Fixed deposits remain one of the most popular investment instruments in India, largely due to low risk and guaranteed returns. Most savings accounts offer interest at 3.5 – 4% p.a. whereas Fixed Deposits provide interest up to 9.00% p.a. Hence, those with idle cash in their bank accounts can invest in fixed deposits to earn higher returns.
Here is everything you need to know about the best fixed deposit schemes available for Indian citizens in 2020.
Best FD Interest Rates – May 2020
Best Fixed Deposit Rates by Retail Banks in India | |||
Bank | FD Interest Rate | Deposit Tenure | |
| Regular Individuals | Senior Citizens | ||
| DCB Bank | 7.35% | 7.85% | 36 months to 120 months |
| IDFC First Bank | 7.25% | 8.00% | 1 year – 10 years |
| Yes Bank | 7.25% | 7.75% | 1 Years to <= 10 years |
| RBL Bank | 7.25% | 7.75% | 24 months to less than 36 months |
| IndusInd Bank | 7.00% | 7.50% | 1 Years to 1 Year 2 days |
| Best FD Offers from Small Finance Banks in India | |||
| Fincare Small Finance Bank | 9.00% | 9.50% | 36 months 1 day to 42 months |
| Suryodaya Small Finance Bank | 9.00% | 9.25% | 5 years |
| Jana Small Finance Bank | 8.00% | 8.50% | 2 – 3 years |
| Utkarsh Small Finance Bank | 9.00% | 9.50% | 777 days |
| Equitas Small Finance Bank | 8.00% | 8.60% | 888 Days |
| Ujjivan Small Finance Bank | 7.50% | 8.00% | 1 year – 799 days |
Note – Fixed Deposit Rates are subject to change without any prior information.
As can be seen, currently small finance banks are offering higher interest rates than commercial banks. While some customers may be more comfortable with commercial banks than small finance banks, they should note that, like commercial banks, depositors 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 of up to Rs. 5 lakh, including fixed, savings, current and recurring deposits, per depositor per bank, are covered by insurance, in the event of bank failure for small finance banks as well as commercial banks. The depositors are covered for the same amount with both small finance banks and commercial banks; hence, the risk of investing in a fixed deposit remains the same for both.
We would, therefore, recommend customers to choose a fixed deposit that offers the highest interest rate, whether it’s from a commercial bank or a small finance bank.
Highest Bank FD Rates for Top Banks
| Bank | Highest FD Rates* (p.a.) – 1 year | 3 years | 5 years | |||
| Regular Citizens | Senior Citizens | Regular Citizens | Senior Citizens | Regular Citizens | Senior Citizens | |
| IndusInd Bank | 7.00% | 7.50% | 6.75% | 7.25% | 6.65% | 7.15% |
| DCB Bank | 6.75% | 7.25% | 7.35% | 7.75% | 7.35% | 7.75% |
| Kotak Mahindra Bank | 5.25% | 5.75% | 5.00% | 5.50% | 5.00% | 5.50% |
| YES Bank | 7.00% | 7.50% | 7.00% | 7.50% | 7.00% | 7.50% |
| ICICI Bank | 5.55% | 6.05% | 5.75% | 6.25% | 5.75% | 6.25% |
| HDFC Bank | 5.60% | 6.10% | 5.75% | 6.25% | 5.75% | 6.75% |
| SBI | 5.10% | 6.60% | 5.30% | 5.80% | 5.40% | 6.20% |
| RBL Bank | 7.20% | 7.70% | 7.00% | 7.50% | 7.15% | 7.65% |
| Axis Bank | 5.80% | 6.45% | 5.75% | 6.25% | 5.75% | 6.25% |
| DBS | 5.50% | 5.50% | 5.55% | 5.55% | 5.70% | 5.70% |
| IDFC First Bank | 7.25% | 7.75% | 7.25% | 7.75% | 7.25% | 7.75% |
| Bandhan Bank | 6.50% | 7.25% | 6.35% | 7.10% | 6.25% | 7.00% |
| Canara Bank | 5.75% | 6.25% | 5.70% | 6.20% | 5.70% | 6.20% |
| Federal Bank | 6.00% | 6.50% | 6.25% | 6.75% | 6.25% | 6.75% |
| OBC | 5.75% | 6.25% | 5.75% | 6.25% | 5.75% | 6.25% |
| Bank of Baroda | 5.70% | 6.20% | 5.70% | 6.20% | 5.70% | 6.20% |
Note: Fixed Deposit Rates are subject to change without any prior information.
