Fixed Deposit Rates Chart of All Banks April 2024 | Choose wisely and Increase your Interest Income

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The Reserve Bank of India (RBI) recently announced its decision to maintain the policy rate unchanged, marking the seventh consecutive time it has done so. This pause comes after a series of rate hikes totaling 250 basis points since May 2022, with the last increase occurring in April 2023




Impact on Fixed Deposit Rates

Fixed deposit (FD) interest rates are directly influenced by factors such as the RBI’s policies, particularly the repo rate. With the central bank opting for stability, it’s anticipated that FD interest rates will remain steady.

This stability holds significant advantages for FD investors, particularly those seeking reliable income streams, such as retirees and conservative investors prioritizing capital preservation and regular earnings.

Investor Strategy Going Forward

According to experts, the RBI may consider adjusting interest rates towards the end of this year, depending on inflation and food inflation rates. Therefore, now could be an opportune time to invest in FDs, capitalizing on the current higher interest rates.

Fixed Deposit Rates Chart (Compare and Choose Best for you):

Private Sector Banks

Below Table is having Bank wise, Highest Interest Rates offered by Bank

Interest Rates (per annum)
S. No.Bank NameTime PeriodGeneralSenior Citizens
1Axis bank17 months to less than 18 months7%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 days 7.75%7.75%
5DBS Bank376 days to 540 days7.50%8.00%
6DCB Bank25 months to 26 months8.58%8.60%
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 days8.00%8.50%
11Induslnd Bank1 Year 7 Months upto 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 days 7.05%7.55%
16RBL Bank18 months to 24 months8.10%8.60%
17SBM Bank india3 years 2 days8.258.75
18South Indian Bank500 days7.20%7.20%
19Tamilnad Mercantile Bank444 days7.758.25
20Yes Bank1 year 1 day to less than 18 months7.58

Public Sector Banks:

Below Table is having Bank wise, Highest Interest Rates offered by Bank

Interest Rates (per annum)
S. No.Bank NameTime PeriodGeneralSenior Citizens
1Bank of BarodaAbove 2 Years and upto 3 Years7.25%7.75%
2Bank of India2 Years7.25%6.50%
3Bank of maharashtra365 days/1 year6.50%7%
4Canara Bank444 days7.25%7.75%
5Central Bank of India1 yr to less than 2 yrs6.75%7.25%
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%7.25%
9punjab and Sind Bank444 days7.25%7.75%
10State Bank of India400 days7.10%7.60%
11Union bank of India399 days7.257.75

Foreign Banks:

Below Table is having Bank wise, Highest Interest Rates offered by Bank

Interest Rates (per annum)
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%8%
4DBS Financial1 year 1 month 6 days 7.75%7.75%
5Standerd Chartered Bank2 years<3 years7.50%8%

Features of Fixed Deposits

FDs offer various features catering to diverse investor needs:

  • 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 of Fixed Deposits

Investing in FDs offers numerous benefits:

  1. Most Secured Investment and Predictable Returns.
  2. Deposit Insurance up to Rs 5 lakh through DICGC.
  3. Tax Deduction up to Rs 1.5 lakh under Section 80C for tax-saving FDs.
  4. Can Serve as Collateral for Loans or Secured Credit Cards.




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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

5 thoughts on “Fixed Deposit Rates Chart of All Banks April 2024 | Choose wisely and Increase your Interest Income”

  1. Well written Article giving full information on the subject. It is not Tax deduction but exemption from investment in FD(up to 1.5 lakhs under 80C that to subject to conditions of term, tax regime opted)

    Reply
  2. Best option for senior citizens who have taken numerous risks all thru their lives, and at this stage of life they look for safety rather than returns.

    Reply
  3. Good content. But you avoided NBFC sector which is giving much better returns than Banking sector, especially on FD.

    Reply

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