bank | 7.50 | 4.00 | 7.00 | 6.00 |
| Standard Chartered Bank | 7.35 | 7.25 | 6.75 | 6.75 |
NOTE – The fixed deposit rates in different banks vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to make a fixed deposit in the bank, you should visit the official website of the bank and confirm.
FD Rates 2024 for Income Tax Saving
| Banks | Interest Rates (p.a.) | |
| General Citizens | Senior Citizens | |
| AU Small Finance Bank | 7.00% | 7.50% |
| Axis Bank | 7.00% | 7.75% |
| Bandhan Bank | 5.85% | 6.60% |
| 6.50% | 7.15% – 7.50% | |
| Bank of India | 6.00% | 6.75% |
| Bank of Maharashtra | 5.75% | 6.25% |
| Capital Small Finance Bank Limited | 7.10% | 7.75% |
| Central Bank of India | 6.25% | 6.75% |
| DCB Bank | 7.75% | 8.25% |
| Federal Bank | 6.60% | 7.25% |
| Fincare Small Finance Bank | 8.00% | 8.60% |
| HDFC Bank | 7.00% | 7.50% |
| ICICI Bank | 7.00% | 7.50% |
| IDBI Bank | 6.50% | 7.00% |
| IDFC First Bank | 7.00% | 7.50% |
| Indian Bank | 6.10% – 6.25% | 6.60% – 6.75% |
| Indian Overseas Bank | 6.50% | 7.00% |
| IndusInd Bank | 7.25% | 7.75% |
| Jammu & Kashmir Bank | 6.50% | 7.00% |
| Jana Small Finance Bank | 6.00% | 6.50% |
| Karnataka Bank | 6.50% | 6.90% |
| Kotak Mahindra Bank | 6.20% | 6.70% |
| Karur Vysya Bank | 5.90% | 5.90% |
| Punjab & Sind Bank | 6.25% | 6.75% |
| Punjab National Bank | 6.50% | 7.00% |
| RBL Bank | 7.10% | 7.60% |
| SBM Bank India | 7.75% | 8.25% |
| Shivalik Small Finance Bank Limited | 7.00% | 7.50% |
| South Indian Bank | 6.00% | 6.50% |
| State Bank of India | 6.50% | 7.50% |
| Suryoday Small Finance Bank | 9.10% | 9.60% |
| Tamilnad Mercantile Bank | 6.50% | 7.00% |
| UCO Bank | 6.20% | 6.70% |
| Ujjivan Small Finance Bank | 7.20% | 7.70% |
| Union Bank of India | 6.70% | 7.20% |
| Utkarsh Small Finance Bank | 7.50% | 8.10% |
NOTE – The fixed deposit rates in different banks vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to make a fixed deposit in the bank, you should visit the official website of the bank and confirm.