* – FD interest rates across tenures for each bank are mentioned further in the article.
Highest FD Interest Rates for Small Finance Banks
| Name of the bank | 1 year | 3 years | 5 years | |||
| Regular Citizens | Senior Citizens | Regular Citizens | Senior Citizens | Regular Citizens | Senior Citizens | |
| ESAF Small Finance Bank | 8.00% | 8.50% | 7.30% | 7.80% | 7.30% | 7.80% |
| Suryoday Small Finance Bank | 8.00% | 8.50% | 8.00% | 8.50% | 7.25% | 7.75% |
| Utkarsh Small Finance Bank | 8.20% | 8.70% | 8.00% | 8.50% | 8.35% | 8.85% |
| Equitas Small Finance Bank | 8.00% | 8.60% | 7.80% | 8.40% | 7.00% | 7.60% |
| Jana Small Finance Bank | 7.50% | 8.00% | 8.00% | 8.50% | 7.50% | 8.00% |
| Ujjivan Small Finance Bank | 7.50% | 8.00% | 7.25% | 7.75 % | 6.75% | 7.25% |
| Fincare Small Finance Bank | 7.50% | 8.00% | 8.50% | 9.50% | 8.00% | 8.50% |
*Fixed Deposit Rates are subject to change without any prior information.
** – FD interest rates across tenures for each small finance bank rate mentioned further in the article.
How to Choose the Best Fixed Deposit Scheme?
Following are some important aspects that every FD investor should consider to maximize returns while investing in a fixed deposit:
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. 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 a fixed deposit calculator to check and compare FD rates by various banks and the maturity amount you will get on investing. 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.
Under a Cumulative FD Scheme, you will not be paid interest over quarterly, half-yearly or yearly. FD interest under this scheme will be compounded every quarter, half-year or year and will be added back to your principal amount, which 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 upon the payout option you opt for. This FD scheme is best suited for senior citizens, widows who want regular cash inflows. Regular investors can opt for cumulative FDs for the compounding interest rates.
Tax 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 his PAN, he is taxed at 20%
- 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 returns to know the TDS deducted by the bank on your FDs. You can then pay any additional amount due or claim a refund as the case may be
Highest Fixed Deposit Interest Rates for Top Banks Across Tenure
IndusInd Bank FD Rates
FD interest rates in IndusInd Bank are as follows:
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 30 days | 4.25% | 4.75% |
| 31 days to 45 days | 5.00% | 5.50% |
| 46 days to 60 days | 5.50% | 6.00% |
| 61 days to 90 days | 5.50% | 6.00% |
| 91 days to 120 days | 5.75% | 6.25% |
| 121 days to 180 days | 5.75% | 6.25% |
| 181 days to 210 days | 6.00% | 6.50% |
| 211 days to 269 days | 6.00% | 6.50% |
| 270 days to below 1 year | 6.25% | 6.75% |
| 1 year to 1 year 2 days | 7.00% | 7.50% |
| 1 year 3 days to 1 year 2 months | 6.65% | 6.12% |
| Above 1 year 2 months to 1 year 4 months | 6.65% | 7.15% |
| Above 1 year 4 months to below 2 years | 6.75% | 7.25% |
| 2 years to below 2 years 6 months | 6.75% | 7.25% |
| 2 years 6 months to below 2 years 9 months | 6.75% | 7.25% |
| 2 years 9 months to below 3 years | 6.75% | 7.25% |
| 3 years to below 61 months | 6.75% | 7.25% |
| 61 months and above | 6.65% | 7.15% |
| Indus Tax Saver Deposit Scheme (5 years) | 6.75% | 7.25% |
Note: Interest rates mentioned above are applicable on deposits below Rs. 2 crore with effect from 24th March 2020.
