4 min read
Updated on Sep 11, 2023
Fixed Deposits or FDs are lifelines for a majority of the Indian population, in terms of their future savings and investments. Here’s taking a closer look at the best FD rates in India currently.
If you are looking for the best interest rates in India, you should know that fixed deposits are completely safe and secure options. FDs have always been favoured by a majority of Indian citizens since they are not subject to market volatility or fluctuations, while ensuring seamless accumulation of savings simultaneously. You can invest in FDs as per your selected duration and get a fixed rate of interest. You can either accumulate the interest and withdraw the entire sum at maturity, or get interest payouts regularly.
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While the best fixed deposit rates have come down in recent years (parallel to the reduction in home loan interest rates), here are still some of the very best fixed deposits in India that you can check out for earning secure income on your investment:
|Name of the Financial Institution||Regular Interest Rate||Interest Rate for Senior Citizens|
|ICICI Bank||2.50% to 4.40%||2.50% to 4.40%|
|SBI||2.90% to 5.40%||3.40% to 6.20%|
|Punjab National Bank||2.90% to 5.25%||3.50% to 5.75%|
|Canara Bank||2.90% to 5.25%||2.90% to 5.75%|
|Bank of Baroda||2.80% to 5.25%||3.30% to 5.75%|
|HDFC Bank||2.50% to 5.50%||3.00% to 6.25%|
|Punjab and Sind Bank||3.00% to 5.30%||3.50% to 5.60%|
|Axis Bank||2.50% to 5.75%||2.50% to 6.50%|
|IDFC Bank||2.75% to 5.75%||3.25% to 6.25%|
|Bank of India||2.85% to 5.05%||3.35% to 5.55%|
|UCO Bank||2.75% to 5.00%||3.00% to 5.50%|
|IndusInd Bank||2.50% to 6.00%||3.00% to 6.50%|
|Yes Bank||3.25% to 6.50%||3.75% to 7.25%|
|Indian Overseas Bank||3.40% to 5.25%||4.15% to 6.00%|
|Central Bank of India||2.75% to 5.00%||3.25% to 5.5%|
|HSBC Bank||2.25% to 4.00%||2.75% to 4.50%|
|Indian Bank||2.90% to 5.15%||3.40% to 5.65%|
|DBS Bank||2.75% to 5.50%||Up to 5.50%|
|SBM Bank||2.50% to 6.00%||3.00% to 6.50%|
|Bandhan Bank||3.00% to 5.00%||3.75% to 5.75%|
|Deutsche Bank||1.80% to 6.25%||1.80% to 6.25%|
While you check out the best FD returns in India, remember that they are subject to periodic changes. Hence, stay updated by visiting the websites of the respective banks and financial institutions.
Now that you have an idea of the best FD rates in India, you can compare between banks and then choose the best possible option for your needs. Remember to invest as per your future goals. Do not keep a high amount locked in an FD when you do not have any surplus funds in hand for exigencies. At the same time, do not put all your eggs in one basket. While FDs, since they are secure investments, should naturally make up a major part of your investment portfolio, they should be accompanied by other investment types with varying levels of risks.
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