Fixed deposits remain one of the most preferred investment products in India, largely due to low risk and guaranteed returns. Thus, those with idle cash in their bank accounts can invest in fixed deposit schemes and earn higher interest (up to 8%, approximately) as compared to what is offered by most of the savings accounts. Here we have listed the best FD interest rates offered by top banks as well as non-banking financial companies.
Best Fixed Deposit Interest Rates – January 2021
Commercial Banks
| Bank Name | FD Interest Rates | Deposit Tenure | |
| Regular Customers | Senior Citizens | ||
| SBM Bank | 7.70% | 8.30% | Above 2 years – 3 years |
| IndusInd Bank | 7.00% | 7.50% | 1 year to less than 3 years |
| DCB Bank | 6.95% | 7.45% | 36 months to 120 months |
| Yes Bank | 6.75% | 7.50% | 3 years to less than/equal to 10 years |
| RBL Bank | 6.75% | 7.25% | 36 months to 36 months 1 day |
| IDFC First Bank | 6.00% | 6.50% | 500 days |
Interest rates updated on 4th January 2021
Small Finance Banks FD Rates 2021
| Best FD Interest Rates from Small Finance Banks in India | |||
| Bank Name | Regular Customers | Senior Citizens | Tenure |
| Suryodaya Small Finance Bank | 7.50% | 8.00% | 5 years |
| North East Small Finance Bank | 7.50% | 8.00% | 730 days to less than 1095 |
| Jana Small Finance Bank | 7.25% | 7.75% | >3 year – <5 years |
| Utkarsh Small Finance Bank | 7.00% | 7.50% | 700 days |
| Equitas Small Finance Bank | 7.00% | 7.50% | 2 years 1 day to 3 years |
| AU Small Finance Bank | 6.75% | 7.25% | 24 Months 1 Day to 36 Months & 60 Months 1 Day to 120 Months |
| Ujjivan Small Finance Bank | 6.50% | 7.00% | 1 year – 2 years |
| Fincare Small Finance Bank | 6.50% | 7.00% | 36 months 1 day to 59 months |
Interest rates updated on 4th January 2021
Best FD Interest Rates by Companies/NBFCs
Company Name | Fixed Deposit Interest Rates (% p.a.) | Tenure |
| Muthoot Capital FD | 7.75% – 8.00% | 1 – 5 years |
| Shriram Transport Finance FD | 7.25% – 8.09% | 12 – 60 months |
| Kerala Transport Development Finance Corporation (KTDFC) FD | 5.75% – 6.00% | 1 – 5 years |
| Sundaram Finance Company FD | 5.72% – 6.22% | 12 to 36 months |
| Mahindra Finance FD Scheme (MMFSL) | 5.70% – 6.45% | 12 to 60 months |
| Bajaj Finserv FD | 5.94% – 6.60% | 12 to 60 months |
| PNB Housing FD | 5.90% – 6.70% | 12 to 120 months |
| HDFC Ltd. FD | 5.65% – 6.05% | 12 to 84 months |
| LIC Housing Finance FD | 5.65% – 5.75% | 1 – 5 years |
| ICICI Home Finance FD | 5.30% – 6.10% | 12 to 120 months |
| Hawkins Cooker Ltd. FD* | 10% – 10.50% | 12 to 36 months |
| Housing and Urban Development Corporation (HUDCO) FD* | 7.00% – 7.25% | 12 to 60 months |
Interest rates updated on 4th January 2021. Rates are given for the cumulative option only.
*HUDCO Ltd. and Hawkins Cooker Ltd. are currently not accepting fresh public deposit applications.
Suggested Read: Corporate/Company Fixed Deposits
Post Office FD Rates
| Tenure | Rate of Interest (p.a.) |
| 5 years | 6.70%* |
*Quarterly compounding; rates were effective from 1st April 2020 to 31st December 2020.
As can be seen, currently small finance banks are offering higher interest rates than commercial banks (except from SBM bank which is at present offering 7.70%, equivalent to some small finance bank FD rates). While some customers rather invest their money in commercial banks than going for small finance banks, they should note that, just like commercial banks, deposits made in Small Finance Banks are also covered under the depositor insurance program of Deposit Insurance and Credit Guarantee Corporation (DICGC). This means that bank deposits (commercial as well as small finance banks) of up to Rs. 5 lakh, including fixed, recurring, savings and current deposits, per depositor per bank, are insured if the bank goes into liquidation.
However, it is not the same for a company or corporate fixed deposit. These companies are called as Non-Banking Financial Companies. Currently, KTDFC, Shriram Transport and Muthoot Capital are offering the highest fixed deposit interest rates (8.00% – 8.09%). However, the DICGC deposit insurance does not cover such corporate deposits.
Therefore it becomes important for you, as an investor, to check the credit rating of the company. It should not be below average (look for a ‘Stable’ outlook, at the very least). You may use websites like CRISIL, ICRA and CARE to check the company’s FD rating.