DCB Bank FD Rates
FD rates in DCB Bank are as follows:
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 14 days | 5.00% | 5.50% |
| 15 days to 45 days | 5.30% | 6.80% |
| 46 days to 90 days | 5.50% | 7.00% |
| 91 days to less than 6 months | 6.00% | 7.00% |
| 6 months to less than 12 months | 6.60% | 7.10% |
| 12 months | 6.75% | 7.25% |
| 12 months 1 day to less than 15 months | 6.90% | 7.40% |
| 15 months to less than 18 months | 7.00% | 7.50% |
| 18 months | 7.25% | 7.75% |
| More than 18 months to less than 36 months | 7.20% | 7.70% |
| 36 months to 120 months | 7.35% | 7.85% |
Note: Interest rates mentioned above are applicable on deposits below Rs. 2 crore with effect from 7th May 2020.
Kotak Bank FD Rates
FD rates in Kotak Mahindra Bank are as follows:
| Tenure | Kotak Mahindra Bank FD Rates (in %) | |
| Regular Individuals | Senior Citizens | |
| 7 – 14 Days | 3.00 | 3.50 |
| 15 – 30 Days | 3.50 | 4.00 |
| 31 – 45 Days | 3.50 | 4.00 |
| 46 – 90 Days | 4.50 | 5.00 |
| 91 – 120 Days | 4.50 | 5.00 |
| 121 – 179 days | 4.60 | 5.10 |
| 180 Days | 5.10 | 5.60 |
| 181 Days to 269 Days | 5.25 | 5.75 |
| 270 Days | 5.25 | 5.75 |
| 271 Days to 363 Days | 5.25 | 5.75 |
| 364 Days | 5.25 | 5.75 |
| 365 Days to 389 Days | 5.25 | 5.75 |
| 390 Days (12 months 25 days) | 5.60 | 6.10 |
| 391 Days – Less than 23 Months | 5.25 | 5.75 |
| 23 Months | 5.25 | 5.75 |
| 23 months 1 Day – less than 2 years | 5.25 | 5.75 |
| 2 years – less than 3 years | 5.00 | 6.00 |
| 3 years and above but less than 4 years | 5.00 | 5.50 |
| 4 years and above but less than 5 years | 5.00 | 5.50 |
| 5 years and above up to and inclusive of 10 years | 5.00 | 5.50 |
Note: The above mentioned Kotak fixed deposit rates are applicable from 8th May 2020 and may change any time.
Yes Bank FD Rates
FD rates in Yes Bank are as follows:
| Tenure | Yes Bank FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 to 45 days | 5.00% | 5.50% |
| 46 to 90 days | 6.00% | 6.50% |
| 3 months to < 6 months | 6.00% | 6.50% |
| 6 months to < 9 months | 6.75% | 7.25% |
| 9 months to < 1 Year | 6.75% | 7.25% |
| 1 Years to <= 10 years | 7.00% | 7.50% |
| Special Rates | ||
| 18 months 8 days to 18 months 18 days | 7.25% | 7.75% |
| 2 years to less than 3 years | 7.25% | 7.75% |
Note: Interest rates for deposits < Rs. 2 crore, w.e.f. 1st May 2020.
