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Fixed Deposit

Fixed Deposit Interest Rates Comparison in india

Bank FD Rate of Interest Senior Citizen FD Rates
SBI Fixed Deposit 2.90% - 5.40% 3.40% - 6.20%
HDFC Bank Fixed Deposit 2.75% - 5.50% 3.25% - 6.00%
ICICI Bank Fixed Deposit 3.25% - 5.75% 3.75% - 6.25%
Axis Bank 3.25% - 5.80% 3.25% - 6.45%
ICICI Home Finance 6.85% - 7.10% 7.10% - 7.35%
Kotak Bank 3.00% - 5.40% 3.50% - 5.90%
IDFC First Bank 4.00% - 7.25% 4.50% - 7.75%
Bank of Baroda 2.90% - 5.30% 3.40% - 5.80%
Citibank 2.75% - 4.00% 3.25% - 4.50%
IDBI Bank 3.00% - 5.80% 3.50% - 6.40%
Indian Bank 3.05% - 5.50% 3.55% - 6.00%
Indian Overseas Bank 4.50% - 5.70% 5.25% - 6.45%
OBC 3.25% - 5.50% 3.75% - 6.00%
PNB 3.25% - 5.50% 3.75% - 6.00%
HDFC 6.88% - 6.88% 7.13% - 7.13%
PNB Housing Finance 7.20% - 7.75% 7.45% - 8.00%
Allahabad Bank 3.05% - 5.50% 3.55% - 6.00%
Andhra Bank 4.00% - 5.90% 4.50% - 6.40%
Bank of India 3.50% - 5.65% 4.00% - 6.15%
Bank of Maharashtra 3.00% - 5.25% 3.50% - 5.75%
Canara Bank 3.50% - 5.50% 3.50% - 6.00%
Central Bank of India 3.40% - 5.35% 3.90% - 5.85%
Punjab and Sind Bank 3.50% - 5.55% 4.00% - 6.05%
UCO Bank 3.65% - 5.50% 3.90% - 6.00%
Union Bank of India 4.00% - 5.90% 4.50% - 6.40%
United Bank of India 3.25% - 5.50% 3.75% - 6.00%
ESAF Small Finance Bank 5.00% - 7.50% 5.50% - 8.00%
IndusInd Bank 4.00% - 7.00% 4.50% - 7.50%
RBL Bank 5.00% - 7.50% 5.50% - 8.00%
DCB Bank 5.00% - 7.35% 5.50% - 7.85%
HSBC Bank 2.25% - 4.00% 2.75% - 5.25%
South Indian Bank 3.75% - 6.15% 4.25% - 6.65%
Bandhan Bank 3.25% - 6.25% 4.00% - 9.85%
Lakshmi Vilas Bank 4.00% - 6.75% 4.00% - 7.25%
Equitas Small Finance Bank 3.60% - 7.35% 4.20% - 7.95%
Jana Small Finance Bank 5.00% - 8.60% 5.60% - 9.20%
Karnataka Bank 3.50% - 5.75% 4.00% - 6.25%
DBS Bank 3.45% - 5.50% 3.45% - 5.50%
DHFL 8.50% - 9.25% 9.00% - 9.75%
Jammu And Kashmir Bank 3.50% - 5.70% 4.00% - 6.20%
Ujjivan Small Finance Bank 3.50% - 6.95% 4.00% - 7.45%
Fincare Small Finance Bank 4.00% - 7.75% 4.50% - 8.25%
Karur Vysya Bank 3.50% - 6.00% 3.50% - 6.50%
Syndicate Bank 3.50% - 5.50% 3.50% - 6.00%
Yes Bank 5.00% - 7.25% 5.50% - 7.75%
Dhan Laxmi Bank 3.50% - 6.25% 4.00% - 6.75%
Bajaj Finance 7.40% - 7.60% 7.65% - 7.85%
Standard Chartered Bank 4.25% - 6.30% 4.25% - 6.30%
Federal Bank 3.50% - 6.10% 4.00% - 6.60%
AU Small Finance Bank 4.00% - 7.25% 4.50% - 7.75%
LIC Housing Finance 7.50% - 7.60% 7.75% - 7.85%
Corporation Bank 4.00% - 5.90% 4.50% - 6.40%

