Which Bank has the Highest Interest Rate for FDs?
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5 min read
Updated on Aug 01, 2023
Are you planning to open an FD account in a bank? Well, that’s a great idea and you can expect to get good returns by investing less. However, even if you are considering the best bank in India, have you tried to know the highest FD rates they are offering? Well, in this piece of writing today, let us talk about the top banks in India that offer the highest FD interest rates.
What’s inside?
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Highest FD Interest Rates of Some of the Best Banks in India
Mentioned herein below are some of the top banks in the country with the FD interest rates they offer.
| Name of Bank | For General Citizens (p.a.) | For Senior Citizens (p.a.) | Tenure |
| State Bank of India FD | 3.00% to 6.75% | 3.50% to 7.25% | 7 days to 10 years |
| HDFC Bank FD | 3.00% to 7.00% | 3.50% to 7.50% | 7 days to 10 years |
| ICICI Bank FD | 3.00% to 7.00% | 3.50% to 7.50% | 7 days to 10 years |
| IDBI Bank FD | 3.00% to 6.25% | 3.50% to 7.00% | 7 days to 10 years |
| Kotak Mahindra Bank FD | 2.75% to 7.00% | 3.25% to 7.50% | 7 days to 10 years |
| RBL Bank FD | 3.25% to 7.25% | 3.75% to 7.75% | 7 days to 10 years |
| KVB Bank FD | 4.00% to 7.25% | 5.90% to 7.65% | 7 days to 10 years |
| Punjab National Bank FD | 3.50% to 7.25% | 4.00% to 7.75% | 7 days to 10 years |
| Canara Bank FD | 3.25% to 7.00% | 3.25% to 7.50% | 7 days to 10 years |
| Axis Bank FD | 3.50% to 6.50% | 3.50% to 7.25% | 7 days to 10 years |
| Bank of Baroda FD | 3.00% to 5.65% | 3.50% to 6.65% | 7 days to 10 years |
| IDFC First Bank FD | 3.50% to 7.25% | 4.00% to 7.75% | 7 days to 10 years |
Also Read: 1 crore FD interest per month
Other Popular Banks in India that Offer FD Rates below INR 2 Crore
The best FD rates in India that are offered by other top banks are mentioned herein below.
| Name of Bank | For General Citizens (p.a.) | For Senior Citizens (p.a.) | Tenure |
| Yes Bank FD | 3.25% to 7.00% | 3.75% to 7.50% | 7 days to 10 years |
| IndusInd Bank FD | 3.50% to 7.00% | 4.25% to 7.50% | 7 days to 10 years |
| UCO Bank FD | 2.90% to 6.50% | 3.15% to 7.00% | 7 days to 10 years |
| Central Bank of India FD | 3.00% to 6.15% | Bank has to be contacted | 7 days to 10 years |
| Indian Bank FD | 2.80% to 6.50% | 2.80% to 7.00% | 7 days to 10 years |
| Indian Overseas Bank FD | 3.75% to 6.50% | 4.25% to 7.00% | 7 days to 10 years |
| Bandhan Bank FD | 3.00% to 7.50% | 3.75% to 8.00% | 7 days to 10 years |
| DBS Bank FD | 2.50% to 6.50% | Bank has to be contacted | 7 days to 10 years |
| HSBC Bank FD | 2.50% to 6.00% | 3.00% to 6.50% | 7 days to 10 years |
| Duetsche Bank FD | 3.00% to 7.25% | 3.00% to 7.25% | 7 days to 10 years |
| SBM Bank FD | 4.25% to 7.70% | Bank has to be contacted | 7 days to 10 years |
Also Read: How to close FD in SBI online
So, these are the banks in the country with the highest interest rates on FD. If you are still wondering which bank is best in India; there are several choices. It depends upon you whether you want to choose a public sector or a private sector bank.
Senior citizens, who fall in the age range of 60-80 years earn the highest FD rates in banks. The FD rates for them can go up to 9.26% p.a. The tenure can be between 1 year and 10 years. Over the regular fixed deposit rates, senior citizens are offered a fixed deposit interest rate of 50-80 bps. There are in fact special FD schemes for senior citizens, and the banks offer them an extra 20-30 bps interest rates. For super senior citizens who are 80 years old and above, preferential interest rates are offered.
Also Read: Comparison Of New Income Tax Regime With Old Tax Regime
How many types of fixed deposits are there?
There are several types of fixed deposits that you may come across. A few of them are
- Normal Fixed Deposits
- NRI Fixed Deposits
- Cumulative and Non-Cumulative Fixed Deposits
- Senior Citizens Fixed Deposits
- Tax Saving Fixed Deposits
- Flexi Fixed Deposits.
What are the features of a fixed deposit account?
The various features of a fixed deposit account include:
- It is low risk; therefore, there is no chance that you can lose your money
- You will be able to earn interest over a period
- There is no cap even on the maximum deposit
- Tenures for up to 10 years are flexible
- Senior citizens can avail of additional rates.
Read More: ULIP vs. ELSS – which is a better investment option in 2023?
Who can invest in FDs?
Entities that can invest in FDs are
- Indian resident
- Minors
- Senior citizens
- NRIs
- Sole proprietorship
- Companies
- Partnership firms
- Societies or clubs
- Individuals or joint investors.
What are the documents needed for opening an FD account?
Opening an FD account is no big deal. However, you would need some documents to open an FD account in a bank. The documents you need to submit are a PAN card, Voter ID, driving license, Aadhaar card, photo ration card, senior citizen ID card, utility bills, Post-office issued identification card or certificate, bank statement with cheque, etc.
Fixed deposit may be an old-fashioned way of saving money and keeping it secure, but due to lower risk, it is one of the best options for senior citizens. They can keep their money safe and secure till they need it next while earning interest on it.
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Fixed Deposit or FD is a simple investment instrument where the depositor keeps a fixed amount of money for a fixed period with a banking or non-banking financial institution. In return, the institution pays interest on the money. One of the biggest benefits of FD is the safety of the money. The fund in your FD is not linked to markets and therefore there is no risk of suffering a loss. Despite having lesser gains, investing in FD is a good idea if you just wish to keep the money invested at minimum risk. The interest earned negates the effects of inflation and you can even take a loan on your FD. While the minimum age to open an FD account is 18 years independently, even minors can open an account through their natural or legal guardian. Yes, your FD can be liquidated; however, it will attract a penalty after which the rest of the earned interest along with the principle would be given to you.FAQs: Which Bank has the Highest Interest Rate for FDs
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