FD Rates by Top Banks – A Comparison
Highest FD Rates (p.a.) | ||||||
| Bank/Tenure | 1 year | 3 years | 5 years | |||
| Regular Customers | Senior Citizens | Regular Customers | Senior Citizens | Regular Customers | Senior Citizens | |
| SBM Bank | 6.50% | 7.00% | 7.70% | 8.30% | 6.50% | 7.00% |
| IndusInd Bank | 6.50% | 7.00% | 6.50% | 7.00% | 6.50% | 7.00% |
| DCB Bank | 6.50% | 7.00% | 6.95% | 7.45% | 6.95% | 7.45% |
| RBL Bank | 6.50% | 7.00% | 6.75% | 7.25% | 6.40 % | 6.90% |
| YES Bank | 6.50% | 7.00% | 6.75% | 7.50% | 6.75% | 7.50% |
| IDFC First Bank | 5.75% | 6.25% | 5.75% | 6.25% | 5.75% | 6.25% |
| Bandhan Bank | 5.75% | 6.50% | 5.65% | 6.40% | 5.50% | 6.00% |
| Standard Chartered Bank | 5.40% | 5.90%* | 5.50% | 6.00%* | 5.50% | 6.00%* |
| Canara Bank | 5.25% | 5.75% | 5.50% | 6.00% | 5.50% | 6.00% |
| PNB | 5.20% | 5.70% | 5.20% | 5.70% | 5.30% | 5.80% |
| Axis Bank | 5.15% | 5.80% | 5.40% | 5.90% | 5.50% | 6.00% |
| Federal Bank | 5.10% | 5.60% | 5.35% | 5.85% | 5.50% | 6.00% |
| ICICI Bank | 4.90% | 5.40% | 5.15% | 5.65% | 5.35% | 5.85% |
| HDFC Bank | 4.90% | 5.40% | 5.15% | 5.65% | 5.30% | 5.80% |
| SBI | 4.90% | 5.40% | 5.30% | 5.80% | 5.40% | 6.20% |
| Bank of Baroda | 4.90% | 5.40% | 5.10% | 5.60% | 5.25% | 5.75% |
| Kotak Mahindra Bank | 4.50% | 5.00% | 4.75% | 5.25% | 4.50% | 5.00% |
| DBS | 4.05% | 4.05% | 5.50% | 5.50% | 5.50% | 5.50% |
Interest rates updated on 4th January 2021
*Standard Chartered Bank offers extra interest rates to senior citizens on deposits less than Rs 1 crore.
**FD interest rates across tenures for each bank are mentioned further in the article.
Best Interest FD Rates by Small Finance Banks in India
Name of the bank | 1 year | 3 years | 5 years | |||
| Regular Customers | Senior Citizens | Regular Customers | Senior Citizens | Regular Customers | Senior Citizens | |
| Suryoday Small Finance Bank | 6.75% | 7.25% | 7.15% | 7.65% | 7.50% | 8.00% |
| Utkarsh Small Finance Bank | 6.75% | 7.25% | 6.75% | 7.25% | 6.75% | 7.25% |
| Jana Small Finance Bank | 6.75% | 7.25% | 7.00% | 7.50% | 7.25% | 7.75% |
| Equitas Small Finance Bank | 6.60% | 7.10% | 7.00% | 7.50% | 6.75% | 7.25% |
| Ujjivan Small Finance Bank | 6.50% | 7.00% | 6.05% | 6.55% | 5.80% | 6.30% |
| Fincare Small Finance Bank | 6.00% | 6.50% | 6.30% | 6.80% | 6.00% | 6.50% |
Interest rates updated on 4th January 2021
*FD interest rates across tenures for each small finance bank rate mentioned further in the article.
Post Office Time Deposit Interest Rates, 2021
| Tenure | Rate of Interest* (p.a.) |
| 1 year | 5.50% |
| 2 years | 5.50% |
| 3 years | 5.50% |
| 5 years | 6.70% |
*Quarterly compounding; rates were effective from 1st April 2020 to 31st December 2020.
How to Choose the Best Fixed Deposit in India?
Following are some important aspects that every FD investor should consider to maximize fixed deposit returns:
1. FD Rates: The rate of interest for a specific tenure is of primary importance for depositors. Several banks provide high FD interest rates for different tenure options. To choose the best FD scheme available (on the basis of high FD interest rate & tenure that you want to stay invested), you should first have a specific financial goal in mind.
Once you have decided on a certain financial goal, you should look for a bank providing the best FD interest rate in the tenure you can stay invested in.
2. Tenure: As mentioned above, the time for which you can deposit your money is an important aspect, while choosing the best fixed deposit scheme. Banks provide fixed deposits for tenure ranging from 7 days to 10 years. You should always invest in a fixed deposit and select deposit tenure depending upon your financial goal.
Another thing that you can consider while choosing the deposit tenure is the interest rate regime. If you think in the future there will be a rising interest rate regime (i.e. interest rates will rise in the future), then you should go for a shorter FD tenure. And, in case of a falling interest rate regime (i.e. interest rates will decrease in the future), you should invest your hard-earned money for a longer period of time.
3. Credibility – There are a number of banks that provide higher FD interest rates but might indicate some risk. It is always advisable to make deposits in scheduled banks and NBFCs that are certified by ICRA, CRISIL, etc.
Also, if you want to invest in Corporate Fixed Deposits, you should consider company funds based on the credit ratings on deposits provided. Company Deposits with high credit ratings (for instance: FAAA, FAA) are considered safe. These ratings indicate a degree of safety regarding the timely payment of deposit amount (principal) and interest.
4. FD Calculator – Use an FD Calculator to check and compare FD rates by various banks and the maturity amount you will get on maturity of your deposit. An FD calculator is an online tool that takes values like deposit amount, tenure (in years/ days/ months) and related fixed deposit rate to give users an estimate of maturity amount. In this way, users can plan their investment wisely as they have an estimate of returns.
5. Payout – The payout option provided by your bank also plays an important role while selecting the best fixed deposit scheme. Banks provide 2 types of fixed deposits in India – Cumulative and Non-Cumulative Fixed Deposits.
Suggested Read: Cumulative vs Non-Cumulative FD
Under a Cumulative FD Scheme, FD interest will be compounded every quarter, half-year or year but will be paid at the end of the deposit tenure.
Under a Non-Cumulative FD Scheme, you will be paid every quarter, half-year or year, depending on the payout frequency you opted for. It is best suited for pensioners, housemakers and freelancers who want regular cash inflow. Otherwise, if you’re a salaried person you should consider cumulative FDs for the compounding interest rates.
