Earn interest up to 8.20% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Financial Institution Offering Highest FD Interest Rates in India

Non-Banking Financial Companies (or NBFCs) and other small financial companies also provide investment options of fixed deposit. Bajaj Finance offers one of the highest FD interest rates to its clients. With a minimum investment of ₹15,000 and a choice of a duration between 12 months and 5 years, the organisation provides a maximum interest rate of 8.20%. IDFC First Bank offers, on a one-year tenor basis, one of the highest bank FD rates, 6.50% per annum for senior citizens, and 6.00% per annum for non senior citizens. Be sure to use a fixed deposit calculator to know the maturity amount and interest that you will accrue over time before making an investment.

Best Fixed Deposit Interest Rates in India 2023

A fixed deposit is a secure investment choice that ensures constant interest rates, special rates of interest for senior citizens, a variety of interest payment options, no market-related risks, and income tax deductions. Before renewing an existing bank FD or opening a new bank fixed deposit, it is crucial to compare the most recent bank FD interest rates. However, you need not waste time on researching FD interest rates of all banks when you can find all your answers right here.

FD Interest Rate of Top Banks

The most recent bank FD interest rates are provided by the major banks as of 2023 for tenors ranging from seven days to ten years and an all-bank interest rates list is given below in their maximum value.

Name of the Bank 

For Senior Citizens (per annum) 

For Non-Senior Citizens (per annum)

HDFC Bank FD Interest Rate

7.75%

7.00%

State Bank of India Bank FD Interest Rate

6.90%

6.10%

Kotak Mahindra Bank FD Interest Rate

6.70%

6.20%

IDBI Bank FD Interest Rate

6.85% 

6.10%

RBL Bank FD Interest Rate

6.75%

6.25%

Canara Bank Fixed Deposit Rates

6.50%

7.00%

Punjab National Bank Fixed Deposit Rates

6.90%

6.10%

IDFC First Bank Fixed Deposit Rates

6.50%

6.00%

Bank of Baroda FD interest rate

6.35%

7.15%

Axis Bank FD interest rate 

7.25%

6.50%

Now that you have taken a look at the FD interest rates of all banks, the most recent FD interest rates provided by the major NBFCs as of 4th March, 2023 for tenors of up to five years are listed below:

Name of the NBFC

For Senior Citizens 

For Non-Senior Citizens 

Bajaj Finance FD

8.20%

7.95%

PNB Housing Finance FD

7.95%

7.70%

Mahindra Finance FD

8.00%

7.75%

Highest Bank FD Interest Rates for 1 Year 

As of December 2022, after due consideration of the FD interest rates of all banks, the following are the highest bank FD rates (one year) that can be offered to you:

Name of the Bank

For Senior Citizens (per annum)

For Non-Senior Citizens (per annum)

State Bank of India 

7.25%

6.75%

Canara Bank 

6.75%

6.25%

Punjab National Bank

6.8%

6.3%

IDBI Bank 

5.75%

5.25%

Bank of India

6.00%

5.75%

IDFC First Bank

7.00%

6.50%

The following are some of the highest one-year FD interest rates that NBFCs offer:

Name of the NBFC

Senior Citizens (Cumulative)

Non-Senior Citizens (Cumulative)

Bajaj Finance FD 

7.65%

7.40%

PNB Housing Finance FD

7.60%

7.35%

Mahindra Finance FD 

7.65%

7.40%

Highest Bank FD Rates for 2 Years

Now that you are aware of the best fixed deposit rates bank listing, below are some of  the highest two-year bank FD interest rates as of February 2023::

Name of the Bank

For Senior Citizens (per annum)

For Non-Senior Citizens (per annum)

State Bank of India 

7.25%

6.75%

Canara Bank 

6.75%

6.25%

Punjab National Bank

6.75%

6.25%

IDBI Bank 

7.00%

6.25%

Bank of India

5.82%

5.57%

IDFC First Bank

7.25%

6.75%

The following are some of the highest bank FD rates (two-year) that NBFCs will offer:

