All Banks Fixed deposit (FD) rates from June 2024: Increase your Interest income

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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 NameTime PeriodGeneralSenior Citizens
1Axis Bank17 months to less than 18 months7.20%7.85%
2Bandhan Bank1 year 4 months 13 days7.85%8.35%
3City Union Bank400 days7.00%7.50%
4CSB Bank1 year 1 month 6 days7.80%7.80%
5DBS Bank376 days to 540 days7.50%8.00%
6DCB Bank25 months to 26 months8.05%8.55%
7Federal Bank500 days7.50%8.00%
8HDFC Bank18 months to < 21 months7.25%7.75%
9ICICI Bank18 months to 2 years7.20%7.75%
10IDFC First Bank500 days7.90%8.40%
11IndusInd Bank1 Year 7 Months up to 2 Years7.65%8.25%
12Jammu & Kashmir Bank1 Year to less than 2 years7.10%7.60%
13Karur Vysya Bank7 days to 6 years7.50%8.00%
14Kotak Mahindra Bank391 Days – Less than 23 Months7.61%8.14%
15Nainital Bank1 year 1 month 5 days7.05%7.55%
16RBL Bank18 months to 24 months8.10%8.60%
17SBM Bank India3 years 2 days8.25%8.75%
18South Indian Bank500 days7.20%7.20%
19Tamilnad Mercantile Bank444 days7.75%8.25%
20Yes Bank1 year 1 day to less than 18 months7.58%

Public Sector Banks

S. No.Bank NameTime PeriodGeneralSenior Citizens
1Bank of BarodaAbove 2 Years and up to 3 Years7.25%7.75%
2Bank of India2 Years6.75%7.25%
3Bank of Maharashtra365 days / 1 year6.50%7.00%
4Canara Bank444 days7.25%7.75%
5Central Bank of India1 yr to less than 2 yrs6.85%7.56%
6Indian Bank2 years to less than 3 years6.70%7.20%
7Indian Overseas Bank1 year 2 months 17 days6.90%7.40%
8Punjab National Bank400 Days7.25%7.75%
9Punjab and Sind Bank444 days7.25%7.75%
10State Bank of India400 days7.10%7.60%
11Union Bank of India399 days7.25%7.75%

Foreign Banks

S. No.Bank NameTime PeriodGeneralSenior Citizens
1Citi BankFor 4 years7.10%7.60%
2HSBC India Limited732 days to less than 36 months7.25%7.75%
3The Deutsche BankAbove 2 years to 3 years8.00%8.00%
4DBS Financial1 year 1 month 6 days7.75%7.75%
5Standard Chartered Bank2 years < 3 years7.50%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.

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Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

1 thought on “All Banks Fixed deposit (FD) rates from June 2024: Increase your Interest income”

  1. 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

    Reply

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