ICICI Bank FD Rates
FD rates in ICICI Bank are as follows:
| ICICI Bank Rate of Interest (p.a.) | ||
| Tenure | Regular Individuals | Senior Citizens |
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 29 days | 3.50% | 4.00% |
| 30 days to 45 days | 4.25% | 4.75% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.25% | 4.75% |
| 91 days to 120 days | 4.25% | 4.75% |
| 121 days to 184 days | 4.25% | 4.75% |
| 185 days to 289 days | 4.75% | 5.25% |
| 290 days to less than 1 year | 5.25% | 5.75% |
| 1 year to 389 days | 5.55% | 6.05% |
| 390 days to <18 months | 5.55% | 6.05% |
| 18 months to 2 years | 5.75% | 6.25% |
| 2 years 1 day up to 3 years | 5.75% | 6.25% |
| 3 years 1 day up to 5 years | 5.75% | 6.25% |
| 5 years 1 day up to 10 years | 5.75% | 6.55% |
| 5 Years Tax saver FD (Max up to Rs. 1.50 lac) | 5.75% | 6.25% |
Note: The aforementioned ICICI Bank fixed deposit interest rates are applicable to deposits less than Rs. 2 crore w.e.f. 20th May 2020. These rates are subject to change without notifying prior.
HDFC Bank FD Rates
FD rates in HDFC Bank are as follows:
| HDFC Bank NRO FD Rates (p.a.) | ||
| Tenure | Deposits < Rs. 2 crore | |
| Days/Years | Regular Citizens | Senior Citizens |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.50% | 4.00% |
| 30 – 45 days | 4.00% | 5.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 90 days | 4.50% | 5.00% |
| 91 days – 6 months | 4.50% | 5.00% |
| 6 months 1 days – 9 months | 5.00% | 5.50% |
| 9 months 1 day < 1 year | 5.25% | 5.75% |
| 1 year | 5.60% | 6.10% |
| 1 year 1 day – 2 years | 5.60% | 6.10% |
| 2 years 1 day – 3 years | 5.75% | 6.25% |
| 3 years 1 day- 5 years | 5.75% | 6.25% |
| 5 years 1 day – 10 years | 5.75% | 6.75% |
Note: Interest rates are applicable on deposits below Rs. 2 crore with effect from 18th May 2020.
SBI FD Rates
FD rates by the State Bank of India are as follows:
SBI FD Interest Rates (p.a.) | ||
| Tenure | Regular Citizens | 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 | 5.10% | 5.60% |
| 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% |
Note: The above-stated SBI FD interest rates are applicable on deposits below Rs. 2 crores with effect from 27th May 2020.
Bank of Baroda FD Rates
Updated rates are as follows:
| Tenure | Bank of Baroda Fixed Deposit Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 3.30 | 3.80 |
| 15 days to 45 days | 3.30 | 3.80 |
| 46 days to 90 days | 4.30 | 4.80 |
| 91 days to 180 days | 4.30 | 4.80 |
| 181 days to 270 days | 4.85 | 5.35 |
| 271 days & above and less than 1 year | 4.85 | 5.35 |
| 1 year | 5.55 | 6.05 |
| Above 1 year to 400 days | 5.55 | 6.05 |
| Above 400 days and up to 2 years | 5.55 | 6.05 |
| Above 2 years and up to 3 years | 5.55 | 6.05 |
| Above 3 years and up to 5 years | 5.70 | 6.20 |
| Above 5 years and up to 10 years | 5.60 | 6.60 |
Note – The Interest rates are applicable with effect from 15th May 2020 on deposits below Rs. 2 crore.
RBL Bank FD Rates
FD rates in RBL Bank are as follows:
| FD Tenure | RBL Bank FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 to 14 days | 5.00% | 5.50% |
| 15 to 45 days | 5.50% | 6.00% |
| 46 to 90 days | 6.15% | 6.65% |
| 91 to 180 days | 6.40% | 6.90% |
| 181 to 240 days | 6.65% | 7.15% |
| 241 to 364 days | 6.65% | 7.15% |
| 12 months to less than 24 months | 7.20% | 7.70% |
| 24 months to less than 36 months | 7.25% | 7.75% |
| 36 months to less than 60 months | 7.00% | 7.50% |
| 60 months to less than 120 months | 7.15% | 7.65% |
| 120 months to 240 months | 6.65% | 7.15% |
| Tax Saving Fixed Deposit (60 months to less than 120 months) | 7.15% | 7.65% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 1st March 2020.
