Fixed deposit interest rates can vary from one bank to another and can vary for different deposit tenures as well. It is always recommended to check FD interest rates for different banks and financial institutions before investing in a fixed deposit to get best bank FD rates.

Top 10 Banks Fixed Deposit Interest Rates in India for up to 1 year Tenure

Bank	Rate of Interest*		Deposit Tenure
	Regular Individuals	Senior Citizens
ESAF Small Finance Bank	8.75%	9.25%	365 - 727 days
Ujjivan Small Finance Bank	8.30%	8.30%	1 year to 2 years
IndusInd Bank	8.00%	8.50%	1 years to 1 years 2 months
Yes Bank	7.50%	8.00%	12 months 10 days to 12 months 20 days
DCB Bank	7.40%	7.90%	12 months 1 day to less than 15 months
Standard Chartered Bank	7.40%	7.90%	1 year – 375 days
Axis Bank	7.30%	7.95%	1 year < 1 year 5 days
HDFC Bank	7.30%	7.80%	1 year
Canara Bank	7.00%	7.50%	1 year
State Bank of India	6.80%	7.30%	1 year to less than 2 year

*Fixed Deposit Rates are subject to change without any prior information.

Top 10 Banks Fixed Deposit Interest Rates for 2 years Tenure

Bank	Rate of Interest*		Deposit Tenure
	Regular Individuals	Senior Citizens
Fincare Small Finance Bank	9.00%	9.50%	24 months 1 day to 36 months
Ujjivan Small Finance Bank	8.30%	8.30%	1 year to 2 years
Axis Bank	7.50%	8.15%	2 years < 30 months
DCB Bank	7.50%	8.00%	24 months
RBL Bank	8.05%	8.55%	24 months to less than 36 months
Deutsche Bank	8.00%	8.00%	> 1 year - 2 years
IndusInd Bank	7.50%	8.00%	2 years to below 2 years 6 months
Yes Bank	7.25%	7.75%	1 year to <= 10 years
IDBI Bank	7.20%	7.70%	>1 years to  2 years
State Bank of India	6.80%	7.30%	2 years to less than 3 years

*Fixed Deposit Rates are subject to change without any prior information

Top 10 Banks Fixed Deposit Interest Rates for 4 years Tenure

Bank	Rate of Interest*		Deposit Tenure
	Regular Individuals	Senior Citizens
Fincare Small Finance Bank	8.00%	8.50%	3 years 1 day to 5 years
DCB Bank	7.75%	8.25%	More than 36 months to 60 months
IndusInd Bank	7.50%	8.00%	3 years to below 61 month
Deutsche Bank	7.50%	7.50%	> 3 years - 4 years
Yes Bank	7.25%	7.75%	1 years to <= 10 years
Axis Bank	7.25%	7.75%	3 years < 5 years
ICICI Bank	7.25%	7.75%	3 years 1 day up to 5 years
Ujjivan Small Finance Bank	7.00%	7.50%	3 years and 1 day to 5 years
State Bank of India	6.80%	7.30%	3 years to less than 5 years
Bank of India	6.50%	7.00%	3 years & above to less than 5 years

*Fixed Deposit Rates are subject to change without any prior information

Top 10 Banks Fixed Deposit Interest Rates in India for Regular Citizens

Bank	Rate of Interest (Regular Individuals)*	Deposit Tenure
Utkarsh Small Finance Bank	9.00%	456 days to less than 2 years
Ujjivan Small Finance Bank	8.60%	799 Days
Deutsche Bank	8.25%	5 years
DCB Bank	8.05%	15 months to less than 24 months
IndusInd Bank	8.00%	1 years to 1 years 2 months
Yes Bank	7.85%	18 months 8 days to 18 months 18 days
Axis Bank	7.50%	2 years < 30 months
HDFC Bank	7.30%	1 year
Canara Bank	7.10%	555 days
State Bank of India	6.85%	5 years and up to 10 years

