In a bank fixed deposit, you invest a certain amount in your bank for a fixed tenor at an agreed interest rate. The amount gets compounded over time. It is one of the most popular and sought-after investment options in India as it is safe and offers assured returns. Certain banks offer high fixed deposit interest rates. Here is a look at the current best FD rates in India.
Best FD Rates in India 2022
Check the latest and best FD interest rates offered by the top banks and NBFCs in India for tenors ranging from 7 days to 10 years as of 10th May 2022. Bajaj Finance FD on Bajaj MARKETS offers some of the highest FD rates in India.
| Financial Institutions | Non-Senior Citizen FD Rates | Senior Citizen FD Rates | Tenor |
|---|---|---|---|
| Bajaj Finance FD | 5.75% to 7.08% | 5.84% to 7.45% | 12-44 months |
| SBI BANK FD | 2.90% -5.40% | 3.40%-6.20% | 7 days-10 years |
| HDFC BANK FD | 5.75%-6.25% | 6.00%-6.50% | 33-99 months |
| ICICI BANK FD | 2.50% – 5.50% | 3.00% - 6.30% | 7 days to 10 years |
| AXIS BANK FD | 2.50%-5.76% | 2.50%-6.25% | 7 days-10 years |
| PNB BANK FD | 5.90%-6.70% | 6.15%-6.95% | 12-120 months |
| CANARA BANK FD | 2.95% to 5.50% | 2.95% to 6.00% | 15 days - 120 months |
| BANK OF INDIA FD | 2.85% - 5.15% | 3.35% - 5.65% | 7 days to 10 years |
| UNION BANK FD | 3.00% - 5.60% | 3.50% - 6.10% | 7 days to 10 years |
| INDIAN BANK FD | 2.90% - 5.15% | 3.40% - 5.65% | 7 days to 10 years |
| IOB BANK FD | 3.40% - 5.25% | 3.90% - 5.75% | 7 days to 3 years & above |
| KOTAK BANK FD | 2.50% - 5.41% | 3.00% - 5.93% | 7 days to 10 years |
| AU SMALL FINANCE BANK FD | 3.50% - 6.40% | 4.00% - 6.90% | 7 days to 10 years |
| BANDHAN BANK FD | 3.00% - 5.00% | 3.75% - 5.75% | 7 days to 10 years |
| BOB BANK FD | 2.85% - 5.25% | 3.35% - 6.25% | 7 days to 10 years |
| IDBI BANK FD | 2.70% - 5.25% | 3.20% - 5.75% | 7 days to 10 years |
| YES BANK FD | 3.25% - 6.66% | 3.75% - 7.45% | 7 days to 10 years |
| INDUSIND BANK FD | 2.75% - 6.94% | 3.25% - 7.61% | 7 days to 10 years |
| FEDERAL BANK BANK FD | 2.50% - 5.60% | 3.00% - 6.25% | 7 days to 10 years |
| IDFC BANK FD | 2.75% - 6.00% | 3.25% - 6.50% | 7 days-10 years |
| UCO BANK FD | 2.75% - 5.64% | 3.00% - 6.28% | 7 days-10 years |
| Bank of Maharashtra FD | 2.75% - 4.90% | 3.25% - 5.40% | 7 days-10 years |
| DBS BANK FD | 2.50% - 5.50% | 2.50% - 5.50% | 7 days-10 years |
| HSBC BANK FD | 2.25% - 4.00% | 2.75% - 4.50% | 7 days-5 years |
| DEUTSCHE BANK FD | 1.80% - 6.25% | 1.80% - 6.25% | 7 days-5 years |
| SBM BANK FD | 3.25% - 6.00% | 3.75% - 6.50% | 7 days-10 years |
| CENTRAL BANK OF INDIA BANK FD | 2.75% - 5.00% | 2.75% - 5.00% | 7 days-10 years |
| RBL BANK FD | 3.25% - 6.50% | 3.75% - 7.00% | 7 days-10 years |
| LIC Housing Finance FD | 5.25% to 5.75% | 5.75% to 6.25% | 1 year - 5 years |
| PNB Housing Finance FD | 5.90% to 6.70% | 6.40% to 7.20% | 1 year - 10 years |
| ICICI Home Finance FD | 5.70% to 6.65% | 7.95% to 6.90% | 1 year - 10 years |
| Shriram City Union Finance FD | 7.25% to 9.73% | 7.65% to 10.13% | 1 year - 5 years |
| Jana Small Finance Bank FD | 2.50% to 7.35% | 3.00% to 7.25% | 7 days - 10 years |
| Utkarsh Small Finance Bank FD | 3.00% to 7.00% | 3.50% to 7.50% | 7 days - 10 years |
| Equitas Small Finance Bank FD | 3.60% to 6.80% | 4.10% to 7.30% | 7 days - 10 years |
Bajaj Finance Interest Rates
Bajaj Finance FD is known for offering some of the highest interest rates in the market. The Bajaj Finance FD interest rate ranges from 5.75% to 7.45%. For individuals below 60 years of age, the rates are as high as up to 7.20%. Senior citizen FD has an additional benefit of 0.25% FD interest rate. You can invest up to ₹5 crore in Bajaj Finance FD with a minimum deposit of ₹15,000. The application process is also easy and paperless with online payment options like net banking and UPI.
