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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. PNB Housing Finance, offers one of the highest FD interest rates to its clients. With a minimum investment of ₹10,000 and a choice of a duration between 12 months and 10 years, the organisation provides a maximum interest rate of 7.05%. IDFC First Bank offers the highest one-year FD interest rates, 6.50% per annum for senior citizens, and 6.00% per annum for non senior citizens. 

Best Fixed Deposit Interest Rates in India 2022

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. 

FD Interest Rate of Top Banks

The most recent bank FD interest rates provided by the major banks as of October 2022 for tenors ranging from seven days to ten years are listed below.

Name of the Bank 

For Senior Citizens (per annum) 

For Non-Senior Citizens (per annum)

HDFC Bank FD Interest Rate

3.50% - 6.95%

3.00% - 6.20%

State Bank of India Bank FD Interest Rate

3.50% - 6.90%

3.00% - 6.10%

Kotak Mahindra Bank FD Interest Rate

3.00% - 6.60%

2.50% - 6.10%

IDBI Bank FD Interest Rate

3.50% - 6.55% 

3.00% - 5.80%

RBL Bank FD Interest Rate

3.75% - 7.05%

3.25% - 6.55%

Canara Bank Fixed Deposit Rates

3.25% - 7.50%

3.25% - 7.00%

Punjab National Bank Fixed Deposit Rates

4.00% - 6.90%

3.50% - 6.10%

IDFC First Bank Fixed Deposit Rates

4.00% - 6.50%

3.50% - 6.00%

Bank of Baroda FD interest rate

3.50% - 6.50%

3.00% - 5.10%

Axis Bank FD interest rate 

3.50% - 6.85%

3.50% - 6.10%

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 October 2022 for tenors ranging from seven days to ten years are listed below:

Name of the NBFC

For Senior Citizens 

For Non-Senior Citizens 

Bajaj Finance 

6.80% - 7.65%

6.55% - 7.40%

PNB Housing Finance

7.25% - 7.65%

7.00% - 7.40%

Mahindra Finance 

6.50% - 7.50%

6.25% - 7.25%

Highest Bank FD Interest Rates for 1 Year 

As of October 2022, the following are the highest one-year bank FD interest rates that banks will offer:

Name of the Bank

For Senior Citizens (per annum)

For Non-Senior Citizens (per annum)

State Bank of India 

6.00%

5.50%

Canara Bank 

7.00%

6.50%

Punjab National Bank

6.00%

5.50%

IDBI Bank 

5.75%

5.25%

Bank of India

4.85%

4.35%

IDFC First Bank

6.25%

5.75%

As of October 2022, the following are the highest one-year FD interest rates that NBFCs will offer:

Name of the NBFC

Senior Citizens (Cumulative)

Non-Senior Citizens (Cumulative)

Bajaj Finance 

6.80%

6.55%

PNB Housing Finance

7.25%

7.00%

Mahindra Finance 

6.50%

6.25%

Highest Bank FD Interest Rates for 2 Years

Now that you are aware of the best fixed deposit rates bank listing, below are the highest two-year bank FD interest rates as of October 2022:

Name of the Bank

For Senior Citizens (per annum)

For Non-Senior Citizens (per annum)

State Bank of India 

6.60%

6.10%

Canara Bank 

7.00%

6.50%

Punjab National Bank

6.20%

5.70%

IDBI Bank 

6.75%

6.00%

Bank of India

6.00%

5.50%

IDFC First Bank

7.25%

6.75%

As of October 2022, the following are the highest two-year bank FD interest rates that NBFCs will offer:

Name of the NBFC

For Senior Citizens (Cumulative)

For Non-Senior Citizens (Cumulative)

Bajaj Finance 

7.50%

7.25%

PNB Housing Finance

7.05% 

6.80%

Mahindra Finance 

6.85%

6.60%

Highest Bank FD Interest Rates for 3 Years

As of October 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

6.30%

5.80%

IDBI Bank 

6.85%

6.10%

Bank of India

6.00%

5.50%

IDFC First Bank

7.00%

6.50%

As of October 2022, the following are the highest three-year bank FD interest rates that NBFCs will offer:

Name of the NBFC

For Senior Citizens (Cumulative)

For Non-Senior Citizens (Cumulative)

Bajaj Finance 

7.75%

7.50%

PNB Housing Finance

7.80%

7.55%

Mahindra Finance 

7.50%

7.25%

Highest Bank FD Interest Rates for 5 Years

As of October 2022, the following are 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 

6.60%

6.10%

Canara Bank 

7.00%

6.50%

Punjab National Bank

6.60%

6.10%

IDBI Bank 

6.55%

5.80%

Bank of India

6.50%%

6.00%

IDFC First Bank

7.00%

6.50%

As of October 2022, the following are the highest five-year FD interest rates that NBFCs will offer:

Name of the NBFC

For Senior Citizens (Cumulative)

For Non-Senior Citizens (Cumulative)

Bajaj Finance 

7.65%

7.40%

PNB Housing Finance

7.65%

7.40%

Mahindra Finance 

7.50%

7.25%

FD Interest Rate 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 2022:

Name of the Bank

One-year rates

Three-year rates

Five-year rates

YES Bank

6.25%

7.25%

7.50%

State Bank of India

6.00%

6.75%

6.60%

Punjab National Bank 

6.00%

6.30%

6.60%

IndusInd Bank 

6.25%

7.50%

7.50%

IDFC First Bank

6.25%

7.00%

7.00%

ICICI Bank 

6.00%

6.70%

6.85%

HDFC Bank

6.00%

6.75%

6.75%

Federal Bank

5.30%

6.25%

6.50%

Canara Bank 

6.50%

7.00%

7.00%

Bank of Baroda 

5.15%

6.05%

6.30%

Bandhan Bank 

5.25%

7.50%

7.50%

Axis Bank 

5.25%

6.95%

6.85%

RBL Bank 

5.75%

7.50%

7.05%

The following leading NBFCs provide senior citizens with fixed deposit accounts at the best rates for the year 2022:

Name of the NBFC

One-year FD rates

Three year FD rates

Five Year FD rates

Bajaj Finance

6.80%

7.65%

7.65%

PNB Housing 

7.25%

7.80%

7.65%

Mahindra Finance

6.50%

7.50%

7.50%

Top Fixed Deposit Pages

Learn More About Fixed Deposits

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

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 fixed deposit 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.

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Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2024) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)