Axis Bank FD Rates
FD rates in Axis Bank are as follows:
| Tenure | Axis Bank Fixed Deposit Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 29 days | 3.50% | 3.50% |
| 30 days to 45 days | 4.00% | 4.00% |
| 46 days to 60 days | 4.50% | 4.50% |
| 61 days < 3 months | 4.50% | 4.50% |
| 3 months < 4 months | 4.50% | 4.50% |
| 4 months < 5 months | 4.50% | 5.25% |
| 5 months < 6 months | 4.50% | 4.50% |
| 6 months < 7 months | 5.00% | 5.25% |
| 7 months < 8 months | 5.00% | 5.25% |
| 8 months < 9 months | 5.00% | 5.25% |
| 9 months < 10 months | 5.25% | 5.50% |
| 10 months < 11 months | 5.25% | 5.50% |
| 11 months < 11 months 25 days | 5.25% | 5.50% |
| 11 months 25 days < 1 year | 5.80% | 6.05% |
| 1 year < 1 year 5 days | 5.80% | 6.45% |
| 1 year 5 days < 1 year 11 days | 5.70% | 6.35% |
| 1 year 11 days < 1 year 25 days | 5.70% | 6.35% |
| 1 year 25 days < 13 months | 5.70% | 6.35% |
| 13 months < 14 months | 5.70% | 6.35% |
| 14 months < 15 months | 5.70% | 6.35% |
| 15 months < 16 months | 5.70% | 6.35% |
| 16 months < 17 months | 5.70% | 6.35% |
| 17 months < 18 months | 5.70% | 6.35% |
| 18 Months < 2 years | 5.75% | 6.40% |
| 2 years < 30 months | 5.75% | 6.40% |
| 30 months < 3 years | 5.75% | 6.25% |
| 3 years < 5 years | 5.75% | 6.25% |
| 5 years to 10 years | 5.75% | 6.25% |
Note: The above mentioned Axis Bank FD Rates are applicable to deposits below Rs. 5 crore, with effect from 19th May, 2020.
DBS Bank FD Rates
FD rates in DBS Bank are as follows:
| Tenure | DBS Bank FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days | 4.00% | 4.00% |
| 8 days and up to 14 days | 4.10% | 4.10% |
| 15 days and up to 29 days | 4.20% | 4.20% |
| 30 days and up to 45 days | 4.50% | 2.50% |
| 46 days and up to 60 days | 4.55% | 4.55% |
| 61 days and up to 90 days | 4.65% | 4.65% |
| 91 days and up to 180 days | 4.90% | 4.90% |
| 181 days and up to 269 days | 5.00% | 5.00% |
| 270 days to less than 1 year | 5.10 % | 5.10% |
| 1 year to 15 months | 5.55% | 5.55% |
| 15 months 1 day to less than 2 years | 5.55% | 5.55% |
| 2 years and less than 2 years 6 months | 5.55% | 5.55% |
| 2 years and 6 months | 5.55% | 5.55% |
| 2 years 6 months 1 day and less than 3 years | 5.55% | 5.55% |
| 3 years and less than 4 years | 5.55% | 5.55% |
| 4 years and less than 5 years | 5.70% | 5.70% |
| 5 years and above | 5.70% | 5.70% |
Note: The above-mentioned interest rates are applicable w.e.f. April 28th, 2020 on deposits below Rs. 2 crore.
