These banks provide highest Fixed Deposit (FD) rates up to 8.5% in India

Fixed Deposit Interest Rates in India: FD rates have been recently hiked by several banks including State Bank of India, Punjab National Bank, HDFC, and ICICI.

There are at least six banks that provide FD rates over 8 per cent on several terms. Representational Image: Pixabay

Fixed Deposit Interest Rates in India: FD rates have been recently hiked by several banks including State Bank of India, Punjab National Bank, HDFC, and ICICI. The SBI had increased deposit rates by 30 basis points, just ahead of the key rate hike by the Reserve Bank of India (RBI) in the beginning of this month. Days after the announcements by the RBI, banks like HDFC and ICICI also announced to increase the rates. At present interest rate for a one-year FD in SBI is 6.7%; on corporate FDs are 7% and above. Most of the banks provide FD rates up to 7.5% per cent on several term deposits. There are at least six banks that provide FD rates over 8 per cent on several terms. Take a look:

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IDFC Bank

The IDFC Bank provides 8.00% interest on Fixed Deposits for 731 days; 8.25% on deposits for terms 3-2 years, 5-8 years, and 8-10 years. On tax saving deposits, the interest rate is 8.25%.

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Deutsche Bank

The Deutsche Bank provides 8.25% interest rates to both senior and general citizens on five-year term deposits.

Tenure	< Rs. 1 crore
Tenure	Interest Rate	Interest Rate for Senior Citizens*
7 Days	4	4
8 - 14 Days	4.35	4.35
15 - 29 Days	4.5	4.5
30 Days	5.00	5.00
31 - 45 Days	5.00	5.00
46 - 59 Days	5.25	5.25
60 - 89 Days	5.5	5.50
90 - 99 Days	5.2	5.7
100 Days	6	6.5
101 - 180 Days	5.7	6.2
181 - 270 Days	6.5	7
271 Days - 1 Yr	6.5	6.5
> 1 Yr - 1.5 Yrs	7.75	7.75
> 1.5 Yrs - 2 Yrs	7.75	7.75
> 2 Yrs - 3 Yrs	7.50	7.50
> 3 Yrs - 4 Yrs	7.5	7.50
> 4 Yrs - < 5 Yrs	7.50	7.50
5 Yrs	8.25	8.25

Equitas Small Finance Bank

Equitas Small Finance Bank provides 8.00% interest rate on FDs for 1 year to 18 months term.

Bandhan Bank

Bandhan Bank provides an additional 0.75% interest rate to senior citizens. This means they can over 8% interest on 2-5 years term deposits.

Jana Bank

This new bank is offering one of the highest interest on FDs at 8.5% on deposits for 366 days.

Period	Interest Rate (p.a.)
7 days to 45 days	6.00%
46 days to 60 days	6.50%
61 days to 180 days	7.00%
181 days to 365 days	8.00%
366* days	8.50%
367 days to 3 years	8.25%
More than 3 years up to 5 years	8.00%
More than 5 years up to 10 years	7.00%

AU Small Finance Bank

This bank provides 8.00 interest for 45-60 months term deposits. For the same term, senior citizens get 8.5% interest. There are also some other terms in which senior citizens get interest rates over 8%.

TENURE BUCKETS	Resident / NRE* / NRO Interest Rate (%)	Senior Citizen Interest Rate p.a. (%)
7 Days to 1 Month 15 Days	5.50%	6.00%
1 Month 16 Days to 3 Months	6.75%	7.25%
3 Months 1 Day to 6 Months	6.90%	7.40%
6 Months 1 Day to 12 Months	7.00%	7.50%
12 Months 1 Day to 18 Months	7.55%	8.05%
18 Months 1 Day to 24 Months	7.55%	8.05%
24 Months 1 Day to 36 Months	7.75%	8.25%
36 Months 1 Day to 45 Months	7.30%	7.80%
45 Months 1 Day to 60 Months	8.00%	8.50%
Above 60 Months*	7.25%	7.75%