Among banks, RBL Bank offers the highest FD rate of 7.50% for deposits with a tenure of 3 years. FD rates of banks are determined by changes in RBI monetary policy such as repo rate, base rate etc, internal liquidity position of banks, economic conditions and the level of credit demand. FD interest rates of different banks in India vary by deposit amount, deposit tenure and type of depositor.
If you compare fixed deposit rates of small finance banks as per the latest FD rates, Jana Small Finance Bank offers the best FD rate of 9.20% for deposits with a tenure of 1 Year 1 Day to 2 Years . Fixed Deposits of Small Finance Banks are a good choice for depositors looking to earn high interest rate on safe time deposits.

Highest FD Interest Rates

FD Rates Highest FD Rate Banks with highest FD rate
1 year FD 8.50% Jana Small Finance Bank
5 year FD 8.00% Jana Small Finance Bank


The top bank for 1 year FD is Jana Small Finance Bank as it offers highest interest rate of 8.50% on regular term deposits. For 5 year FD, Jana Small Finance Bank should be your top choice as it’s rate of interest is maximum at 8.00%.

Best FD Interest Rates in India

  • 1 year FD rates range from 4.75% to 8.50%. Jana Small Finance Bank has the highest interest rate of 8.50% for a one year fixed deposit.
  • 2 year FD rates range from 4.90% to 8.60%. Jana Small Finance Bank has the highest interest rate of 8.60% for 2 year fixed deposit.
  • 3 year FD rates range from 4.90% to 8.50%. Jana Small Finance Bank has the best rate of 8.50% for 3 year fixed deposit.
  • 5 year FD rates: Range from 4.50% to 8.00%. Jana Small Finance Bank has the best rate of 8.00% for 5 year fixed deposit.

Deposit Insurance

Bank FDs are completely safe as retail deposits of up to Rs 5 lakh are covered by a guarantee by government through DICGC. Full form of DICGC is Deposit Insurance and Credit Guarantee Corporation which provides a guarantee known as DICGC guarantee on deposits of up to 5 lakh. The insurance limit on FDs have been increased in the latest Budget 2020 and is expected to reduce the risk of small depositors.

It is important to understand the deposit insurance is available for banks and Small Finance Banks. However, deposit insurance is not applicable to NBFCs and HFCs. In the case of NBFCs and HFCs, it is advisable to invest in AAA rated or highly rated FDs only to reduce the risk on your savings.

Factors that affect FD Rates

Bank FD interest rates varies by the amount deposited, tenure of deposit, and type of depositor.

  • Deposit Amount: Banks offer lower interest rate on bulk deposits of more than Rs 1 crore and high interest rate on deposits of less than Rs 1 crore.
  • Deposit Tenure: Banks offer lower rate of interest on deposits with a shorter tenure. Based on current rates, the highest rate on FDs with a tenure of less than 1 year is 8.60% and highest FD interest rates on the tenure of 10 years is 7.25%
  • Depositor Type: All banks in India offer higher interest on senior citizens FDs. Currently, the interest rate on senior citizens FDs ranges from 2.75% to 9.85% depending on the deposit amount and deposit tenure.

Premature Withdrawal of Fixed Deposit

Very often depositors face a situation where they need urgent funds and may want to withdraw their fixed deposits before maturity. In common language this is knows as breaking a FD. Banks usually levy a penalty at the time of premature withdrawal of FD either by paying lower interest rate on the deposit amount or deducting a penalty amount from the FD.
However, some banks including Yes Bank and Bank of Maharashtra waive off interest penalty on FD if the liquidation is due to some emergency. Some banks also offer the option of partial withdrawal from the fixed deposit account with some penalty.