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 Citizens | Senior Citizens | |
| 7 – 14 days | 4.00% | 4.50% |
| 15 – 29 days | 5.00% | 5.50% |
| 30 – 45 days | 6.25% | 6.75% |
| 46 – 90 days | 6.50% | 7.00% |
| 91 – 180 days | 6.75% | 7.25% |
| 181 – less than 1 year | 7.00% | 7.50% |
| 1 year – 499 days | 7.25% | 7.75% |
| 500 days | 7.25% | 7.75% |
| 501 days – 2 years | 7.25% | 7.75% |
| 2 year 1 day – 5 years | 7.25% | 7.75% |
| 5 years 1 day – 10 years | 7.25% | 7.75% |
| 5 years Tax Saver Domestic Deposit | 7.25% | 7.75% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 1st May, 2020.
Bandhan Bank FD Rates
FD interest rates in Bandhan Bank are as follows:
| Tenure | Bandhan Bank FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 3.25% | 4.00% |
| 15 days – 3 months | 3.75% | 4.50% |
| 31 days – less than 2 months | 3.75% | 4.50% |
| 2 months – less than 3 months | 3.75% | 4.50% |
| 3 months – less than 6 months | 4.25% | 5.00% |
| 2 months – less than 1 year | 5.15% | 5.90% |
| 1 year – 18 months | 6.50% | 7.25% |
| Above 18 months – less than 2 years | 6.50% | 7.25% |
| 2 years – less than 3 years | 6.50% | 7.25% |
| 3 years – less than 5 years | 6.35% | 7.10% |
| 5 years – up to 10 years | 6.25% | 7.25% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 11th May 2020.
Canara Bank FD Rates
FD interest rates in Canara Bank are as follows:
| FD Tenure | Canara Bank FD Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days* | 4.00% | 4.25% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 179 days | 4.50% | 5.00% |
| 180 days to less than 1 year | 5.10% | 5.90% |
| 1 year | 5.75% | 6.25% |
| Above 1 year to less than 2 years | 5.75% | 6.25% |
| 2 years & above to less than 3 years | 5.75% | 6.25% |
| 3 years & above to less than 5 years | 5.70% | 6.20% |
| 5 years & above to 10 years | 5.70% | 6.20% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 7th May 2020.
Federal Bank FD Rates
FD interest rates in Federal Bank are as follows:
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 45 days | 3.75% | 4.25% |
| 45 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 270 days | 4.75% | 5.25% |
| 271 days to less than 1 year | 5.00% | 5.50% |
| 1 year | 5.80% | 6.30% |
| Above 1 year to less than 15 months | 6.00% | 6.50% |
| 15 months | 6.10% | 6.60% |
| Above 15 months | 6.00% | 6.50% |
Note: The above-mentioned interest rates are applicable to deposits below ₹ 2 crore with effect from 18th May, 2020.
OBC FD Rates
Oriental Bank of Commerce, or OBC, has been merged with the Punjab National Bank, or PNB, w.e.f. 1st April 2020. Due to this, interest rates for new applicants will be as per PNB FD rates which are as follows:
| Tenure | OBC FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 30 days | 3.50% | 4.00% |
| 31 days to 45 days | 3.50% | 4.00% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 179 days | 4.50% | 5.00% |
| 180 days to 270 days | 5.00% | 5.50% |
| 271 days to less than 1 year | 5.25% | 5.75% |
| 333 days | 5.40% | 5.90% |
| 1 year | 5.75% | 6.25% |
| 444 days | 5.75% | 6.25% |
| 555 days | 5.75% | 6.25% |
| Above 1 year – up to 2 years | 5.75% | 6.25% |
| Above 2 years – up to 3 years | 5.75% | 6.25% |
| Above 3 years – up to 5 years | 5.75% | 6.25% |
| Above 5 year – up to 10 years | 5.75% | 6.25% |
Note: The above-mentioned interest rates are applicable to deposits below ₹ 2 crore with effect from 1st May 2020.