Tax (TDS) on Fixed Deposits
Unlike savings accounts that offer lower interest rates, fixed deposits are fully taxable. Below mentioned are some important aspects related to taxation on FDs:
- Tax Deducted at Source (TDS) on fixed deposits at a rate of 10%
- In case a depositor has not submitted PAN, the tax rate will be 20%
- If you do not want your bank/company to deduct tax, you can submit Form 15 G (for regular individuals) or Form 15 H(for senior citizens)
- In case the bank has deducted tax at a rate of 10% but you fall in a higher tax bracket, you have to pay the additional tax
- You should check Form 26AS while filing your income tax return to know the tax deducted by the bank (TDS) on your FDs
Best Fixed Deposit Interest Rates for Top Banks Across Tenure
IndusInd Bank FD Rates
FD interest rates in IndusInd Bank are as follows:
| IndusInd Bank FD Rates | ||
| Tenure | Regular Customers | Senior Citizens |
| 7 days to 14 days | 3.00 % | 3.75 % |
| 15 days to 30 days | 3.00 % | 3.75 % |
| 31 days to 45 days | 3.40 % | 4.25 % |
| 46 days to 60 days | 3.75 % | 4.60 % |
| 61 days to 90 days | 4.00 % | 4.80 % |
| 91 days to 120 days | 4.25 % | 5.00 % |
| 121 days to 180 days | 4.50 % | 5.50 % |
| 181 days to 210 days | 5.25 % | 5.90 % |
| 211 days to 269 days | 5.50 % | 6.10 % |
| 270 days or below 1 year | 5.75 % | 6.65 % |
| 1 Year to 1 Year 2 Days | 6.50 % | 7.00 % |
| 1 Year 3 Days to 1 Year 2 Months | 6.50 % | 7.00 % |
| Above 1 Year 2 Months to below 1 Year 6 Months | 6.50 % | 7.00 % |
| 1 Year 6 Months to below 1 Year 7 Months | 6.50 % | 7.00 % |
| 1 Year 7 Months to below 2 Years | 6.50 % | 7.00 % |
| 2 years to below 2 years 6 Months | 6.50 % | 7.00 % |
| 2 years 6 months to below 2 years 9 Months | 6.50 % | 7.00 % |
| 2 years 9 months to below 3 years | 6.50 % | 7.00 % |
| 3 years to below 61 month | 6.50 % | 7.00 % |
| 61 month and above | 6.25 % | 7.15 % |
| Indus Tax Saver Scheme (5 years) | 6.50 % | 7.00 |
Note: Interest rates mentioned above are applicable on deposits below Rs. 2 crore with effect from 31st December 2020.
DCB Bank FD Rates
FD rates in DCB Bank are as follows:
| DCB Bank FD Interest Rates | ||
| Tenure | Regular Customers | Senior Citizens |
| 7 days to 14 days | 4.75% | 5.25% |
| 15 days to 45 days | 5.05% | 5.55% |
| 46 days to 90 days | 5.25% | 5.75% |
| 91 days to less than 6 months | 5.75% | 6.25% |
| 6 months to less than 12 months | 6.35% | 6.85% |
| 12 months to less than 15 months | 6.50% | 7.00% |
| 15 months to less than 18 months | 6.55% | 7.05% |
| 18 months to less than 700 days | 6.65% | 7.15% |
| 700 days | 6.90% | 7.40% |
| More than 700 days to less than 36 months | 6.80% | 7.30% |
| 36 months | 6.95% | 7.45% |
| More than 36 months to 60 months | 6.95% | 7.45% |
| More than 60 months to 120 months | 6.95% | 7.45% |
Note: Interest rates mentioned above are applicable on deposits below Rs 2 crore with effect from 3rd December 2020.
Kotak Bank FD Rates
Kotak Mahindra Bank FD rates are as follows:
| Tenure | Kotak Mahindra Bank FD Rates (in %) | |
| Regular Individuals | Senior Citizens | |
| 7 – 14 Days | 2.50 | 3.00 |
| 15 – 30 Days | 2.50 | 3.00 |
| 31 – 45 Days | 2.75 | 3.25 |
| 46 – 90 Days | 2.75 | 3.25 |
| 91 – 120 Days | 3.25 | 3.75 |
| 121 – 179 days | 3.25 | 3.75 |
| 180 Days | 4.40 | 4.90 |
| 181 Days to 269 Days | 4.40 | 4.90 |
| 270 Days | 4.40 | 4.90 |
| 271 Days to 363 Days | 4.40 | 4.90 |
| 364 Days | 4.40 | 4.90 |
| 365 Days to 389 Days | 4.50 | 5.00 |
| 390 Days (12 months 25 days) | 4.75 | 5.25 |
| 391 Days – Less than 23 Months | 4.75 | 5.25 |
| 23 Months | 4.75 | 5.25 |
| 23 months 1 Day – less than 2 years | 4.75 | 5.25 |
| 2 years – less than 3 years | 4.75 | 5.25 |
| 3 years and above but less than 4 years | 4.75 | 5.25 |
| 4 years and above but less than 5 years | 4.75 | 5.25 |
| 5 years and above up to and inclusive of 7 years | 4.50 | 5.00 |
Interest Rates effective from 19th December 2020
Yes Bank FD Rates
FD rates in Yes Bank are as follows:
Tenure | Yes Bank FD Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 to 14 days | 3.50% | 4.00% |
| 15 to 45 days | 4.00% | 4.50% |
| 46 to 90 days | 4.50% | 5.00% |
| 3 months to < 6 months | 5.00% | 5.50% |
| 6 months to < 9 months | 5.50% | 6.00% |
| 9 months to < 1 Year | 5.75% | 6.25% |
Special Rates | ||
| 1 year to less than 2 years | 6.50% | 7.00% |
| 2 years to less than 2 years | 6.50% | 7.00% |
| 3 Years to <= 10 years | 6.75% | 7.50% |
Note: Interest rates for deposits < Rs. 2 crore, w.e.f. 8th December 2020.