Term Deposit

Fixed Deposits are also known as ‘term deposits’ or ‘time deposits’. Term deposits are considered safest investment option compared to other savings instruments. duration of a fixed deposit may vary from 7 days to 10 years. The rate of interest on these deposits is based on the tenure and bank’s interest rates policies. Key features are:

  • FD can be opened by all residents, including minors and HUFs.
  • Depositor can choose two nominees in application form eligible to receive the FD amount after the death of the holder by submitting a valid death proof.
  • Typically, banks do not allow premature withdrawal of term deposits. Premature withdrawals from FD are allowed in emergencies by paying the penalty.
  • Banks also offer Sweep-in facility on term deposits, which allows the depositor to interlink their savings bank account to a fixed deposit account. This unique facility on FD facilitates the automatic transfer of surplus funds from savings account to FD account, thus allowing you to earn FD rates on your savings with an option to break the FD anytime and use the amount for your expenses.
  • You can also avail of loans against FD to meet any financial emergency. In loan against FD, your deposit is the security for the loan. Depending upon the bank, you would get a loan on your FD up to the extent of 75-95% of the FD amount, which varies from one lender to another. Rate of interest on FD loans are 1%-1.5% higher than your FD rate

Fixed Deposit Interest Rates for Senior Citizens

Highest FD rate for Senior Citizens is currently at 9.85% offered by Bandhan Bank for 36 Months to 3 Years to 4 Years 364 Days . Interest offered on senior citizen FDs is slightly higher than what is offered to other individuals. Senior citizens are required to submit their age proof to avail the benefits and be eligible for senior citizen FDs.  

  • Age of senior citizen should be 60 or more on the date of investment.
  • Tenure on senior citizens FD is between 7 days to 10 years in most of the banks.
  • Senior citizens FDs earn 0.25% to 0.75% higher interest compared to regular deposit rates.
  • Loans against FDs are available on senior citizen FD.
  • Penalties are applicable in case of premature withdrawal of FDs of senior citizens as applicable to other regular accounts.

FD Interest Rates Calculator

Using the FD calculator, you can find out the total interest you will earn at the end of tenure.

The formula for calculating fixed deposit interest rates is shown below
A = P * (1+ r/n) ^ n*t
I = A – P
A = Maturity value
P = Principal amount
r = rate of interest
t = Number of years
n = Compounded interest frequency
I = Interest earned amount

Tax on Fixed Deposit

Interest on FD is taxed at applicable tax rate to the depositor. Interest on FD’s is taxable on accrual basis which means that even if the depositor will get FD maturity amount and interest at the time of FD maturity, he will pay tax on accrued interest on FD every year.

Revised TDS rates on FD 2020

In case the interest earned by you on fixed deposits with all branches of a bank in a year exceeds Rs. 40,000, your interest income was subject to 10% tax deduction at source (TDS). However from 14th May 2020 onwards, it has been revised to 7.5%. Remember to quote your IT PAN when opening the term deposit, otherwise the bank deduct TDS at twice the applicable rate. Also, you can claim credit for TDS exemption on FD only if your PAN is recorded with the bank.

Tax saving FD

Tax savings Fixed Deposit is a special type of deposit which allows the depositor to claim deduction of up to Rs 1,50,000 on interest earned of FD under Section 80C of Income Tax Act. Tax saving FDs are also called tax free FDs and allows depositors to claim a tax exemption of upto Rs 1.5 lakh. Remember that premature withdrawal of tax saving FD is not allowed as they have a minimum lock-in-period of 5 years

Tax Savings Fixed Deposit Interest Rates

Tax Saving FD Minimum deposit Tax Saving
SBI Tax Savings Scheme Rs. 1,000 5.40%
HDFC Bank 5 Year Tax Saving Fixed Deposit Rs. 100 5.50%
Axis Bank Tax Saver Fixed Deposit Rs. 100 5.80%
Kotak Bank Tax Saving Fixed Deposit Rs. 100 5.40%
ICCI Bank Tax Saving Fixed Deposit Rs. 10,000 5.75%
Citibank Tax Saver Deposits Rs. 1,000 4.00%
Bank of Baroda Tax Savings Term Deposit N.A 5.30%
Corporation Bank Tax Saver Plus Deposit Scheme Rs. 100 5.90%
PNB Tax Saver Fixed Deposit Scheme Rs. 100 5.50%
RBL Bank Tax Savings Fixed Deposits N.A 7.50%
Central Bank of India Tax Saving Deposit Rs. 100 5.35%
Syndicate Bank SyndTaxShield Deposit Rs. 100 5.50%
IDBI Bank Suvidha Tax Saving Fixed Deposit N.A 5.80%

Flexi Deposit

Flexi deposit allows the depositor to link its fixed deposit account to a savings bank account and allows his surplus savings to move in and out of the linked FD account as per his funds requirements. This facility, known as Auto Sweep facility allows a depositor to earn higher interest rates on surplus amount in his savings account along with retaining the flexibility of withdrawing money from the account when required.