Best Fixed Deposit Interest Rates for Small Finance Banks in Detail
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 Citizens | Senior Citizens | |
| 7 – 14 days | 5.00% | 5.50% |
| 15 – 59 days | 5.50% | 6.00% |
| 60 – 90 days | 6.25% | 6.75% |
| 91 days to 181 days | 6.50% | 7.00% |
| 182 days | 6.00% | 6.50% |
| 183 days to 363 days | 7.00% | 7.50% |
| 364 days | 6.25% | 6.75% |
| 365 days to 545 days | 7.50% | 8.00% |
| 546 days | 6.25% | 6.75% |
| 547 days to 727 days | 7.50% | 8.00% |
| 728 days | 6.50% | 7.00% |
| 729 days to 909 days | 7.25% | 7.50% |
| 910 days | 6.50% | 7.00% |
| 911 days to 1091 days | 7.25% | 7.75% |
| 1092 days | 6.50% | 7.00% |
| 1093 days to 1273 days | 7.00% | 7.50% |
| 1274 days | 6.50% | 7.00% |
| 1275 days – 1455 days | 7.00% | 7.50% |
| 1456 days | 6.50% | 7.00% |
| 1457 days – 1637 days | 7.00% | 7.50% |
| 1638 days | 6.50% | 7.00% |
| 1639 days – 1819 days | 7.00% | 7.50% |
| 1820 days | 6.50% | 7.00% |
| 1821 days to 3652 days | 6.50% | 7.00% |
Note: Interest rate are applicable on deposits below ₹ 2 crore with effect from 1st May 2020.
Suryoday Small Finance Bank Fixed Deposit Rate
FD interest rates in Suryoday Small Finance Bank are as follows:
| Tenure | Suryoday Bank FD Rates (p.a.) | |
| Regular Citizens | 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 | 6.50% | 7.00% |
| Above 9 months to less than 1 year | 7.00% | 7.50% |
| 1 year to 2 years | 7.25% | 7.75% |
| Above 2 years to 3 years | 7.50% | 8.50% |
| Above 3 years to less than 5 years | 7.75% | 8.25% |
| 5 years | 9.00% | 9.25% |
| Above 5 years to 10 years | 7.25% | 7.75% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from1st May, 2020
Utkarsh Small Finance Bank Fixed Deposit Rate
FD interest rates in Utkarsh Small Finance Bank are as follows:
Tenures | Utkarsh Bank FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 to 15 Days | 4.75% | 5.25% |
| 16 to 28 Days | 4.75% | 5.25% |
| 29 to 45 Days | 4.75% | 5.25% |
| 46 to 90 Days | 5.50% | 6.00% |
| 91 to 120 Days | 6.75% | 7.25% |
| 121 to 180 Days | 6.75% | 7.25% |
| 181 to 210 Days | 7.00% | 7.50% |
| 211 to 270 Days | 7.00% | 7.50% |
| 271 to less than 1 Year | 7.25% | 7.75% |
| 1 Year to 455 Days | 8.20% | 8.70% |
| 456 Days to less than 2 Years | 8.50% | 9.00% |
| 2 Years to 776 Days | 8.00% | 8.50% |
| 777 Days | 9.00% | 9.50% |
| 778 Days to less than 3 years | 8.00% | 8.50% |
| 3 years to less than 5 years | 8.00% | 8.50% |
| 5 Years | 8.35% | 8.85% |
| More than 5 Years to 10 Years | 7.75% | 8.25% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 15th February 2020.