Name of the NBFC

For Senior Citizens (Cumulative)

For Non-Senior Citizens (Cumulative)

Bajaj Finance FD 

7.80%

7.55%

PNB Housing Finance FD

7.60%

6.79%

Mahindra Finance FD 

7.85%

7.60%

Highest Bank FD Interest Rates for 3 Years

As of December 2022, the following are the highest three-year FD interest rates offered by the NBFCs:

Name of the Bank

For Senior Citizens (per annum)

For Non-Senior Citizens (per annum)

State Bank of India 

6.75%

6.25%

Canara Bank 

7.00%

6.50%

Punjab National Bank

6.6%

6.1%

IDBI Bank 

6.85%

6.10%

Bank of India

6.50%

6.25%

IDFC First Bank

7.00%

6.50%

The following are the highest FD rates (three-year) that NBFCs will offer:

Name of the NBFC

For Senior Citizens (Cumulative)

For Non-Senior Citizens (Cumulative)

Bajaj Finance FD

7.90%

7.65%

PNB Housing Finance FD

7.95%

7.44%

Mahindra Finance FD 

7.95%

7.70%

Highest Bank FD Interest Rates for 5 Years

The following are among the highest five-year bank FD interest rates:

Name of the Bank

For Senior Citizens (per annum)

For Non-Senior Citizens (per annum)

State Bank of India 

7.25%

6.25%

Canara Bank 

7.00%

6.50%

Punjab National Bank

6.9%

6.1%

IDBI Bank 

6.85%

6.10%

Bank of India

6.00%

5.75%

IDFC First Bank

6.50%

6.00%

Name of the NBFC

For Senior Citizens (Cumulative)

For Non-Senior Citizens (Cumulative)

Bajaj Finance FD 

7.90%

7.65%

PNB Housing Finance FD

7.75%

7.50%

Mahindra Finance FD 

8.00%

7.75%

Bank FD Interest Rates for Senior Citizens

Senior citizens receive exceptional bank FD interest rates, commonly referred to as "term deposits" or "time deposits.” All reputable banks offer senior citizens fixed deposit options that come with a number of advantages. Senior citizens also benefit from receiving a fixed deposit interest rate that is up to 0.50% higher than that of non-senior citizens.

 

Senior citizens typically prefer to deposit their savings in a fixed deposit account since it guarantees confidence, safety, and security. The greater bank FD interest rates when compared to other investments is another factor, in addition to safety and confidence.

 

The following leading banks provide senior citizens with fixed deposit accounts at the best rates for the year 2023:

Name of the Bank

One-year rates

Three-year rates

Five-year rates

YES Bank

7.50%

7.50%

7.50%

State Bank of India

7.25%

6.75%

7.25%

Punjab National Bank 

6.80%

6.60%

6.90%

IndusInd Bank 

7.25%

7.25%

7.25%

IDFC First Bank

7.00%

7.00%

6.50%

ICICI Bank 

6.60%

7.10%

7.10%

HDFC Bank

7.00%

7.50%

7.75%

Federal Bank

6.75%

7.00%

6.95%

Canara Bank 

6.75%

7.00%

7.00%

Bank of Baroda 

6.60%

6.75%

6.90%

Bandhan Bank 

7.50%

7.50%

6.35%

Axis Bank 

7.50%

7.75%

7.75%

RBL Bank 

6.35%

7.05%

6.75%

The following leading NBFCs provide senior citizens with fixed deposit accounts at some of the best rates for the year 2023:

Name of the NBFC

One-year FD rates

Three year FD rates

Five Year FD rates

Bajaj Finance FD

7.65%

7.90%

7.90%

PNB Housing Finance FD

7.60%

7.95%

7.75%

Mahindra Finance FD

7.65%

7.95%

8.00%

Disclaimer : The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort. The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks/ NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

Latest Bank FD News

RBI Hikes Repo Rate By 50 bps: Loan Interest Rates to Rise

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has announced its decision to increase the repo rate by 50 basis points. It now stands at 5.90% after its fourth consecutive increase during the current cycle, the highest it’s been since April 2019. The governor also hinted at further rate hikes to make money costlier through ‘calibrated withdrawal’.

