Discover which banks in India offer the best fixed deposit rates. Compare FD interest rates across top banks like SBI, HDFC, ICICI, and more to maximize your returns. Find the highest ROI for your tenure today!Fixed Deposits (FDs) are among the safest and most preferred investment options in India. They offer guaranteed returns and are free from market fluctuations, making them ideal for risk-averse investors. With multiple banks offering competitive FD rates, it can be challenging to decide where to invest. Below is a detailed analysis of the current Fixed Deposit rates offered by top banks in India.
1.State Bank of India (SBI)
- 7–45 days: 3.00% (regular) | 3.50% (senior citizen)
- 46–179 days: 4.50% | 5.00%
- 180 days to less than 1 year: 5.25% | 5.75%
- 1–2 years: 6.10% | 6.60%
- 5–10 years: 6.50% |
- Notable Features: SBI offers a special rate of 7.50% for senior citizens under the “WeCare” deposit scheme for tenures of 5–10 years
2.HDFC Bank
- 7–14 days: 3.00% | 3.50%
- 15–45 days: 3.50% | 4.00%
- 46 days to 6 months: 4.50% | 5.00%
- 6 months to 1 year: 5.25% | 5.75%
- 1–2 years: 7.10% | 7.60%
- Notable Features: HDFC provides an additional 0.25% interest for deposits over ₹2 crore. More details
3.Axis Bank
- 7 days–29 days: 3.50% | 4.00%
- 30–89 days: 4.00% | 4.50%
- 90 days to less than 6 months: 4.75% | 5.25%
- 1 year to 15 months: 7.50% | 8.00% Details on Axis Bank FDs.
- Notable Features: Axis Bank has competitive rates for mid-term deposits, making it a preferred choice for those looking for 1–3 years of tenure
4.ICICI Bank
- 7–29 days: 3.00% | 3.50%
- 30–90 days: 3.25% | 3.75%
- 91–184 days: 4.25% | 4.75%
- 185 days to less than 1 year: 5.50% | 6.00%
- 1 year to 2 years: 7.10% | 7.60%
- Notable Features: ICICI provides a fixed deposit calculator on its website to help investors estimate their returns. More details
5.Bank of Baroda
- Regular Interest Rate: 3.00% to 7.30%
- Senior Citizen Rate: 3.50% to 7.80%
- Tenure Range: 7 days to 10 years
- Notable Features: This public sector bank offers higher returns for long-term deposits. More details
6.Bandhan Bank
- 7–14 days: 3.00% | 3.50%
- 15–180 days: 4.25% | 4.75%
- 6 months–1 year: 6.00% | 6.50%
- 1–2 years: 7.50% | 8.00%
- Notable Features: Bandhan Bank provides one of the highest FD rates for senior citizens. More details
Important Considerations
- Minimum Deposit: Typically ₹1,000 for most banks.
- Premature Withdrawal: Early withdrawals may attract penalties of 0.50%–1% on applicable rates.
- Special Schemes: Some banks like SBI offer higher rates for senior citizens or on specific tenures (e.g., SBI’s “WeCare”).
- Bulk Deposits: Interest rates may vary for deposits over ₹2 crore.
Comparison Table: Best Fixed Deposit Rates Offered by Top Banks in India (November 2024)
| Bank | Tenure | Regular Rate | Senior Citizen Rate | Special Notes |
|---|---|---|---|---|
| SBI | 7 days – 10 years | 3.00% – 6.10% | 3.50% – 6.60% | Up to 7.50% under “WeCare” scheme for senior citizens for long tenures. |
| HDFC Bank | 7 days – 10 years | 3.00% – 7.10% | 3.50% – 7.60% | Higher rates for tenures of 1–2 years. |
| ICICI Bank | 7 days – 10 years | 3.00% – 7.10% | 3.50% – 7.60% | Attractive rates for 1–2 years tenure. |
| Axis Bank | 7 days – 10 years | 3.50% – 7.50% | 4.00% – 8.00% | High returns for 1 year to 15 months tenure. |
| Bandhan Bank | 7 days – 10 years | 3.00% – 7.50% | 3.50% – 8.00% | Best rates for tenures between 1–2 years. |
| Kotak Mahindra Bank | 7 days – 10 years | 3.00% – 6.20% | 3.50% – 6.70% | Competitive rates across all tenure slabs. |
| PNB | 7 days – 10 years | 3.50% – 6.80% | 4.00% – 7.30% | Provides special higher rates for senior citizens and long tenures. |
Key Takeaways:
- Best Rates for Short Tenures (7–45 days): Axis Bank, Bandhan Bank.
- Best Rates for Medium Tenures (1–2 years): Bandhan Bank, ICICI Bank, and HDFC Bank.
- Senior Citizens’ Best Choice: Axis Bank (up to 8%) and SBI’s WeCare scheme.
