Scheduled Banks offering highest FD interest rates – 6.50% p.a. and above
Amongst all bank categories, small finance banks are offering the highest FD interest rates. Within the scheduled small finance bank category, Unity Small Finance Bank is offering the highest FD interest rate of 9.00% p.a.; followed by Suryoday Small Finance Bank offering FD rates of 8.60% p.a. Among scheduled private sector banks, SBM Bank offers the best FD interest rates of up to 8.10% p.a. for a tenure of 391 days to 15 months. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.40% p.a. for a tenure of 444 days.
Senior citizens (of age 60 years and above) can earn fixed deposit rates of up to 9.50% p.a. on tenures ranging from 1 year to 10 years. Banks usually offer an additional FD interest rate of 50-80 bps over the regular fixed deposit rates to senior citizens. Some banks also offer additional interest rates of 20-30 bps, over and above the additional senior citizen FD rates under special FD schemes. Additionally, most banks offer preferential interest rates to super senior citizens aged 80 years and above. For instance, RBL Bank, Indian Overseas Bank, Union Bank of India, Indian Bank and Punjab National Bank offer an additional 75-80 bps over and above the regular FD rates to super senior citizens. Listed below are the best cumulative FD schemes in terms of interest rates.