 

This move hopes to tackle consistent above-target retail inflation rate and improve foreign capital inflow. It is also expected to tame declining value of the Indian Rupee against the US Dollar.

- Sept 30, 2022

Reserve Bank of India Hikes Repo Rates by 35 bps

The Reserve Bank of India increased the repo rate by 35 bps to 6.25% to cope with the rising inflation. The central bank has lowered the growth forecast from 7% to 6.8% in light of the geopolitical tensions that are prevalent now and doubled down on its commitment to reduce inflation. Since the cost of funds are expected to go up, the lending rates of banks are also expected to rise further. EMIs on home, personal and vehicle loans will also increase. Before today’s hike, RBI had raised the rates by a total 190 bps since its first unscheduled meeting the month of May and there are expectations for two more rate hikes at least in this cycle.

- Dec 07, 2022

RBI hikes repo rate to 6.50%. FD interest rates likely to be increased.

In its bi-monthly Monetary Policy review, the Reserve Bank of India (RBI) has hiked the key repo rate by 25 basis points (bps) to 6.50% on 08 February 2023. Earlier, the key interest rates were raised by 35 bps in the month of December. The bank and marginal standing facility rates stand at 6.75%, while the standing deposit facility interest rate is revised to 6.25%. The Monetary Policy Committee remained attentive to the accommodation withdrawal in order to contain inflation while supporting growth. With the latest hike in repo rate, the short-term lending rates have risen by 250 bps since May 2022.

 

- Feb 08, 2023

FAQs

  • ✔️What is the interest rate on Bank FD for senior citizens?

    Currently, the majority of senior citizens bank deposit interest rates are from 2.75% to 7.50%.

  • ✔️Which bank FD is best?

    There are several enticing bank deposit interest rates that range from 5-7%. While IDFC First Bank offers the best FD interest rates in banks, PNB Housing Finance and Bajaj Finance are some of the NBFCs which offer a good FD rate.

  • ✔️What is the minimum amount required to start a bank FD?

    Most banks allow you to open an FD with as little as ₹15,000.

  • ✔️Is the interest earned on a bank FDs taxed?

    The interest from fixed deposits is considered "income from other sources" and is taxable. As a result, the income is included in the taxpayer's overall income, and the tax obligation is determined by the applicable income tax slab.

  • ✔️Is there a penalty if the bank FD is prematurely withdrawn?

    Yes, the investor is required to pay a fine to the bank in the event of a premature withdrawal. Typically, the fee is between 0.50% and 1.00% of the interest.

  • ✔️Which bank gives the highest return on FD?

    Punjab and Sind Bank, Canara Bank and State Bank of India are among the banks which give the highest returns on fixed deposits.

  • ✔️What is the maximum tenor for a bank fixed deposit?

    The maximum tenor offered by the best bank for FD for a bank fixed deposit is 10 years.

  • ✔️Which bank is best for FD for 1 year?

    Some of the best bank FD interest rates are offered by HDFC Bank, State Bank of India, and IDBI Bank, among others.

  • ✔️Which bank is best for fixed deposits?

    Looking for which bank is best for fixed deposits and digging up FD rates of all banks is no easy feat but the best bank for FD can be found here. Various banks such as HDFC Bank, RBL, Axis Bank, ICICI Bank, etc. can provide you with FD options that can exponentially build your corpus.

  • ✔️Which bank gives the highest interest rate on fixed deposits in india?

    Best FD interest rates in banks can be found in financial institutions such as HDFC Bank, Canara Bank, etc. which can provide you with attractive interest rates such as 6.20% and 7.00%. However, it is most important to keep in mind that the bank you choose to park your funds into is a process of careful consideration and analysis.