*Fixed Deposit Rates are subject to change without any prior information

Top 10 Banks Fixed Deposit Interest Rates in India for Senior Citizens

Bank	Rate of Interest (Senior Citizens)	Deposit Tenure
Utkarsh Small Finance Bank	9.50%	456 days to less than 2 years
Ujjivan Small Finance Bank	9.10%	799 days
IDFC First Bank	8.75%	3 years 1 day - 5 years
DCB Bank	8.55%	15 months to less than 24 months
RBL Bank	8.55%	24 months to less than 36 months
IndusInd Bank	8.50%	1 years to 1 years 2 months
Yes Bank	8.35%	18 months 8 days to 18 months 18 days
Standard Chartered Bank	8.00%	18 months  < 21 months
ICICI Bank	8.00%	2 years 1 day up to 3 years
State Bank of India	7.35%	5 years and up to 10 years

*Fixed Deposit Rates are subject to change without any prior information

Top 10 Banks Tax-Saver FD Interest Rates in India

Bank	Rate of Interest*		Deposit Tenure
	Regular Individuals	Senior Citizens
IDFC First Bank	8.25%	8.75%	5 years
RBL Bank	7.60%	8.10%	60 months to less than 120 months
IndusInd Bank	7.50%	8.00%	5 years
Yes Bank	7.25%	7.75%	5 years
DCB Bank	7.25%	7.75%	More than 60 months to 120 months
ICICI Bank	7.25%	7.75%	5 years
State Bank of India	6.85%	7.35%	5 years and up to 10 years
IDBI Bank	6.85%	7.35%	5 years
Bank of Baroda	6.70%	7.30%	5 years and up to 10 years
Kotak Mahindra Bank	6.50%	7.00%	5 years and above up to and inclusive of 10 years

*Fixed Deposit Rates are subject to change without any prior information

What is a Company Fixed Deposit?

Company Fixed Deposit is a type of fixed deposit which is issued by companies for a fixed tenure with a specified rate of interest. Company Fixed Deposits are generally provided by finance companies, housing finance companies and other Non-Banking Financial Companies. Agencies like ICRA, CARE and CRISIL rate such deposits for the purpose of providing safety.

Company Fixed Deposits are unsecured and any individual only invests the money on the basis of its stand and reputation in the market. So, it is important to consider these ratings before investing in a corporate fixed deposit.

Benefits of Company Fixed Deposit

Company Fixed Deposit provides some benefits which makes it a preferable investment option over other fixed deposits in India. Following are the benefits of investing in a company fixed deposit:

• Generally, Company Fixed Deposit interest rates are higher than bank fixed deposits. This is one of the major reasons that individuals deposit in corporate fixed deposits

• Company fixed deposits also comes with nomination facility

• With this type of deposits, any depositor can get better fixed deposit rates for a short tenure with better liquidity

• With this type of deposits, any depositor can get better fixed deposit rates for a short tenure with better liquidity

• Company fixed deposits also provide the facility of premature withdrawals which comes with a lock in period as low as 3 months

Top 5 Company Fixed Deposit Providers in India

1. Bajaj Finserv

2. Shriram Transport Finance

3. Mahindra Finance

4. Sundaram Finance Company

5. DHFL

High paying Company Fixed Deposit Interest Rates 2019

Bank	Rate of Interest*		Deposit Tenure
	Regular Individuals	Senior Citizens
Shriram Transport Finance	8.88%	9.11%	60 months
Bajaj Finserv	8.75%	9.10%	36 – 60 months
Mahindra Finance	9.00%	9.10%	33 months
Sundaram Finance Company	8.00%	8.50%	24 months
DHFL	9.00%	9.40%	36 months
HUDCO	7.50%	7.75%	24 months
LIC Housing Finance FD	8.30%	8.55%	5 years
PNB Housing FD	8.45%	8.45%	60 - 71 months
ICICI Home Finance FD	8.30%	8.55%	60 months
Hawkins Pressure Cooker FD	10.75%	10.75%	36 months

*Fixed Deposit Rates mentioned above are under Cumulative Fixed Deposit Scheme and are subject to change without any prior information.

