As interest rates fluctuate, choosing the right fixed deposit (FD) can be a challenging yet crucial decision for investors seeking stable and secure returns. Fixed deposits remain a popular investment choice due to their predictable returns, deposit insurance, and the variety of options available across different banks. Understanding the best FD rates offered by various banks can help you maximize your investment returns.
Fixed Deposit Rates Chart
Private Sector Banks
| S. No. | Bank Name | Time Period | General | Senior Citizens |
|---|---|---|---|---|
| 1 | Axis Bank | 17 months to less than 18 months | 7.20% | 7.85% |
| 2 | Bandhan Bank | 1 year 4 months 13 days | 7.85% | 8.35% |
| 3 | City Union Bank | 400 days | 7.00% | 7.50% |
| 4 | CSB Bank | 1 year 1 month 6 days | 7.80% | 7.80% |
| 5 | DBS Bank | 376 days to 540 days | 7.50% | 8.00% |
| 6 | DCB Bank | 25 months to 26 months | 8.05% | 8.55% |
| 7 | Federal Bank | 500 days | 7.50% | 8.00% |
| 8 | HDFC Bank | 18 months to < 21 months | 7.25% | 7.75% |
| 9 | ICICI Bank | 18 months to 2 years | 7.20% | 7.75% |
| 10 | IDFC First Bank | 500 days | 7.90% | 8.40% |
| 11 | IndusInd Bank | 1 Year 7 Months up to 2 Years | 7.65% | 8.25% |
| 12 | Jammu & Kashmir Bank | 1 Year to less than 2 years | 7.10% | 7.60% |
| 13 | Karur Vysya Bank | 7 days to 6 years | 7.50% | 8.00% |
| 14 | Kotak Mahindra Bank | 391 Days – Less than 23 Months | 7.61% | 8.14% |
| 15 | Nainital Bank | 1 year 1 month 5 days | 7.05% | 7.55% |
| 16 | RBL Bank | 18 months to 24 months | 8.10% | 8.60% |
| 17 | SBM Bank India | 3 years 2 days | 8.25% | 8.75% |
| 18 | South Indian Bank | 500 days | 7.20% | 7.20% |
| 19 | Tamilnad Mercantile Bank | 444 days | 7.75% | 8.25% |
| 20 | Yes Bank | 1 year 1 day to less than 18 months | 7.58% | – |
Public Sector Banks
| S. No. | Bank Name | Time Period | General | Senior Citizens |
|---|---|---|---|---|
| 1 | Bank of Baroda | Above 2 Years and up to 3 Years | 7.25% | 7.75% |
| 2 | Bank of India | 2 Years | 6.75% | 7.25% |
| 3 | Bank of Maharashtra | 365 days / 1 year | 6.50% | 7.00% |
| 4 | Canara Bank | 444 days | 7.25% | 7.75% |
| 5 | Central Bank of India | 1 yr to less than 2 yrs | 6.85% | 7.56% |
| 6 | Indian Bank | 2 years to less than 3 years | 6.70% | 7.20% |
| 7 | Indian Overseas Bank | 1 year 2 months 17 days | 6.90% | 7.40% |
| 8 | Punjab National Bank | 400 Days | 7.25% | 7.75% |
| 9 | Punjab and Sind Bank | 444 days | 7.25% | 7.75% |
| 10 | State Bank of India | 400 days | 7.10% | 7.60% |
| 11 | Union Bank of India | 399 days | 7.25% | 7.75% |
Foreign Banks
| S. No. | Bank Name | Time Period | General | Senior Citizens |
|---|---|---|---|---|
| 1 | Citi Bank | For 4 years | 7.10% | 7.60% |
| 2 | HSBC India Limited | 732 days to less than 36 months | 7.25% | 7.75% |
| 3 | The Deutsche Bank | Above 2 years to 3 years | 8.00% | 8.00% |
| 4 | DBS Financial | 1 year 1 month 6 days | 7.75% | 7.75% |
| 5 | Standard Chartered Bank | 2 years < 3 years | 7.50% | 8.00% |
Features and Benefits of Fixed Deposits
Fixed deposits (FDs) offer a range of features that cater to diverse investor needs:
Features:
- Minimum Deposit: As low as Rs 100, varying by institution.
- Tenure Flexibility: Ranges from 7 days up to 10 years.
- Interest Rate Stability: Generally fixed throughout the FD’s term, though some banks offer schemes with rates tied to external benchmarks.
- Interest Payout Choices: Options include monthly to yearly payouts or a cumulative option for compounding benefits.
- Early Withdrawal: Available with penalty charges.
- Loan Collateral: FDs can be used as collateral for loans, continuing to accrue interest.
Benefits:
- Secured Investment and Predictable Returns: FDs are one of the most secure investment options, offering predictable returns.
- Deposit Insurance: Up to Rs 5 lakh through DICGC.
- Tax Deduction: Up to Rs 1.5 lakh under Section 80C for tax-saving FDs.
- Collateral for Loans: FDs can serve as collateral for loans or secured credit cards.
Conclusion
Choosing the right fixed deposit is essential for maximizing your investment returns. With interest rates and bank offerings varying widely, it’s crucial to compare options carefully. The above tables provide a comprehensive comparison of the highest interest rates offered by private, public, and foreign banks, helping you make an informed decision. Remember, investing in FDs not only ensures the safety of your funds but also offers predictable returns and potential tax benefits. Stay updated with the latest rates and choose the best FD that aligns with your financial goals.
What is the maximum rates for Sr.Citizen Male above 85yrs with tenure. How much is penalty in case of premature encashment.
I am existing customer