SBM Bank FD Interest Rates
FD interest rates offered by SBM Bank India Ltd. are:
| SBM FD Rates (in % p.a.) | ||
| Tenure | Deposits < Rs. 2 crore | |
| Regular Customers | Senior Citizens | |
| 7 – 14 days | 3.50 | 4.00 |
| 15 – 30 days | 3.75 | 4.25 |
| 31 – 45 days | 4.25 | 4.75 |
| 46 – 60 days | 5.50 | 6.00 |
| 61 – 90 days | 5.50 | 6.00 |
| 91 – 120 days | 3.20 | 3.70 |
| 121 – 180 days | 5.50 | 6.00 |
| 181 – 210 days | 5.75 | 6.25 |
| 211 – 269 days | 5.75 | 6.25 |
| 270 days – below 1 year | 6.00 | 6.50 |
| 1 year – 389 days | 5.00 | 5.50 |
| 390 days – 2 years | 6.50 | 7.00 |
| Above 2 years – 3 years | 7.70 | 8.30 |
| Above 3 years – 5 | 6.50 | 7.00 |
| Above 5 years – 10 years | 6.50 | 7.00 |
Interest rates effective from 4th January 2020
ICICI Bank FD Rates
FD rates in ICICI Bank are as follows:
| ICICI Bank FD Interest Rate (% p.a.) | ||
| Tenure | Regular Customers | Senior Citizens |
| 7 days to 14 days | 2.50 | 3.00 |
| 15 days to 29 days | 2.50 | 3.00 |
| 30 days to 45 days | 3.00 | 3.50 |
| 46 days to 60 days | 3.00 | 3.50 |
| 61 days to 90 days | 3.00 | 3.50 |
| 91 days to 120 days | 3.50 | 4.00 |
| 121 days to 184 days | 3.50 | 4.00 |
| 185 days to 210 days | 4.40 | 4.90 |
| 211 days to 270 days | 4.40 | 4.90 |
| 271 days to 289 days | 4.40 | 4.90 |
| 290 days to less than 1 year | 4.40 | 4.90 |
| 1 year to 389 days | 4.90 | 5.40 |
| 390 days to <18 months | 4.90 | 5.40 |
| 18 months to 2 years | 5.00 | 5.50 |
| 2 years 1 day up to 3 years | 5.15 | 5.65 |
| 3 years 1 day up to 5 years | 5.35 | 5.85 |
| 5 years 1 day up to 10 years | 5.50 | 6.30* |
| 5 years Tax-Saver 80C FD | 5.35 | 5.85 |
Note: Rates effective on deposit less than Rs 2 crore from 21st October 2020.
*Applicable from 20th May 2020 to 31st December 2020 only.
HDFC Bank FD Rates
FD rates in HDFC Bank are as follows:
HDFC Bank FD Rates (% p.a.) | ||
| Tenure | Deposits < Rs. 2 crore | |
| Days/Years | Regular Customers | Senior Citizens |
| 7 – 14 days | 2.50 | 3.00 |
| 15 – 29 days | 2.50 | 3.00 |
| 30 – 45 days | 3.00 | 3.50 |
| 46 – 60 days | 3.00 | 3.50 |
| 61 – 90 days | 3.00 | 3.50 |
| 91 days – 6 months | 3.50 | 4.00 |
| 6 months 1 day – 9 months | 4.40 | 4.90 |
| 9 months 1 day < 1 year | 4.40 | 4.90 |
| 1 year | 4.90 | 5.40 |
| 1 year 1 day – 2 years | 4.90 | 5.40 |
| 2 years 1 day – 3 years | 5.15 | 5.65 |
| 3 years 1 day- 5 years | 5.30 | 5.80 |
| 5 years 1 day – 10 years | 5.50 | 6.25* |
Interest rates effective from 13th November 2020.
*Special fixed deposit rates to senior citizens till 31st December 2020.
Suggested Read: HDFC Senior Citizens Care FD.
SBI FD Rates
FD rates by the State Bank of India are as follows:
SBI FD Interest Rates (p.a.) | ||
| Tenure | Regular Customers | Senior Citizens |
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 2 years | 5.00% | 5.50% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years and up to 10 years | 5.40% | 6.20%* (=5.40+0.50+0.30) |
Note: The above-stated SBI FD interest rates are applicable on deposits below Rs. 2 crores with effect from 8th January 2021.
*Additional interest of 0.30% (over & above the existing 0.50%) is offered to senior citizens under the “SBI WeCare” Deposit (retail domestic term deposits) scheme. It is effective from 7th May 2020 to 31st March 2021.
Bank of Baroda FD Rates
Updated rates are as follows:
| Tenure | Bank of Baroda Fixed Deposit Rates (% p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 14 days | 2.80 | 3.30 |
| 15 days to 45 days | 2.80 | 3.30 |
| 46 days to 90 days | 3.70 | 4.20 |
| 91 days to 180 days | 3.70 | 4.20 |
| 181 days to 270 days | 4.30 | 4.80 |
| 271 days & above and less than 1 year | 4.40 | 4.90 |
| 1 year | 4.90 | 5.40 |
| Above 1 year to 400 days | 5.00 | 5.50 |
| Above 400 days and up to 2 years | 5.00 | 5.50 |
| Above 2 years and up to 3 years | 5.10 | 5.60 |
| Above 3 years and up to 5 years | 5.25 | 5.75 |
| Above 5 years and up to 10 years | 5.25 | 6.75* |
Note: The Interest rates are applicable with effect from 16th November 2020 on deposits below Rs. 2 crore.
*Valid till 31st December 2020.