Check Non-Cumulative Company Fixed Deposit Interest rates here.

What is a Cumulative Deposit Scheme?

Under a cumulative fixed deposit scheme, investor does not get any FD interest over every quarter, half year or year. The FD interest under a cumulative deposit scheme is compounded every quarter, half year or every year and added back to the total deposit amount and paid at the end of the deposit tenure.

For instance, an individual invests in a cumulative fixed deposit with FD interest rate of 10%. So, he / she will not get interest every month, quarter, half yearly, yearly. The accumulated interest will be payable at the end of the deposit tenure with the maturity amount, which is why cumulative deposits come with slightly higher annualised yield.

What is a Non-Cumulative Scheme?

In case of a Non-Cumulative Scheme, a FD holder is paid interest at regular intervals i.e. monthly, quarterly, half-yearly or yearly as per the bank policy. A non-cumulative fixed deposit scheme is best suited for individuals who want earnings at regular intervals. For instance, senior citizens who have no source of income can opt for a non-cumulative FD that can help them with regular interest income which can be used for their daily expenses.

Tax Saver Fixed Deposit scheme is one good method to avail tax deductions under Section 80C of the Income Tax Act, 1961. A maximum deduction of Rs 150,000 can be claimed by investing in them. A minimum of five years and a maximum of 10 years are the acceptable durations for these deposits. No partial or pre-mature withdrawal is allowed on these deposits. Also, the depositor can nominate/authorize someone to withdraw the accrued deposit amount before or post maturity in the event of death of the depositor.

Income Tax and Fixed Deposit Interest

Interest earned on Fixed Deposit is added to the investor’s annual income and is fully taxable under the income tax slab applicable. FD interest income is considered under ‘Income from Other Sources’ category in the Income Tax Return.

Under Interim Budget 2019 announcement, the government raised the TDS threshold limit on interest earned on bank / post office deposits from Rs. 10000 to Rs. 40000. So, from April 2019, banks will not deduct TDS if income earned by interest is up to Rs. 40000. On FD interest income more than Rs. 40000, banks will deduct 10% TDS (Tax Deducted at Source).

Earlier, banks used to deduct TDS on interest income of more than Rs.10000. Any individual who is earning FD interest income up to Rs. 10000 was not deducted any TDS. There will be no TDS deduction on FD interest income up to Rs. 10000, but the interest income will be added to the annual income.

However, if an individual fall under 5% income tax slab, then the individual can file Income Tax Return and claim refund. If an individual is not liable to pay any income tax as per the Income Tax Slabs applicable, then the individual can submit Form 15G with the bank to avoid TDS deduction. Senior citizens can submit Form 15H with their bank to avoid TDS deduction. 

If any individual falls under any income tax slab which is more than 10%, then he /she is liable to pay more tax (above TDS).

A Fixed Deposit Compound Interest Calculator helps individuals looking to invest in FD to check the fixed deposit interest amount with the maturity amount. Any individual looking to invest can check the maturity amount and FD interest before investing their hard earned money. This FD calculator is free, easy and 24 x 7 available to use and assists in saving investors from laborious calculations. A Fixed Deposit Interest Calculator displays the total interest amount after compounding for a fixed deposit. User needs to provide the desired deposit amount, bank FD interest rate and the deposit tenure.

A Fixed Deposit Interest Calculator is an easy to use tool available online which helps in calculating the FD interest and maturity amount in no time. Any individual looking to invest in a fixed deposit can calculate the FD interest earnings on the desired deposit amount by using FD calculator. Just provide the required details like deposit amount, fixed deposit interest rates and deposit tenure to check FD interest in few seconds.