Jana Small Finance Bank Fixed Deposit Rate
FD interest rates in Jana Small Finance Bank are as follows:
Tenure | Jana Bank FD Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 − 14 days | 5.00% | 5.50% |
| 15 − 60 days | 5.50% | 6.00% |
| 61 – 90 days | 6.25% | 6.75% |
| 91 – 180 days | 6.75% | 7.25% |
| 181 – 364 days | 7.00% | 7.50% |
| 365 days (1 year) | 7.50% | 8.00% |
| 1 year – 2 years | 7.75% | 8.25% |
| 2 years – 3 years | 8.00% | 8.50% |
| 3 years – less than 5 years | 7.00% | 7.50% |
| 5 years (1825 days) | 7.50% | 8.00% |
| > 5 years – 10 years | 6.50% | 7.00% |
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 15th May 2020.
Equitas Small Finance Bank Fixed Deposit Rate
FD interest rates in Equitas Small Finance Bank are as follows:
| Tenure | Equitas FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 – 14 days | 4.00% | 4.60% |
| 15 – 29 days | 4.00% | 4.60% |
| 30 – 45 days | 4.50% | 5.10% |
| 46 – 62 days | 5.00% | 5.60% |
| 63 – 90 days | 6.00% | 6.60% |
| 91 – 120 days | 6.25% | 6.85% |
| 121 – 180 days | 6.25% | 6.85% |
| 181 – 210 days | 6.50% | 7.10% |
| 211 – 270 days | 6.50% | 7.10% |
| 271 – 364 days | 7.25% | 8.85% |
| 1 year to 18 months | 7.75% | 8.35% |
| 18 months 1 day to 2 years | 7.45% | 8.05% |
| 2 years 1 day to 887 days | 7.55% | 8.15% |
| 888 days | 8.00% | 8.60% |
| 889 days to 3 years | 7.55% | 8.15% |
| 3 years 1 day to 4 years | 6.75% | 7.35% |
| 4 years 1 day to 5 years | 6.75% | 7.35% |
| 5 years 1 day to 10 years | 6.75% | 7.35% |
Note: Interest rates are applicable to deposits below ₹ 2 crore with effect from 4th May 2020.
Ujjivan Small Finance Bank FD Rates
Ujjivan Bank FD Rates | ||
| Tenure | Regular Citizens | Senior Citizens (of or above 60 years) |
| 7 days to 29 days | 4.50% | 5.00% |
| 30 days to 89 days | 5.35% | 6.85% |
| 90 days to 179 days | 6.10% | 6.60% |
| 180 days to 364 days | 6.50% | 7.00% |
| 1 year to 2 years | 7.50% | 8.00% |
| 2 years 1 day to 734 days | 7.50% | 8.00% |
| 735 days | 7.50% | 8.00% |
| 736 days to 798 days | 7.50% | 8.00% |
| 799 days | 7.50% | 8.00% |
| 800 days to 3 years | 7.25% | 7.75% |
| 3 years 1 day to 5 years | 6.75% | 7.25% |
| 5 years 1 day to 10 years | 6.25% | 6.75% |
Note: The aforementioned FD interest rates are applicable on deposits below Rs. 2 crore, w.e.f. 2nd May 2020.
Fincare Small Finance Bank Fixed Deposit Rate
FD interest rates in Fincare Small Finance Bank are as follows:
| Tenure | Fincare FD Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 5.00% | 5.50% |
| 181 days to 364 days | 6.50% | 7.00% |
| 12 months to 15 months | 7.25% | 7.75% |
| 15 months 1 day to 18 months | 7.25% | 7.75% |
| 18 months 1 day to 21 months | 7.50% | 8.00% |
| 21 months 1 day to 24 months | 7.50% | 8.00% |
| 24 months 1 day to 30 months | 8.50% | 9.00% |
| 30 months 1 day to 36 months | 8.50% | 9.00% |
| 36 months 1 day to 42 months | 8.50% | 9.00% |
| 42 months to 48 months | 9.00% | 9.50% |
| 48 months 1 day to 5 years | 7.50% | 8.00% |
| 5 years 1 day to 7 years | 7.00% | 7.50% |
Note: Interest rates are applicable on deposits below ₹ 2 crore effective from 27th April 2020.
6 Comments. Leave new
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.
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.
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.