RBL Bank FD Rates
FD rates in RBL Bank are as follows:
| FD Tenure | RBL Bank FD Rates (% p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 to 14 days | 3.25 | 3.75 |
| 15 to 45 days | 4.00 | 4.50 |
| 46 to 90 days | 4.75 | 5.25 |
| 91 to 180 days | 5.25 | 5.75 |
| 181 to 240 days | 5.75 | 6.25 |
| 241 to 364 days | 6.00 | 6.50 |
| 12 months to less than 24 months | 6.50 | 7.00 |
| 24 months to less than 36 months | 6.50 | 7.00 |
| 36 months to 36 months 1 day | 6.75 | 7.25 |
| 36 months 2 days to less than 60 months | 6.40 | 6.90 |
| 60 months to less than 120 months | 6.40 | 6.90 |
| 120 months to 240 months | 6.40 | 6.90 |
| Tax Saving Fixed Deposit (60 months) | 6.40 | 6.90 |
Interest rates effective from 1st January 2021
Axis Bank FD Rates
FD rates in Axis Bank are as follows:
Tenure | Axis Bank Fixed Deposit Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 14 days | 2.50% | 2.50% |
| 15 days to 29 days | 2.50% | 2.50% |
| 30 days to 45 days | 3.00% | 3.00% |
| 46 days to 60 days | 3.00% | 3.00% |
| 61 days < 3 months | 3.00% | 3.00% |
| 3 months < 4 months | 3.50% | 3.50% |
| 4 months < 5 months | 3.50% | 3.50% |
| 5 months < 6 months | 3.50% | 3.50% |
| 6 months < 7 months | 4.40% | 4.65% |
| 7 months < 8 months | 4.40% | 4.65% |
| 8 months < 9 months | 4.40% | 4.65% |
| 9 months < 10 months | 4.40% | 4.65% |
| 10 months < 11 months | 4.40% | 4.65% |
| 11 months < 11 months 25 days | 4.40% | 4.65% |
| 11 months 25 days < 1 year | 5.15% | 5.40% |
| 1 year < 1 year 5 days | 5.15% | 5.80% |
| 1 year 5 days < 1 year 11 days | 5.10% | 5.75% |
| 1 year 11 days < 1 year 25 days | 5.10% | 5.75% |
| 1 year 25 days < 13 months | 5.10% | 5.75% |
| 13 months < 14 months | 5.10% | 5.75% |
| 14 months < 15 months | 5.10% | 5.75% |
| 15 months < 16 months | 5.10% | 5.75% |
| 16 months < 17 months | 5.10% | 5.75% |
| 17 months < 18 months | 5.10% | 5.75% |
| 18 Months < 2 years | 5.25% | 5.90% |
| 2 years < 30 months | 5.40% | 6.05% |
| 30 months < 3 years | 5.40% | 5.90% |
| 3 years < 5 years | 5.40% | 5.90% |
| 5 years to 10 years | 5.50% | 6.00% |
Interest rates effective from 4th January 2020
DBS Bank FD Rates
FD rates in DBS Bank are as follows:
| Tenure | DBS Bank FD Rates (% p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days | 2.50 | 2.50 |
| 8 days & up to 14 days | 2.50 | 2.50 |
| 15 days & up to 29 days | 2.50 | 2.50 |
| 30 days & up to 45 days | 2.50 | 2.50 |
| 46 days & up to 60 days | 2.50 | 2.50 |
| 61 days & up to 90 days | 2.75 | 2.75 |
| 91 days & up to 180 days | 2.75 | 2.75 |
| 181 days & up to 269 days | 3.00 | 3.00 |
| 270 days to less than 1 year | 3.50 | 3.50 |
| 1 year to 375 days | 4.25 | 4.25 |
| 376 days to less than 2 years | 4.75 | 4.75 |
| 2 years & less than 2 years 6 months | 4.75 | 4.75 |
| 2 years & 6 months | 4.75 | 4.75 |
| 2 years 6 months 1 day & less than 3 years | 4.75 | 4.75 |
| 3 years & less than 4 years | 5.50 | 5.50 |
| 4 years & less than 5 years | 5.50 | 5.50 |
| 5 years & above | 5.50 | 5.50 |
Interest rates effective from 2nd December 20202
IDFC First Bank FD Rates
FD rates in IDFC Bank are as follows:
| Tenure | IDFC Bank FD Rates (% p.a) Below Rs. 2 crore | |
| Regular Customers | Senior Citizens | |
| 7 – 14 days | 2.75 | 3.25 |
| 15 – 29 days | 3.00 | 3.50 |
| 30 – 45 days | 3.50 | 4.00 |
| 46 – 90 days | 4.00 | 5.00 |
| 91 – 180 days | 4.50 | 5.00 |
| 181 – less than 1 year | 5.25 | 5.75 |
| 1 year – 499 days | 5.75 | 6.25 |
| 500 days | 6.00 | 6.50 |
| 501 days – 2 years | 5.75 | 6.25 |
| 2 year 1 day – 5 years | 5.75 | 6.25 |
| 5 years 1 day – 10 years | 5.75 | 6.25 |
| 5 years Tax Saver Domestic Deposit | 5.75 | 6.25 |
Interest rates effective from 15th September 2020
Bandhan Bank FD Rates
FD interest rates in Bandhan Bank are as follows:
Tenure | Bandhan Bank FD Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days – 3 months | 3.00% | 3.75% |
| 31 days – less than 2 months | 3.50% | 4.25% |
| 2 months – less than 3 months | 3.50% | 4.25% |
| 3 months – less than 6 months | 3.50% | 4.25% |
| 2 months – less than 1 year | 5.75% | 6.50% |
| 1 year – 18 months | 5.75% | 6.50% |
| Above 18 months – less than 2 years | 6.00% | 6.75% |
| 2 years – less than 3 years | 6.00% | 6.75% |
| 3 years – less than 5 years | 5.65% | 6.40% |
| 5 years – up to 10 years | 5.75% | 6.50% |
Interest rates effective from 4th January 2020
Canara Bank FD Rates
FD interest rates in Canara Bank are as follows:
FD Tenure | Canara Bank FD Interest Rates (% p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 14 days* | 2.95 | 2.95 |
| 46 days to 90 days | 3.90 | 3.90 |
| 91 days to 179 days | 4.00 | 4.00 |
| 180 days to less than 1 year | 4.45 | 4.95 |
| 1 year | 5.25 | 5.75 |
| Above 1 year to less than 2 years | 5.20 | 5.70 |
| 2 years & above to less than 3 years | 5.40 | 5.90 |
| 3 years & above to less than 5 years | 5.50 | 6.00 |
| 5 years & above to 10 years | 5.50 | 6.00 |
Interest rates effective from 27th November 2020.
