Best FD Rates: Which banks are giving the highest fixed deposit rates?
Most banks in India offer fixed deposit schemes with varied durations and interest rates. FDs should be a good choice if you are looking for a secured return on investment at a predetermined interest rate.
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Fixed Deposits are a popular option among those investors who are looking for a low-risk and secure investment instrument. FDs offer a fixed interest rate on investments for a specified period. A few FDs with 5 year or higher tenure also come with tax-saving options.
Fixed Deposits also have a guaranteed return and offer higher interest rates than other traditional savings instruments. FDs are offered by banks and even Non-Banking Finance Companies (NBFCs) for different rates of interest in different categories.
Banks offer a wide range of FD schemes and the interest rates of differ significantly. It’s important to evaluate the most recent fixed deposit rates offered by the country's top banks.
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Scroll down to check the best and highest rates for FDs in India.
Banks that offer highest FD rates
State Bank of India: The largest public sector bank in the country offers interest rates between 3 per cent and 7.10 per cent for all customers except senior citizens. The interest rate for senior citizens vary between 3.5 per cent to 7.6 per cent.
ICICI Bank: The private sector lender offers interest rates between 3 per cent and 7 per cent on FDs for all customers. On the other hand, the senior citizens get interest rates of 3.50 per cent to 7.50 per cent on FDs of various tenures.
RBL Bank: While general customers get an interest of 3.50 per cent to 7.80 per cent on fixed deposits, senior citizens get between 4 per cent and 8.30 per cent on FDs.
IDFC First Bank: IDFC Fist bank offers interest rates between 3.50 per cent and 7.50 per cent on fixed deposits for general customers. On the other hand, for senior citizens the bank offers interest rates of 4 to 8 per cent on FDs.
Canara Bank: Canara Bank FDs come with interest rates between 4 per cent and 7.25 per cent for general investors. The senior citizens get marginally higher interest rate of 4 per cent to 7.75 per cent on FDs.
Punjab National Bank: The public sector lender offers interest rates from 3.50 per cent to 7.25 per cent on fixed deposits for general customers while senior citizens get returns between 4 per cent and 7.75 per cent.
Bank of Baroda: The interest rate of Bank of Baroda on FDs ranges from 3 per cent to 7.25 per cent for general customers. The customers above the age of 60 years get an interest rate between 3.5 per cent and 7.55 per cent.
Kotak Mahindra Bank: While general citizens get an interest rate of 2.75 per cent to 7.25 per cent on fixed deposits, senior citizens get something between 3.25 per cent and 7.75 per cent.
Axis Bank: Axis Bank offers interest rate of 3.5 per cent to 7.1 per cent for all customers except senior citizens. The interest rate on FDs for senior citizens ranges between 3.5 per cent and 7.85 per cent.
HDFC Bank: HDFC bank FDs come with an interest rate of 3 per cent to 7.25 per cent for different tenures. On the other hand senior citizens get interest rates between 3.5 per cent and 7.75 per cent.
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