Fixed Deposit Interest Rates

Highlights

  • Read and know how the fixed deposit interest rates differ from bank to bank
  • And, find the suitable bank for your Fixed Deposit earnings

Interest is paid by the bank on your booked fixed deposits for a particular period. The bank provides interest to your deposits at a certain rate and it is known as the fixed deposit interest rate. In a fixed deposit, the amount you provide to the bank earns interest for the determined period of time. And, when the fixed deposit reaches its maturity, the bank would provide an attractive interest rate on your principal deposits.

Fixed Deposit @ 9.25%* ROI

Fixed Deposit Interest Rates

The interest rate of the fixed deposit varies from bank to bank. And the interest rate can be high or low depending on your deposit and tenure. So you should first, compare the list of bank fixed deposit interest rates before investing in them. Fixed deposit interest rate change from time to time and the current list of bank fixed deposit interest rates are as follows.

Top 10 Banks Fixed Deposit Interest Rates

Bank NameTenureInterest Rate (p.a for < ₹2 crore)
SBI7 days – 10 years4.50% - 6.00%
HDFC Bank7 days – 10 years3.50% - 6.30%
Axis Bank7 days – 10 years3.50%-6.50%
Bank of Baroda7 days – 10 years4.50% - 6.00%
ICICI Bank7 days – 10 years4.00%-6.40%
PNB7 days – 10 years4.50%-6.05%
IDBI Bank15 days – 20 years3.50% - 6.25%
Canara Bank7 days – 10 years4.50%-6.25%
RBL Bank7 days – 10 years5.00%-6.85%
Yes Bank7 days – 10 years5.00% - 7.25%

Top Banks FD Rates for Senior Citizens

Fixed Deposit is a reliable investment that provides returns in regular intervals with a zero risk advantage associated with it. The fixed deposit is considered to be the most suitable investment for a senior citizen who is withdrawing pension and wants to create a secure future. As in fixed deposits, the citizens of age 60 years or above are entitled to receive an additional interest on their deposits over and above the rate of interest offered to the other regular fixed deposit account holders. In the age where the sources of earning are limited fixed deposit provides regular income at a high rate of interest. The extra interest rate paid to a senior citizen by the banks on their fixed deposit ranges from 0.25% – 1%. Below is the list of banks that provide a high interest to senior citizens fixed deposits.

Fixed Deposit Interest Rate For Senior Citizens

Bank NameTenureInterest Rate (p.a for < ₹2 crore)
SBI7 days – 10 years5.00% - 6.50%
HDFC Bank7 days – 10 years4.00% - 6.80%
Axis Bank7 days – 10 years3.50%-7.00%
Bank of Baroda7 days – 10 years5.00% - 6.50%
ICICI Bank7 days – 10 years4.50%-6.90%
PNB7 days – 10 years5.00%-6.55%
IDBI Bank15 days – 20 years4.00% - 6.75%
Canara Bank7 days – 10 years5.00%-6.75%
RBL Bank7 days – 10 years5.50%-7.85%
Yes Bank7 days – 10 years5.50% - 7.75%

FD Interest Rates Calculator

You must be thinking of the returns if you invest in fixed deposits and like to know how much amount you could get from the deposit. Here, in that case, the fixed deposit calculator comes in use. The calculator works using the information of your fixed deposit such as the period of investment, the amount you have been depositing and interest rate. It compares the interest received on different amounts at different tenure easily and assists in deciding the best service provider. With the help of a fixed deposit calculator, you can have the idea of the interest you would earn on your investment.

For instance, if you have deposited ₹10,000 for 5 years, and the bank pays an interest rate of 7% per annum on the quarterly compounding basis. Then to compute the closing rate of interest, use a fixed deposit interest rate calculator. According to which the fixed deposit balance would be ₹14,149 at the end of the investment period. Look at the table below which shows the earned interest rate and the closing balance.

YearInterest Rate (in % p.a.)Opening Balance (in ₹)Interest Earned (in ₹)Closing Balance (in ₹)
171000071910719
271071977011489
371148982612315
471231588513200
571320094914149

Interest Rates Based on Investment Period

It is simple to understand that the invested amount is directly based on the period for which you have invested. From the mentioned table of fixed deposit interest rates, you can see the range of interest varies from 7 days to 10 years in a bank fixed deposit. But in Post Office fixed deposit interest rate you can earn high returns without the worry of choosing from the list of banks.

Post Office Fixed Deposit Interest Rate

To open a post office fixed deposit account you need to invest multiple of INR 100 as there is no maximum limit for your deposits.

Post Office FD Interest Rate Table

PeriodRate of Interest (w.e.f. 1st July 2019)
1 year6.90% p.a.
2 years6.90% p.a.
3 years6.90% p.a.
5 years7.70% p.a.

Top Banks FD Interest Rates

HDFC Fixed Deposit Interest Rates

You can open a fixed deposit with HDFC Bank for a maximum period of 10 years to a short period of 7 days. The interest rate provided to your deposit range from 3.50% to 6.30% for less than INR 2 crore, and 4.00% to 6.10% for equal or above to INR 2 crore and less than INR 5 crore.

HDFC Bank FD TenureRegularSenior Citizen
7 days to 14 days3.50% 4.00%
15 days to 29 days4.00% 4.50%
30 days to 45 days4.90% 5.10%
46 days to 90 days5.40% 5.90%
91 days to 6 months5.40% 5.90%
6 months 1 day- 9 months 15 Days5.80% 6.30%
9 months 16 days-less than 1 year6.05% 6.55%
1 year6.30%6.80%
1year 1 day - 2years 6.30% 6.80%
2 years 1 day - 3 years 6.40% 6.90%
2years 1 day -10 years6.30%6.30%

ICICI Fixed Deposit Interest Rates

ICICI Bank fixed deposits provide a duration of 7 days to 10 years. With the offer of an attractive interest rate on the deposits made under the 5 years Tax Saver FD scheme. Look at the table below to know the interest rate on the fixed deposit of ICICI Bank.