Federal Bank FD Rates
FD interest rates in Federal Bank are as follows:
| Interest Rates (p.a.) | ||
| Tenure | Regular Customers | Senior Citizens |
| 15 days to 29 days | 2.50% | 3.00% |
| 30 days to 45 days | 2.75% | 3.25% |
| 46 days to 90 days | 3.00% | 3.50% |
| 91 days to 180 days | 3.75% | 4.25% |
| 181 days to 270 days | 4.00% | 4.50% |
| 271 days to less than 1 year | 4.40% | 5.00% |
| 1 year to less than 16 months | 5.10% | 5.60% |
| 16 months | 5.30% | 5.80% |
| Above 16 months to less than 2 years | 5.10% | 5.60% |
| 2 years to less than 5 years | 5.35% | 5.85% |
| 5 years and above | 5.50% | 6.00% |
Interest rates effective from 17th December 2020
PNB FD Rates
Oriental Bank of Commerce, or OBC, has been merged with the Punjab National Bank, or PNB, w.e.f. 1st April 2020.
Tenure | OBC FD Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to 45 days | 3.00% | 3.75% |
| 46 days to 90 days | 3.25% | 4.00% |
| 91 days to 179 days | 4.00% | 4.75% |
| 180 days to 270 days | 4.40% | 5.15% |
| 271 days to less than 1 year | 4.50% | 5.25% |
| 1 year | 5.20% | 5.95% |
| Above 1 year – up to 2 years | 5.20% | 5.95% |
| Above 2 years – up to 3 years | 5.20% | 5.95% |
| Above 3 years – up to 5 years | 5.30% | 5.80% |
| Above 5 year – up to 10 years | 5.30% | 5.80% |
Interest rates effective from 1st January 2021.
Fixed Deposit Interest Rates by Small Finance Banks
ESAF Small Finance Bank Fixed Deposit Rate
FD interest rates in ESAF Small Finance Bank are as follows:
| Tenure | ESAF FD Interest Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 – 14 days | 4.50% | 5.00% |
| 15 – 59 days | 5.00% | 5.50% |
| 60 – 90 days | 5.75% | 6.25% |
| 91 days to 181 days | 6.00% | 6.50% |
| 182 days | 5.50% | 6.00% |
| 183 days to 363 days | 6.50% | 7.00% |
| 364 days | 5.75% | 6.25% |
| 365 days to 545 days | 6.50% | 7.00% |
| 546 days | 5.75% | 6.25% |
| 547 days to 727 days | 6.50% | 7.00% |
| 728 days | 5.50% | 6.00% |
| 729 days to 909 days | 6.25% | 6.75% |
| 910 days | 5.50% | 6.00% |
| 911 days to 1091 days | 6.25% | 6.75% |
| 1092 days | 5.50% | 6.00% |
| 1093 days to 1273 days | 6.00% | 6.50% |
| 1274 days | 5.50% | 6.00% |
| 1275 days – 1455 days | 6.00% | 6.50% |
| 1456 days | 5.50% | 6.00% |
| 1457 days – 1637 days | 6.00% | 6.50% |
| 1638 days | 5.50% | 6.00% |
| 1639 days – 1819 days | 6.00% | 6.50% |
| 1820 days | 5.50% | 6.00% |
| 1821 days to 3652 days | 5.50% | 6.00% |
Interest rates effective from 1st November 2020
Suryoday Small Finance Bank FD Rate
FD interest rates in Suryoday Small Finance Bank are as follows:
| Tenure | Suryoday Bank FD Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 5.00% | 5.50% |
| 91 days to 6 months | 5.50% | 6.00% |
| Above 6 months to 9 months | 6.25% | 6.75% |
| Above 9 months to less than 1 year | 6.50% | 7.00% |
| 1 year to 2 years | 6.75% | 7.25% |
| Above 2 years to 3 years | 7.15% | 7.65% |
| Above 3 years to less than 5 years | 7.25% | 7.75% |
| 5 years | 7.50% | 8.00% |
| Above 5 years to 10 years | 7.00% | 7.50% |
Interest rates effective from 15th September 2020
Utkarsh Small Finance Bank FD Rates
FD interest rates in Utkarsh Small Finance Bank are as follows:
Tenure | Utkarsh Bank FD Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 45 days | 3.00% | 3.50% |
| 46 days to 90 days | 3.25% | 3.75% |
| 91 days to 180 days | 4.00% | 4.50% |
| 181 days to 364 days | 6.00% | 6.50% |
| 365 days to 699 days | 6.75% | 7.25% |
| 700 days | 7.00% | 7.50% |
| 701 days to 3652 days | 6.75% | 7.25% |
Interest rates effective from 19th October 2020
Jana Small Finance Bank FD Interest Rates
FD interest rates in Jana Small Finance Bank are as follows:
| Tenure | Jana Bank FD Interest Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 − 14 days | 2.50% | 3.00% |
| 15 − 60 days | 3.00% | 3.50% |
| 61 − 90 days | 3.75% | 4.25% |
| 91 − 180 days | 4.50% | 5.00% |
| 181 − 364 days | 6.00% | 6.50% |
| 1 year (365 days) | 6.75% | 7.25% |
| > 1 year − 2 years | 7.00% | 7.50% |
| > 2 years – 3 years | 7.00% | 7.50% |
| > 3 year − < 5 year | 7.25% | 7.75% |
| 5 years (1825 days) | 7.00% | 7.50% |
| > 5 year − 10 year | 6.50% | 7.00% |
Interest rates effective from 22nd December 2020
Equitas Small Finance Bank Fixed Deposit Rates
FD interest rates in Equitas Small Finance Bank are as follows:
Tenure | Equitas FD Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 – 14 days | 3.60% | 4.10% |
| 15 – 29 days | 3.60% | 4.10% |
| 30 – 45 days | 3.75% | 4.25% |
| 46 – 62 days | 4.25% | 4.75% |
| 63 – 90 days | 5.25% | 4.75% |
| 91 – 120 days | 5.60% | 6.10% |
| 121 – 180 days | 5.60% | 6.10% |
| 181 – 210 days | 5.75% | 6.25% |
| 211 – 270 days | 5.75% | 6.25% |
| 271 – 364 days | 6.20% | 6.70% |
| 1 year to 18 months | 6.75% | 7.25% |
| 18 months 1 day to 2 years | 6.75% | 7.25% |
| 2 years 1 day to 887 days | 7.00% | 7.50% |
| 888 days | 7.00% | 7.50% |
| 889 days to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 4 years | 6.75% | 7.25% |
| 4 years 1 day to 5 years | 6.75% | 7.25% |
| 5 years 1 day to 10 years | 6.75% | 7.25% |
Interest rates effective from 21st December 2020
Ujjivan Small Finance Bank FD Rates
Ujjivan Bank FD Rates (p.a.) | ||
| Tenure | Regular Customers | Senior Citizens |
| 7 days to 29 days | 3.05% | 3.55% |
| 30 days to 89 days | 4.05% | 4.55% |