Auto Sweep Facility

  • A sweep-in facility facilitates automatic transfer of surplus funds from your savings deposit account into your fixed deposit account
  • This facility allows you to earn a higher rate of interest on your deposited money, which is generally higher than a regular savings account, while it varies from bank to bank. Still, in most of the cases, you earn a 1 year FD rate when your money is swept from Savings Account to FD Account. Currently, 1 year FD interest rates are 5.10% to 8.60%
  • With a sweep-in-facility, you may also interlink multiple deposits to your Savings Bank Account
  • You can withdraw the amount from your fixed deposit in case of any emergency without breaking complete FD or levying any penalty
  • Banks do not levy any additional fees on this facility unlike overdraft facility

Best Fixed Deposit Investment Tips

  • Carefully evaluate and compare factors such as maturity, interest, penalty for breaking FD before maturity.
  • If you expect the interest rates to go up soon, opt for a shorter tenure FD to keep your options open of investing when interest rates go up. If you expect the interest rates to go down soon, you can decide to opt for a longer tenure FD with a high-interest rate.
  • Before parking your surplus amount into a fixed deposit account, depositors should also check and compare the tenure wise interest rate offered. In some cases, banks offer a higher rate of interest on FD held for a shorter tenure than on the FD kept for a longer time period. Similarly, higher interest rates don't have to correspond with longer tenure. Banks may offer a higher interest rate on some select tenure to manage their internal liquidity position.
  • Lastly, carefully plan all your expenses and create a FD only for an amount that you believe you will not require for a minimum period. Suppose, if you have surplus money Rs. 100,000 but you have a home loan repayment of Rs. 50,000 scheduled after two months. In this case, you should deposit Rs. 50,000 in a short-term FD of less than 2 months and the remaining Rs. 50,000 in to a long tenure FD.

Fixed Deposit during Coronavirus

RBI has announced a repo rate cut of 40 bps in response to coronavirus lockdown. In response to this rate cut, banks may reduce FD rates in the near future which could adversely impact the interests of fixed depositors.

Frequently Asked Questions on Term Deposit

What is the minimum amount for Fixed Deposit?

You can deposit a minimum amount of Rs. 1,000 in FD account but there is no upper cap on deposit amount.

Which is highest interest rate on fixed deposit?

The highest interest rate on fixed deposits in the market is offered by Jana Small Finance Bank at 8.60% for regular FD and 9.20% for senior citizens.

Can I get monthly interest on FD?

Yes, you can get monthly interest on FD if you choose monthly interest payout option. In Fixed Deposit, you earn interest on the principal amount, which can be calculated monthly, quarterly, half yearly or annually.

Can I withdraw FD online?

Yes, you can withdraw FD amount online before FD maturity but bank may levy a penalty by paying lower interest rate or charging a penalty for premature withdrawal.

In how many years FD will double?

The tenure within which the sum invested in FD will double depends directly on these factors; the rate of interest, amount invested, and the tenure of the deposit.

Who are eligible to invest in FD schemes?

The following are eligible to invest in FD schemes- Resident Individuals, HUFs, NRIs, Firms, and Charitable Trusts, while others can apply for the scheme by submitting an offline application.

What are the documents required for opening FD?

The following documents are required for opening a Bank FD Account

  • Identity proof
  • Address proof
  • Signature proof
  • Age proof (for senior citizens)

What is the interest rate on a Bank FD for senior citizens?

Senior citizens get higher rates between 0.25 and 0.75 percent on their FD.

Is FD a good investment?

Choosing FD is a good decision if you are looking to earn a competitive rate of interest without taking any risk. It is one of the safest investment options available in the market.

What is the difference between RD or FD?

Recurring Deposit (RD) lets you deposit a certain amount each month in the account to earn interest on the invested sum for a specified tenure on a predetermined rate of interest. Whereas, Fixed Deposit (FD) is created by investing a lumpsum amount for a specified tenure on a predetermined rate of interest.


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