A FD is a financial instrument offered by banks, NBFCs and corporates. It allows individuals to deposit sums of money for fixed periods of time, like 1 month, 6 months, 1 year, 5 years etc. In general, fixed deposit accounts offer a higher interest rates than savings accounts. Fixed deposits are regarded as safe investments and help people to grow their financial assets without exposing them to volatility and other risks associated with the financial market. Most of the banks offer fixed deposit accounts in India and the interest rates offered with these accounts depend on the tenure of deposit and other factors. The tenure offered with fixed deposits can range from 7 days to 10 years, whereas the interest rate offered can be as high as 9% per annum. Some of banks even offer tax saving fixed deposits that offer tax benefits to customers.
Here are the latest interest rates on fixed deposits offered by banks and NBFCs.
| Fixed Deposit Interest Rates – Deposits Of Rs. 1 Crore Or Less | |||||
| Bank Name | 6 – 12 Months | 1-2 Years | 2-3 Years | 3-5 Years | 5 Years + |
| Public Sector Banks | |||||
| Allahabad Bank | 6.25%- 6.5% | 6.65% | 6.50% | 6.50% | 6.50% |
| Andhra Bank | 6.26%- 6.6% | 6.80% | 6.75%- 6.8% | 6.75% | 6.5%- 6.75% |
| Bank of Baroda | 5.75%-6.5% | 6.7%-6.85% | 6.7%-6.8% | 6.70% | 6.70% |
| Bank of India | 6.25% | 6.65% | 6.70% | 6.50% | 6.35% |
| Bank of Maharashtra | 6.00% | 6.50% | 6.5%-6.6% | 6%-6.6% | 6.00% |
| Canara Bank | 6.35%- 6.4% | 7%- 7.1% | 6.70% | 6.20% | 6.20% |
| Central Bank of India | 6.50% | 6.60% | 6.50% | 6.50% | 6.50% |
| Corporation Bank | 6.0%-6.35% | 6.5%-6.8% | 6.50% | 6.50% | 6.50% |
| Dena Bank | 6.25% | 6.65%- 6.75% | 6.60% | 6.25% | 6.30% |
| IDBI Bank Limited | 6.25% – 6.5% | 7%-7.05% | 7.05% | 6.85% | 6%-6.85% |
| Indian Bank | 6.25% – 6.5% | 6.6% – 6.75% | 6.50% | 6.00% | 6.00% |
| Indian Overseas Bank | 5.75% – 6.25% | 6.60% | 6.75% | 6.80% | 6.80% |
| Oriental Bank of Commerce | 6.35%-6.5% | 6.75% -7% | 6.75% | 6.70% | 6.75% |
| Punjab & Sind Bank | 6.25%-6.4% | 6.75% | 6.6%-6.75% | 6.55% | 6.55% |
| Punjab National Bank | 6.35% | 6.75% – 6.85% | 6.75% | 6.25%-6.75% | 6.25% |
| State Bank of India | 6.35%-6.4% | 6.70% | 6.75% | 6.80% | 6.85% |
| Syndicate Bank | 6.35% | 6.7%-6.8% | 6.6%- 6.75% | 6.60% | 6.50% |
| UCO Bank | 6% – 6.35% | 6.7%- 6.75% | 6.75% | 6.75% | 6.75% |
| Union Bank of India | 6.5%-6.75% | 6.7%-6.75% | 6.70% | 6.7%- 6.85% | 6.85% |
| United Bank of India | 5.00% – 6.00% | 6%-6.25% | 6.00% | 6.00% | 6.00% |
| Vijaya Bank | 6.35% – 6.6% | 6.80% | 6.80% | 6.80% | 6.80% |
| Private Sector Banks | |||||
| Axis Bank Ltd. | 6.75%-7% | 7.25%- 7.30% | 7.25% | 7.25% | 7.00% |
| Bandhan Bank Ltd. | 6.80% | 7.25%- 7.55% | 7.40% | 7.40% | 6.40% |
| Catholic Syrian Bank Ltd. | 6.50% | 6.75% – 7% | 6.75% | 6.50% | 6.50% |
| City Union Bank Ltd. | 6.75%- 7% | 7.35% | 7.35% | 7.35% | 6.7%- 7.35% |
| DCB Bank Ltd. | 7.00% | 7%- 8.05% | 7.5%- 7.6% | 7.75%- 8.05% | 7.25%- 7.75% |
| Dhanlaxmi Bank Ltd. | 6.50% | 7.00% | 6.5%- 7% | 6.50% | 6.50% |
| Federal Bank Ltd. | 6.50% | 6.85%-7.5% | 7.00% | 7.00% | 7.00% |
| HDFC Bank Ltd | 6.25%- 7% | 7.25% | 7.1%- 7.25% | 7.10% | 6%-7.1% |
| ICICI Bank Ltd. | 6% – 6.75% | 6.75%- 7% | 7%- 7.25% | 7.25% | 7%- 7.25% |
| IndusInd Bank Ltd | 6.5% – 7% | 7.4% – 7.65% | 7.25% | 7.00% | 6.75%-7% |
| IDFC Bank Ltd. | 6.75%-7% | 7%-7.5% | 7.5%-8% | 8%- 8.25% | 8.25% |
| Jammu & Kashmir Bank Ltd. | 6.25%- 6.5% | 7.00% | 7.00% | 6.25% | 6.25% |
| Karnataka Bank Ltd. | 6.50% | 7.40% | 6.90% | 6.90% | 6.5% – 6.9% |
| Karur Vysya Bank Ltd. | 6.75%- 6.9% | 7.00% | 7.00% | 7.00% | 7.00% |
| Kotak Mahindra Bank Ltd | 7%- 7.1% | 7.25%-7.3% | 7.25% | 7%- 7.1% | 6.50% |
| Lakshmi Vilas Bank Ltd. | 6.5%-7.3% | 7.6%- 8% | 7.60% | 7.75% | 7.75% |
| Nainital bank Ltd. | 6.25%- 6.45% | 6.8%- 7.1% | 6.4%- 6.8% | 6.30% | 6.30% |
| RBL Bank Ltd. | 7.15%- 7.35% | 8.00% | 8.05% | 7.60% | 7.2%- 7.6% |
| South Indian Bank Ltd. | 6.90% | 6.9%- 7.6% | 7.10% | 7%- 7.1% | 6.5%- 7% |
| Tamilnad Mercantile Bank Ltd. | 6.75%- 7% | 7%- 7.4% | 7.00% | 6.9%- 7.65% | 6.90% |
| YES Bank Ltd. | 7%- 7.1% | 7.25%-7.85% | 7.25% | 7.25%-7.5% | 7.25% |
| NBFCs* | |||||
| Mahindra Finance | NA | 8.10%- 8.35% | 8.5%- 9% | 8.80%- 9% | 8.80% |
| Shriram Transport Finance | NA | 7.95% | 8.19% | 8.65% | 8.88% |
| Bajaj Finance | NA | 8%- 8.05% | 8.15% | 8.75% | 8.75% |
| PNB HFL | NA | 8.30% | 8.30% | 8.40% | 8.45% |
| LIC HFL | NA | 8.15% | 8.20% | 8.25% | 8.30% |
| DHFL | NA | 8.15%- 8.3% | 8.40% | 8.7%- 8.75% | 8.70% |
| Note: Data taken from respective bank’s website as on 8 Nov 2018 | |||||
| * Max loan tenure considered up to 5 years |