Fixed Deposit Maturity Calculator

A Fixed Deposit Maturity Calculator is another convenient financial tool available online which can be used to calculate the fixed deposit maturity amount online. This FD calculator is available 24 x 7 to facilitate individuals in checking the maturity amount on their desired deposit amount. Any individual can use this fixed deposit calculator by providing deposit amount, FD interest rates and deposit tenure to check the maturity amount of the fixed deposit in seconds.

How FD Interest Calculator work?

Fixed deposit calculator is an easy to use tool which can be used 24 x 7 to avoid calculating fixed deposit interest manually. Calculating fixed deposit interest amount manually is complex and time taking process that is prone to human errors as well. It is always advisable to use FD calculator available online as it is accurate, quick and saves time as well. Any individual can calculate interest on the fixed deposit by providing the following details:

Deposit Amount	Deposit Amount or investment amount is the amount that an individual invests in FD for a given tenure. The minimum and maximum deposit amount varies from one bank to another. Usually, one can invest as low as Rs. 100 in a fixed deposit.
Rate of Interest	Fixed Deposit Interest rate offered on the deposit amount. Rate of interest on fixed deposits also vary with the deposit tenure one chooses.
Deposit Tenure	Deposit tenure is the specified tenure that a depositor chooses to invest his / her money for. A fixed deposit can be made for minimum 7 days and maximum 10 years for most of the banks and financial institutions.

Both fixed deposits and recurring deposits are safe investment options which are offered by most of the banks operating in India. A fixed tenure and amount (Per month in case of recurring deposit) should be specified before investing in any of the above mentioned deposit. People often keep asking the question - Which is the best bank for fixed deposit or recurring deposit in India? Investors can also calculate and compare the FD interest rate online with recurring deposit interest rate before making an investment decision.

To make an informed decision, one must be aware of what a fixed and recurring deposit is all about. Below mentioned is the difference between recurring deposits & fixed deposits:

	Fixed Deposit	Recurring Deposit
Amount Invested	Fixed Deposits come with no maximum limit on the amount that can be invested; however the minimum requirement varies from one bank to another.	Recurring Deposits come with no fixed maximum or minimum limit generally.
Minimum Investment Amount	Rs.100 (varies from one bank to another)	Rs. 1000 (varies from one bank to another)
Maximum Investment Amount	No upper limit	Rs. 15 lakh (varies from one bank to another)
Deposit Term	Fixed Deposit tenure also varies from 7 days to 10 years and the depositor can opt for tenure as per his / her convenience. For tax saver FD, depositor can only invest for 5 year or 10 year tenure.	Recurring deposits may come with an investment tenure ranging from 1 year to 10 years, where an individual deposits a fixed amount at regular intervals (monthly) over the tenure specified.
Interest offered	For FDs the interest is earned in a compounding manner on the entire amount deposited starting from the initial lump sum amount. Because of this Rs. 12,000 FD investment will accrue more interest than a 12 month RD of Rs. 1000 each month.	For RDs of 1 year, the first installment earns 12 month of interest, the next one acquires interest for 11 months only, while the third one gets it for 10 months and so on and so forth.
Tax	FD interest earned in a financial year is added to the income and is taxable. Tax deductions can also be claimed for fixed deposits for tenure of 5 years or more. But, the interest earned on tax saver FDs will also be taxable.	Recurring Deposit comes with no tax benefit associated with it. Also, RD interest earned is added to the annual income and is taxable.
Premature Withdrawal	Banks allow premature withdrawal of the deposit amount by paying a penalty to the bank.	For most of the banks, both FD and RD have similar terms and conditions for premature withdrawal.

Useful Article: FD Vs RD

Following is the list of KYC documents which are required for opening a Fixed Deposit Account:

Proof of Identity

• Aadhaar Card
• Passport
• PAN Card
• Voter ID card
• Driving Licence

Address Proof

• Passport
• Telephone bill
• Electricity bill
• Bank Statement with Cheque
• Aadhaar card
• Certificate/ ID card issued by Post office

Any individual can compare and open a Fixed Deposit Account online at Paisabazaar.com by just following two simple steps:

Step 1: In the first step, fill a Fixed Deposit form on Paisabazaar with required personal data like city that an individual reside in, name of the investor, date of birth, email address and contact number. Once submitted, the Fixed Deposit tool automatically will provide best bank FD options to compare.