| 90 days to 179 days | 4.80% | 5.30% |
| 180 days to 364 days | 5.20% | 5.70% |
| 1 year to 2 years | 6.50% | 7.00% |
| 2 years 1 day to 3 years | 6.05% | 6.55% |
| 3 years 1 day to 5 years | 5.80% | 6.30% |
| 5 years 1 day to 10 years | 5.55% | 6.05% |
Interest rates effective from 4th August 2020
Fincare Small Finance Bank FD Rates
FD interest rates in Fincare Small Finance Bank are as follows:
| Tenure | Fincare FD Interest Rates (p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 45 days | 3.00% | 3.50% |
| 46 days to 90 days | 3.25% | 3.75% |
| 91 days to 180 days | 3.50% | 4.00% |
| 181 days to 364 days | 5.00% | 5.50% |
| 12 months to 15 months | 6.00% | 6.50% |
| 15 months 1 day to 18 months | 6.00% | 6.50% |
| 18 months 1 day to 21 months | 6.25% | 6.75% |
| 21 months 1 day to 24 months | 6.25% | 6.75% |
| 24 months 1 day to 30 months | 6.30% | 6.80% |
| 30 months 1 day to 36 months | 6.30% | 6.80% |
| 36 months 1 day to 42 months | 6.50% | 7.00% |
| 42 months to 48 months | 6.50% | 7.00% |
| 48 months 1 day to 59 months | 6.50% | 7.00% |
| 59 months 1 day to 66 months | 6.00% | 6.50% |
| 66 months 1 day to 84 months | 5.50% | 6.00% |
Interest rates effective from 9th November 2020
FAQs about Fixed Deposit
Which bank is offering the highest fixed deposit interest rates?
Currently, Suryodaya Small Finance Banks is offering the highest FD interest rate of 7.50%, for select tenure. Senior citizens are getting 8.00% rate of interest.
Is FD a safe investment option?
Yes. FD interest rates are fixed. Also, bank deposits of up to Rs 5 lakh are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Therefore, fixed deposits can be considered as one of the safest investments in India.
Who can open a fixed deposit?
Residents of India having a valid PAN card are eligible to open a fixed deposit. However, for NRIs* and PIOs*, options of NRE, NRO and FCNR deposits are available. For returning NRIs, there is a separate FD called as RFC deposits.
*NRIs – Non-Resident Indians; PIOs- Persons of Indian Origin
Suggested Read: Fixed deposits for non-resident Indians
Is PAN required for opening a fixed deposit?
Yes. PAN is the most important documents required to open a fixed deposit. However, individuals and HUFs not having a PAN can invest in FD by submitting Form 60/61. Form 61 is for individuals who source their income solely from agriculture-based activities whereas, for others, it is Form 61.
Suggested Read: How to file Form 60?
Also Read: How to file Form 61?
Can a minor open an FD account?
Yes. Minors can open a fixed deposit under the guardianship of a natural or legal guardian.
What is the minimum amount required for making a fixed deposit?
You can open an FD account at a minimum deposit of Rs. 1000. However, some banks like RBL and Lakshmi Vilas Banks offer tax saving FD for a minimum deposit amount of Rs 100.
Why should I invest in fixed deposits?
FD is a safe investment option which offers guaranteed returns. There are no market-related risks. If you’re a risk-averse investor, then investing a fixed deposit is a must. Also, you get the income tax exemption of up to Rs. 1.5 lakh under section 80C of the IT Act, 1961.
What are the interest options available in FD?
FD offers two types of interest options, viz. cumulative and non-cumulative. You can get monthly, quarterly, half-yearly or yearly interest income in the non-cumulative option.
Know more: Cumulative vs Non-Cumulative FD
How to open an FD online?
Banks like SBI (e-TDR/e-STDR) and HDFC offer their customers with the option of opening FD online via mobile banking and internet banking.
Can I withdraw/close FD online?
If you opened your fixed deposit online, then you may get the option of closing your FD online as per you bank/company
Suggested Read: How to close FD online?
What are the premature withdrawal penalty charges for FD?
Banks and companies charge penalty at 0.5 % – 1%.
Can I take a loan against FD?
Loan against FD is an important feature of fixed deposits and thus most of the banks do offer this option to its customers. You can get a loan of up to 90% of the deposit amount (may vary as per your bank).
Suggested Read: Loan against FD
What is an FDR?
Full form of FDR is Fixed Deposit Receipt. This is a document which is provided by the bank/company to the depositor containing important information like rate of interest at which FD was booked, maturity date and interest payment option, etc. FDR is to be produced when taking a loan against FD or withdrawing FD prematurely.
Suggested Read: All about Fixed Deposit Receipt (FDR)
Are company fixed deposits covered under the deposit insurance?
Company or corporate fixed deposits are NOT covered under the deposit insurance provided by the DICGC.
Read more: Company Fixed Deposits
Are NRE deposits covered under the deposit insurance by DICGC?
Yes. NRE deposits are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to Rs 5 lakh.
What is the difference between FD and RD?
The main difference between FD and RD is the frequency of deposit. In an FD, you can deposit only once at the start, whereas in a recurring deposit (RD) you get to make monthly deposits. Also, FD tenure ranges from 7 days to 20 years, a recurring deposit can be booked for a period starting from 6 months year to 10 years.
