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Fixed Deposit Interest Rates 2024

Fixed Deposits (FDs) offer guaranteed returns after a specified period of time, making them one of the most popular savings options. Individuals can invest in FDs with banks, NBFCs, as well as post offices that offer varying rates of interest based on their choice of amount and tenure. As compared to other options, FDs involve no market risk and provide the benefit of stable returns, so let's discuss all the FD interest rates in detail in the section below.

The rate of interest for FDs varies from one financial institution to another. So, here is a list that tells about the FD Interest rates of the different banks for less than Rs. 2 crore.

Fixed Deposit Interest Rates Of Top 10 Banks In India For Below Rs. 2 Crore

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years (p.a.)

FD Interest Rates For Senior Citizens (p.a.)

State Bank of India FD Interest Rate

3.00% - 6.25 %

3.50% - 7.75%

HDFC Bank FD Interest Rate

3.00% - 7.00%

3.25% - 6.50%

Punjab National Bank FD Interest Rate

3.50% - 6.50%

4.00% - 7.30%

Bank of Baroda FD Interest Rate

3.00% - 7.05%

3.50% - 7.55%

Canara Bank FD Interest Rate

3.25% - 6.50%

3.25% - 7.00%

ICICI Bank FD Interest Rate

3.00% - 7.00%

3.50% - 7.50%

Axis Bank FD Interest Rate

3.50% - 7.00%

3.50% - 7.75%

Bank of India FD Interest Rate

3.00% - 6.00%

3.00% - 6.75%

Kotak Mahindra Bank FD Interest Rate

2.75% - 6.20%

3.20% - 6.70%

Induslnd Bank FD Interest Rate

3.50% - 6.50%

4.00% - 7.10%

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

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Best FD Rates In India

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

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years (p.a.)

FD Interest Rates For Senior Citizens (p.a.)

IDFC First Bank FD Interest Rate

3.00% - 7.00%

4.00% - 7.50%

Punjab & Sind Bank FD Interest Rate

2.80% - 6.25%

3.80% - 6.50%

Indian Bank FD Interest Rate

2.80% - 6.10%

3.90% - 7.15%

Yes Bank FD Interest Rate

3.25% - 7.00%

3.75% - 7.75%

UCO Bank FD Interest Rate

2.90% - 7.15%

3.15% - 7.25%

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

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Small Finance Bank FD Interest Rates For Below Rs. 2 Crore

There are a number of small finance banks in India that offer variable FD interest rates, some of which are listed below. The banks are listed on the basis of their respective AUM:

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years (p.a.)

FD Interest Rates For Senior Citizens (p.a.)

Ujjivan Small Finance Bank FD Interest Rates

3.75% - 6.50%

4.50% - 7.25%

Jana Small Finance Bank FD Interest Rates

3.75% - 6.00%

4.70% - 6.95%

Equitas Small Finance Bank FD Interest Rates

3.50% - 7.50%

4.15% - 8.15%

Capital Small Finance Bank FD Interest Rates

3.50% - 7.50%

4.15% - 8.15%

AU Small Finance Bank FD Interest Rates

3.75% - 7.20%

4.25% - 7.70%

Suryoday Small Finance Bank FD Interest Rates

4.00% - 6.00%

4.50% - 6.50%

Utkarsh Small Finance Bank FD Interest Rates

4.00% - 6.25%

4.75% - 7.00%

Shivalik Small Finance Bank Limited FD Interest Rates

3.75% - 7.00%

4.25% - 7.50%

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

Top NBFCs FD Interest Rates Under Rs. 2 crore

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:

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years (p.a.)

FD Interest Rates For Senior Citizens (p.a.)

Bajaj Finance Ltd. FD Interest Rates

7.45% - 7.90%

7.70% - 8.10%

Muthoot Finance FD Interest Rates

6.00% - 7.00%

6.25% - 7.25%

Sundaram Finance FD Interest Rates

7.20% - 7.50%

7.00% - 8.00%


Shriram Transport Finance Company Limited FD Interest Rates

7.30% - 8.45%

7.80% - 8.95%

Mahindra & Mahindra Finance Services Ltd. FD Interest Rates

7.50% - 7.75%

7.75% - 8.00%

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

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FD Interest Rates For Different Tenures

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

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years

FD Interest Rates For Senior Citizens

State Bank of India

5.75%

6.25%

HDFC Bank

6.00%

6.50%

Punjab National Bank

6.75%

7.25%

Bank of Baroda

6.75%

7.25%

Canara Bank

6.75%

7.25%

ICICI Bank

5.75%

6.25%

Axis Bank

6.00%

6.25%

Bank of India

6.00%

6.50%

Kotak Mahindra Bank

6.00%

6.50%

Induslnd Bank

5.75%

6.25%

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

FD Interest Rates For 2nd Year

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years

FD Interest Rates For Senior Citizens

State Bank of India

6.75%

7.25%

HDFC Bank

7.00%

7.50%

Punjab National Bank

6.75%

7.25%

Bank of Baroda

6.75%

7.25%

Canara Bank

7.00%

7.50%

ICICI Bank

7.00%

7.50%

Axis Bank

6.75%

7.50%

Bank of India

7.05%

7.55%

Kotak Mahindra Bank

7.00%

7.50%

Induslnd Bank

7.00%

7.50%

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

FD Interest Rates For 3rd Year

Name Of The Bank

FD Interest Rates For Individuals Below 60 Years

FD Interest Rates For Senior Citizens

State Bank of India

6.75%

7.25%

HDFC Bank

7.00%

7.50%

Punjab National Bank

6.75%

7.25%

Bank of Baroda

6.75%

7.25%

Canara Bank

6.80%

7.30%

ICICI Bank

7.00%

7.50%

Axis Bank

7.00%

7.75%

Bank of India

6.50%

7.00%

Kotak Mahindra Bank

6.75%

7.25%

Induslnd Bank

7.00%

7.60%

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

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How FD Helps You Save Tax?

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.

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Cumulative And Non-cumulative Deposits

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.
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Factors That Affect FD Interest Rates

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.
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Fixed Deposit Interest Rate Calculator

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.

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FAQ About Fixed Deposit Interest Rates 2024

  • Should I open an FD account in a small finance bank?

    Opening FDs with small finance banks is equally safe, so you can also open FDs with such institutions.

  • What are the factors that affect FD interest rates in India?

    Generally, the FD interest rates in India get affected by the amount deposited, inflation, tenure of the deposit, and a few more.

  • What is the maximum tenure for FD in India?

    The maximum tenure for FD in India is 10 years.

  • Is FD beneficial in the long run?

    FDs involve almost zero-market risk and provide guaranteed returns. So, investing in FD is beneficial.

  • Can I save tax on opening FD deposits?

    Yes, there are tax-saving FDs, where you do tax savings of up to 1,50,000 under Section 80C.

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