Highest FD Rates in India
| Bank or Financial Institution | FD interest rates for non senior citizens (p.a.) | FD interest rates for senior citizens (p.a.) |
|---|---|---|
| Bajaj Finance FD | 5.75% to 7.08% | 5.84% to 7.45% |
| Yes Bank FD | 3.50% to 7.35% | 4.00% to 7.50% |
| IndusInd Bank FD | 2.75% to 6.25% | 3.25% to 7.35% |
| United Bank of India FD | 4.00% to 6.00% | 4.50% to 6.50% |
| Axis Bank FD | 2.50% to 5.75% | 2.50% to 6.50% |
| ICICI Bank FD | 2.50% to 5.50% | 3.00% to 6.30% |
| HDFC Bank FD | 2.50% to 5.50% | 3.00% to 6.25% |
Bajaj Finance FD on Bajaj MARKETS
Bajaj Finance FD is a one-stop solution for all your investment needs. The interest rate of Bajaj Finance FD depends on the type of customer and the tenor of investment. For both short term and long term investment plans, Bajaj Finance FD can be the best option as it offers the highest interest rates and great flexibility. All these benefits can be availed with safety and assured returns. You can open a Bajaj Finance FD now on Bajaj MARKETS.
Period |
Minimum deposit (in Rs.) |
Cumulative At Maturity (% p.a.) |
Non-Cumulative |
|||
|---|---|---|---|---|---|---|
Monthly (% p.a.) |
Quarterly (% p.a.) |
Half Yearly (% p.a.) |
Annual (% p.a.) |
|||
12 – 23 months |
15,000 |
5.75% |
5.60% |
5.63% |
5.67% |
5.75% |
24 – 35 months |
6.40% |
6.22% |
6.25% |
6.30% |
6.40% |
|
36 - 60 months |
7.00% |
6.79% |
6.82% |
6.88% |
7.00% |
|
Special Tenure FD Rates for Non-Senior Citizens
Period |
Minimum deposit (in Rs.) |
Cumulative At Maturity (% p.a.) |
Non-Cumulative |
|||
|---|---|---|---|---|---|---|
Monthly (% p.a.) |
Quarterly (% p.a.) |
Half Yearly (% p.a.) |
Annual (% p.a.) |
|||
15 months |
15,000 |
6.00% |
5.84% |
5.87% |
5.91% |
6.00% |
18 months |
6.10% |
5.94% |
5.97% |
6.01% |
6.10% |
|
22 months |
6.25% |
6.08% |
6.11% |
6.16% |
6.25% |
|
30 months |
6.50% |
6.31% |
6.35% |
6.40% |
6.50% |
|
33 months |
6.75% | 6.55% | 6.59% | 6.64% | 6.75% | |
44 months |
7.20% |
6.97% |
7.01% |
7.08% |
7.20% |
|
Disclaimer: The aforementioned Bajaj Finance FD interest rates are valid for deposits of up to ₹5 crore w.e.f. May 10, 2022.
Fixed Deposit Details for Different Banks
- What is an FD?
- How do FDs work?
- How to calculate FD Interest?
- Loan against FD
- TDS on FD
- Why choose a Bajaj Finance FD?
- Monthly Interest on an FD
- Monthly Interest on ₹1 Lakh Fixed Deposit
- Monthly Interest on ₹10 Lakh Fixed Deposit
- Monthly Interest on ₹20 Lakh Fixed Deposit
- Monthly Interest on ₹5 Lakh Fixed Deposit
- BOI FD Interest Rates
- SBI FD Interest Rates
- ICICI Bank FD Rates
- HDFC FD Interest Rates
- Axis Bank FD Interest Rates
- BOB FD Interest Rates
FAQs
-
✔️What is the interest rate on Bank FD for senior citizens?
Presently, most of the banks offer a rate of interest ranging from 3.50% – 9.25% for senior citizen FDs. Bajaj Finance Fixed Deposit also provides a high interest rate of 7.45% for senior citizens.
-
✔️Which bank FD is best?
A lot of banks in India offer an attractive rate of interest of Fixed Deposit schemes ranging from 5-7%. Bajaj Finance Fixed Deposit also provides a high rate of interest of 7.45%.
Here are some of the best Fixed Deposit schemes:
Company Name
Tenure
Interest Rate
Housing and Urban Development Corp Ltd
1 year
9%
Housing and Urban Development Corp Ltd
2-3 years
9.15%
Kerala Transport Development Finance Corporation Ltd
1 year
8.25%
Mahindra Finance
3 years
7.80%
Shriram City Union Finance
1 year
7.50%
-
✔️What is the minimum amount required to start a bank FD?
You can start an FD at Finserv MARKETS with as low as ₹15,000.
-
✔️Is the interest earned on a bank FDs taxed?
Yes, interest earned on Fixed Deposits is classified as 'income from other sources' and is subject to income tax. Hence, the income is added to the total income of the taxpayer, and the tax liability is as per the income tax slab.
-
✔️Is there a penalty if the bank FD is prematurely withdrawn?
Yes, in case of premature withdrawal, the investor has to pay a certain amount as a penalty to the bank. The amount charged usually ranges from 0.50 % to 1.00 % of the interest.
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