Fixed Deposit Interest Rates 2024

FD Rates Offered By Other Popular Banks In India For below Rs. 2 Crore

Source: Website of the respective financial institution. Data as of December 2022

NBFCs or Non-banking Financial Companies offer most of the financial services without being legally authorised as a bank. NBFCs even offer great interest rates depending on the sum you have invested. So, let’s take a look at the top NBFCs FD interest rates under Rs. 2 crores:

Source: Website of the respective financial institution. Data as of December 2022.

The interest rate varies for each year, thus, in the following table, we have mentioned the interest rates of the top banks in India for the 1st, 2nd, and 3rd years.

FD Interest Rates For 1st Year

Source: Website of the respective financial institution. Data as of December 2022.

FD Interest Rates For 2nd Year

Source: Website of the respective financial institution. Data as of December 2022.

FD Interest Rates For 3rd Year

Source: Website of the respective financial institution. Data as of December 2022.

There are many ways of tax savings such as investing in tax-saving fixed deposits. Unlike regular fixed deposits, there are tax-saving FDs that banks and NBFCs now offer. Under tax-saving fixed deposits, individuals can get tax exemption of up to Rs. 1,50,000. Section 80 C of the Income Tax directive provides this tax exemption. However, it is important to note that the minimum investment time required for the tax-saving FD option is 5 years.

There are two basic types of FD: Cumulative and Non-cumulative deposits. In cumulative deposits, the total amount based on the interest rates is calculated at the end of the tenure. On the other hand, non-cumulative deposits are those where the interest rates are paid on an annual, quarterly, monthly, or semi-annually basis.

Let us now understand this with an example:

• Cumulative FD: In case you are choosing cumulative FD and have deposited a total of Rs. 1,00,000 and the interest rate is 10%. Then, in this case, the amount you will receive at the end of 1 year is Rs. 1,10,000.
• Non-cumulative FD: In non-cumulative FD, if you opt for quarterly payout and have deposited a total of Rs 1,00,000 and the interest rate is 10%. Then, in this case, you will receive Rs. 2,500 in each quarter.

FD rates in India are affected by a number of factors, some of which are listed below:

• Tenure: The tenure you choose for your FD is directly related to the interest rates. This means that the lower the tenure, the lower the FD interest rates will be, and vice versa.
• The Current Scenario Of the Nation’s Economy: The nation’s economy largely affects the FD interest rates as well. In case the nation’s economy is prospering, then the FD interest rates will also increase.
• Type Of Depositor: In most cases, the interest rates for senior citizens are higher. Senior citizens enjoy additional interest rates of 0.25% - 0.50%.
• Repo Rate: Repo rate indicates the rate at which the different banks in India lend money from the Reserve Bank of India. In the case of FD interest rates, the higher the repo rate, the higher will be the interest rates.
• Amount Deposited: The total amount that an individual deposit also affects the rate of interest rates. The higher the amount deposited, the higher interest rates you will get.
• Inflation: During inflation, the cost of goods increases. Likewise, during inflation, the FD Interest rates also increase.

The FD Interest Rate Calculator is an online tool that is useful for calculating the FD maturity amount. With FD Interest Rate Calculator you can eliminate the chances of any fallacy or manual calculation error. Moreover, it also saves a lot of time and makes any complex calculation also very easy. For calculating the maturity amount with the help of FD Calculator, all you have to do is enter the principal investment amount, tenure, and rate of interest.