Step 2: In the second step, the applicant can compare FD rates and apply for the one offering higher fixed deposit interest rates. The investor will be either redirected to the selected bank’s website or provided with a reference number. If the individual looking to invest in a fixed deposit is provided with a reference number for the fixed deposit application, an account expert will get in touch for further process of the application.

Alternatively, interested investors can open a Fixed Deposit offline as well by visiting the preferred bank’s branch nearby.

Q. Who can invest in fixed deposit schemes?

A. Resident individuals, private and public limited companies, Hindu Undivided Families (HUF), partnership firms and societies can book fixed deposits. Some banks and NBFCs including India Post allow minors above the age of 10 years to open fixed deposits with a parent or guardian as the co-holder of the account. They have to get the FD scheme registered in their name when they attain 18 years of age.

Q. What is the minimum and maximum tenure of FD schemes?

A. The tenure of FD schemes varies from as less as 7 days to as long as 10 years. Tax saving FD scheme has a lock-in period of 5 years and may be extended for up to a maximum of 10 years. Some senior citizen schemes that offer higher interest rates on deposits up to Rs 7.5 lakhs have tenure of 10 years.

Q. When and how will the investor receive the interest amount?

A. There are two types of FD schemes- traditional schemes, where the interest amount is paid to the depositor monthly or quarterly and the reinvestment scheme, where the interest earned is reinvested in the FD scheme. This option to reinvest the interest or get the interest on a monthly basis is provided at the time of booking the FD.

Q. Can depositors get interests on a monthly basis?

A. Yes, fixed deposits can be modified to get interest on a monthly basis like pension schemes. The interest is paid to the investor on a monthly basis if he chooses the monthly payout of interest option at the time of booking the FD.

Q. What is the lock-in period of Tax Saver FD scheme?

A. Tax Saver FD scheme has a minimum lock-in period of 5 years and can be extended for up to 10 years.

Q. What benefits are offered to senior citizens under FD schemes?

A. Senior citizens get an additional interest (which varies from one bank to another) on the same FD scheme on deposits below Rs 1 Crore. Non-resident senior citizens however do not get this benefit. Check Senior Citizen Fixed Deposit Interest Rates.

Q. Can FDs be broken before maturity?

A. Depositors can withdraw money partially or prematurely but the bank charges a penalty at the time of withdrawal. The interest rate offered by the bank usually decreases if the rate of interest at the time of withdrawal is lower than the card rate at which the FD was booked.

Q. Can an investor take loans against fixed deposits?

A. Many banks offer loans against fixed deposits. Applicants can get a loan of up to 90% of the FD amount. These loans are offered for a period less than or equal to the remaining FD tenure. Interest rates charged on these loans is only 1% to 2% more than the FD interest rate, which still put it at a lower level than the interest rate charged on personal loans. Financial emergency can occur at any time and arranging funds during this period is very important. Loan against FDs are a great option during this period. The bank provides these loans at low interests and the depositor gets interest on FDs even after the loan is sanctioned.

Q. Can minors open fixed deposit accounts?

A. Many banks and NBFCs offer FD investment options to minors with a parent/guardian acting as co-applicant. India Post offers fixed deposits to minors above the age of 10 years. But the minor has to get the FD transferred to his name when he reaches the age of 18 years.

Useful Article: What is Post office Fixed Deposit

Q. Do banks provide more interests on long term deposits?

A. Banks offer low interest rates on deposits made for short tenures. Interest rates offered for less than 6 months are similar to the interest rate offered on savings account. For the most part, fixed deposits booked for longer periods offer higher interest rates. Generally, banks offer highest interest rates on fixed deposits made for tenure of 2 to 5 years.