Learn more about FD vs RD here
Can I prematurely withdraw a tax saving FD?
No. Tax saving fixed deposit comes with a lock-in period of 5 years. This can be prematurely liquidated in case of death of the FD holder/primary account holder.
What is the minimum amount required to invest in a tax-saving FD?
You can start investing from Rs. 100 in a tax saving fixed deposit. However, most of the banks have kept Rs. 1,000 as the minimum deposit amount. It can go up to Rs. 1.5 lakh.
Also Read: Best tax-saving FD schemes in 2020
When is tax at source deducted on FD interest income?
If your fixed deposit interest income exceeds Rs 40,000 in a financial year, then your provider exercises TDS. For senior citizens, this limit is Rs 50,000. This can be avoided by submitting Form 15G/H. These limits are for bank fixed deposits or time deposits only.
Can I avoid TDS on my fixed deposit interest income?
Submit Form 15G or Form 15H (for senior citizens) to your FD provider. This form needs to be submitted every year so as to avoid TDS. Please note than if your interest income is taxable but you instruct your FD provider against TDS, you will have to pay the same while filing the ITR.
What are the income tax benefits of investing in a fixed deposit?
On investing in a 5-year FD, you can claim up to Rs. 1.5 lakh as Deductions u/s 80 of the IT Act, 1961.
Is it mandatory to submit Form 15G when opening an FD?
No. It is not mandatory to submit Form 15G/H to open a fixed deposit. It is a voluntary action and is required only if you wish to avoid TDS on FD interest income.
Is FD a good investment for housemakers or those with no regular income?
Yes. FD is a good investment for all, especially for housemakers and those who do not have a regular income, like freelancers and entrepreneurs. This is because fixed deposit is a fairly safe investment option offering guaranteed returns at pre-fixed interest rates. Along with guaranteed returns, one can also avail benefits like a secure credit card against FD and loan against FD.
10 Comments. Leave new
How can we check the CRISIL rating of Small Finance banks, NBFC’s and Corporate bonds for both Short and Long term
Hi Sanjay,
To check the CRISIL rating of a company, follow these steps:
1. Visit crisil.com
2. On the home page, enter the name of the company/bank
3. Hit the “View Rating” button.
4. If there is more than one company under a similar name, you will be shown a list.
5. Click on the link which shows the exact name of the company/bank you wish to check.
A Factsheet will be displayed. Look under the “Ratings” section and the “Outlook” section to check the current status.
Sir, I want to invest about 12 lakhs in small finnce banks equally. for 5 years. Now by D I C G C cover I can get my amount invested at present. , Please clarify while failure is governed by R B I is it possible that the repayment of amount invested includes interest earned also . eg My investment in a small finance bank is Rs 4 lacks @ 8% p.a for 4 years., After 2 years the bank fails. Will I get 4 lakhs or 4 lakhs -interest earned and whether the D I C G C cover is till the period of maturity of the deposit and incase the bank fails before the maturity when will I get the amount invested.
Hi Gopal,
DICGC covers both – the amount invested + the interest earned. BUT, the total should not be more than Rs. 5 lakh. Now, is you invest Rs. 4 lakh and earn interest of Rs. 50,000 on it, you will get compensation of Rs. 4.5 lakh. However, if the interest is, say, Rs. 1,10,000 and the bank defaults, you will get Rs. 5 lakh only. The remaining Rs. 10,000 will not be included in the cover.
This deposit insurance is active as long as your FD is active, i.e. till the maturity. If the bank defaults before maturity, you will get the compensation within the stipulated time. You will not have to wait for your FD to mature to get the compensation.
Therefore, we suggest that you invest Rs. 12 lakh in different banks. Break it into smaller portions, e.g. Rs. 3 lakh each and then invest. This way you can safeguard your interest the best.
You may read more about DICGC insurance here.
How do fixed deposit in finance company work? it is safe or not & is breaking FD before maturity available or not?
Like banks, companies also provide premature withdrawal facility but it comes with some penalty.
As far as safety is concerned, fixed deposits in companies carry some risk always. You cannot completely match it with FDs in scheduled banks. Deposits made in Non-Banking Financial Companies are not covered under the DICGC insurance, which makes it somewhat risky. To compensate for that, these companies generally offer higher interest rates than what banks have to offer. However, RBI keeps a track of these companies and regularly monitors their financial health to ensure the welfare of depositors.
It is advised to check the credit rating of any company that you are thinking of putting your money in. Do good research about the company’s background and the recent news surrounding it. This way, you can knit your safety net to a certain extent.
I have a question on the DICGC deposit insurace. I understand that deposits upto Rs. 5 Lakhs is covered. Is it Rs. 5 Lakh per account per bank or is it across all banks. For example, if one invests Rs. 5 L as FD in 3 different banks will the entire Rs. 15 Lakhs be covered or is the total limited to Rs. 5 Lakhs? Thanks, Brahmanya
Hi Brahmanya,
It’s a valid question. This deposit insurance will cover deposits up to Rs. 5 lakh in each bank. This includes all types of deposits held in the same bank. If you have deposits of Rs. 5 lakh each in 3 different banks, then all the 3 deposits will be covered separately.
Therefore, if all the 3 banks default, you will get a total of Rs. 15 lakh. However, note that if you have Rs. 2 lakh in 1st bank, Rs. 4.5 lakh in 2nd bank and Rs. 5.5 lakh in 3rd bank, then you will be paid a total of (2+4.5+5.5) Rs. 12 lakh because the limit is up to Rs. 5 lakh per bank.
For more information, click here.
what is the risk of investing in small bank fd as compare to big commercial psu bank pl?
Small finance banks are created to cater to the needs of the public in rural and semi-urban areas. These are listed scheduled banks under the RBI, thus the risk-factor is well-taken care of. FD made in small finance banks is covered under the DICGC deposit insurance of Rs. 5 lakh which is paid as compensation if the bank defaults. Therefore, the security part is not alarming. However, it is still suggested to do your research first, analyse your options and then go ahead with investing in small finance banks.