Fixed Deposit DurationRegularSenior Citizen
7 days to 14 days4.00%4.5
15 days to 29 days4.25%4.75
30 days to 45 days4.75%5.25
46 days to 60 days5.25%5.75
61 days to 90 days5.25%5.75
91 days to 120 days5.25%5.75
121 days to 184 days5.25%5.75
185 days to 289 days5.75%6.25
290 days to less than 1 year6.00%6.5
1 year to 389 days6.20%6.7
390 days to < 18 months6.30%6.8
18 months to 2 years6.30%6.8
2 years 1 day to years6.40%6.9
3 years 1 day to 5 years6.40%6.9
5 years 1 day to 10 years6.40%6.9
5 Years Tax saver FD(Maximum up to Rs. 1.50 lac)6.40%6.9

SBI Fixed Deposit Interest Rates

SBI revised the fixed deposit interest rates and it ranges from 4.50%-6.00% for regular and an additional 0.50% for senior citizens. Look at the table below that gives the detailed structure of the SBI FD rate of interest for different time intervals.

SBI FD tenure Regular customerSenior Citizen
7 days to 45 days4.50%5.00%
46 days to 179 days5.00%6.00%
180 days to 210 days5.50%6.30%
211 days to less than 1 year5.50%6.30%
1 year to less than 2 year6.00%6.60%
2 years to less than 3 years6.00%6.60%
3 years to less than 5 years6.00%6.60%
5 years and up to 10 years6.00%6.60%

Canara Bank Fixed Deposit Interest Rates

The deposit account can be opened for the period ranging from 7 days to 10 years with the minimum amount of ₹1,000. The bank pays the highest interest of 6.80% per annum for senior citizens on the fixed deposit of 1 year.

Canara Bank FD durationRegularSenior Citizen
7 days to 14 days 4.50%5.00%
15 days to 30 days4.50%5.00%
31 days to 45 days4.50%5.00%
46 days to 60 days5.00%5.50%
61 days to 90 days5.00%5.50%
91 days to 120 days5.50%6.00%
121 days to 179 days5.50%6.00%
180 days to 269 days5.90%6.40%
270 days to less than 1 year5.90%6.40%
1 year only6.30%6.80%
< 1 year to > 2 years6.00%6.50%
2 years => to < 3 years6.00%6.50%
3 => to < 5 years6.25%6.75%
5 =>to < 8 years6.25%6.75%
8 years => to 10 years6.25%6.75%

Axis Bank Fixed Deposit Interest Rates

Axis Bank offers easy access to the fixed deposit with its net banking services. You can visit the official website to open an FD account with a minimum investment of INR 5,000 for 7 days to 10 years. The interest rate on the Axis bank FD ranges from 3.50%-6.50% with an additional 0.50% interest rate for Senior citizens. Look in the table below to know the interest rate for deposit less than INR 2 crore in Axis Bank.

FD DurationRegularSenior Citizen
7 days to 14 days 3.50%3.50%
15 days to 29 days4.25%4.25%
30 days to 45 days4.90%4.90%
46 days to < 60 months5.40%5.40%
6 months < 9 months5.80%6.05%
9 months < 11 months 25 days6.05%6.30%
11 months 25 days to < 18 months6.40%6.65%
18 months to < 2 years6.50%7.15%
2 years to 10 years6.50%7.00%

Yes Bank Fixed Deposit Interest Rates

For customers Yes Bank provides an interest rate of 7.50% on their fixed deposit and up to 8.00% interest rate for senior citizens. You can avail its special offer also in which a maximum of 7.50% per annum interest is earned in less than 3 years. Whereas senior citizens can get up 8.24% per annum in the same period under this offer. Look at the table below to know the interest rate of Yes Bank fixed deposit scheme.

Tenure of Yes Bank fixed deposit For RegularFor Senior Citizen
7 to 45 days5.00%5.50%
46 to 90 days6.25%6.75%
3 months to < 6 months6.25%6.75%
6 months to < 9 months6.85%7.35%
9 months to < 1 Year7.15%7.65%
1 Years to <= 10 years*7.25%7.75%
12 Months 10 Days to 12 Months 20 Days7.40%7.90%
18 Months 8 Days to 18 Months 18 Days7.40%7.90%
2 years < 3 years7.50%8.00%

Factors Affecting Fixed Deposit Interest Rate

RBI Policies: In the effective actions of RBI guidelines, when the Cash Reserve Ratio (CRR) and repo rate changes it affects the interest rate of banking products including the fixed deposit. So, if a new rule is amended by RBI it has to apply to all the banking products that came into its actions.

Recession: Recession can be one of the most prominent factors in reducing interest rates offered on the fixed deposits. In the time of recession, RBI forces the bank to release those funds in the market which it achieves by lowering the rates on the cash reserve of the banks.

Inflation: For a positive effect on your term deposit interest rate inflation is best. Because during the time of inflation, the bank curbs money from its users by providing higher returns.

Economy status: The condition of your country’s economy also affects the interest rate of your fixed deposits. If the credit demand increases in the country the bank would provide fixed deposits at an attractive rate of interest because it could help in meeting both user and bank needs.

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