Fixed deposit investment in banks is considered one of the safest and most secure investment options. An investor deposits a lump-sum amount of money with the bank for a specific period at a pre-discussed interest rate. The bank compounds the interest on the amount. The investor receives its amount along with interest, once the bank FD gets matured.
Different banks in India offer different interest rates. Read below to find out about banks with higher FD rates.
Financial Institution Offering Highest FD Interest Rates in India
Fixed deposit investment is also offered by Non-Banking Financial Companies and other small finance companies. Bajaj Finance is one of the top NBFCs in India offering the highest FD interest rates to its customers. The company offers a maximum of 7.05% interest to its customer with a tenure selection flexibility between 12 months and 5 years and a minimum investment of Rs. 25,000.
Best FD Rates in India 2022
Check out the tables below to find out banks and NBFCs with higher FD rates at varying tenures.
FD Interest Rate of Top Banks
Banks Offering FD |
Interest Rate |
Senior Citizen Interest Rate |
Tenure |
SBI |
2.90% - 5.50% |
3.40%-6.30% |
7 days-10 years |
HDFC Bank |
2.50% - 5.60% |
3.00% - 6.35% |
33-99 months |
ICICI Bank |
2.50% - 5.50% |
3% - 6.30% |
7 days -10 years |
AXIS Bank |
2.50% - 5.75% |
2.50% - 6.50% |
7 days-10 years |
PNB Bank |
2.90%-5.25% |
3.40%-5.75% |
1-10 years |
Canara Bank |
2.90% - 5.50% |
2.90% - 6.00% |
15 days - 10 years |
Bank Of India |
2.85% - 5.05% |
3.35% - 5.55% |
7 days - 10 years |
Union Bank |
3.00% - 5.50% |
3.50% - 6.10% |
7 days - 10 years |
IOB Bank |
3.40% - 5.20% |
3.90% - 5.45% |
7 days - 3 years & above |
Kotak Bank |
2.50% - 5.61% |
3.00% - 6.14% |
7 days - 10 years |
Bandhan Bank |
3.00% - 5.60% |
3.75% - 6.35% |
7 days - 10 years |
BOB Bank |
2.80% - 5.10% |
3.30% - 6.35% |
7 days - 10 years |
IDBI Bank |
2.70% - 5.50% |
3.20% - 6.00% |
7 days - 10 years |
Federal Bank |
2.50% - 5.60% |
3.00% - 6.25% |
7 days - 10 years |
IDFC Bank |
2.50% - 6.00% |
3.00% - 6.50% |
7 days - 10 years |
UCO Bank |
2.55% - 5.30% |
4.08% - 6.60% |
7 days-10 years |
Bank of Maharashtra |
2.75% - 4.90% |
3.25% - 5.40% |
7 days-10 years |
DBS Bank |
2.50% - 5.75% |
2.50% - 5.75% |
7 days-10 years |
HSBC Bank |
2.25% - 4.00% |
2.75% - 4.50% |
7 days-5 years |
DEUTSCHE Bank |
4.25% - 6.25% |
4.25% - 6.25% |
7 days-5 years |
SBM Bank |
2.50% - 6.00% |
2.55% - 6.05% |
7 days-10 years |
Central Bank of India |
2.75% - 5.15% |
2.75% - 5.15% |
7 days-10 years |
RBL Bank |
3.25% - 6.30% |
3.75% - 6.80% |
7 days-10 years |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks.
FD Interest Rates of NBFCs
NBFCs Offering FD |
Interest Rate |
Senior Citizen Interest Rate |
Tenure |
Bajaj Finance |
5.51% - 6.80% |
5.75% - 7.05% |
1 - 5 years |
AU Small Finance Bank |
3.75% - 6.92% |
4.25% - 7.45% |
7 days - 10 years |
LIC Housing Finance |
5.15% - 6.00% |
5.40% - 6.25% |
1 year - 5 years |
PNB Housing Finance |
2.90% -5.25 |
3.40% - 5.75% |
1 year - 10 years |
ICICI Home Finance |
5.25% - 6.70% |
5.50% - 6.95% |
1 year - 10 years |
Equitas Small Finance Bank |
3.50% - 6.75% |
4.00% - 6.92% |
7 days - 10 years |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.
Highest FD Rates for 12-23 (1 Year to 2 Years) Tenor
Check out the tables below to find the best FD interest rates in India by banks and NBFCs for 12 -23 month tenure.
FD Interest Rate of Top Banks
Banks Offering FD |
Interest rates for Non-Senior Citizens (p.a.) |
Interest rates For Senior Citizens (p.a.) |
ICICI Bank |
5.00% |
5.50% |
SBI |
5.10% |
5.60% |
HDFC Bank |
5.00% |
5.20% |
Bank of Baroda |
5.20% |
5.70% |
Punjab National Bank |
5.09% |
5.50% |
Canara Bank |
5.15% |
5.65% |
IDFC Bank |
5.75% |
6.25% |
Bank of India |
5.00% |
5.50% |
Punjab and Sind Bank |
5.15% |
5.65% |
Yes Bank |
5.88% |
6.40% |
IndusInd Bank |
6.00% |
6.50% |
UCO Bank |
5.10% |
5.60% |
Indian Overseas Bank |
5.15% |
5.65% |
DBS Bank |
5.00% |
5.00% |
Bandhan Bank |
5.25% |
6.00% |
HSBC Bank |
3.25% |
3.75% |
Deutsche Bank |
5.00% |
5.00% |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the banks.
FD Interest Rates of NBFCs
NBFCs Offering FD |
Interest rates for Non-Senior Citizens (p.a.) |
Interest rates For Senior Citizens (p.a.) |
Bajaj Finance |
5.65% |
5.90% |
LIC Housing Finance |
5.25% |
5.25% |
PNB Housing Finance |
5.75% |
6.00% |
Jana Small Finance Bank |
5.50% |
6.30% |
Utkarsh Small Finance Bank |
6.50% |
7.00% |
Equitas Small Finance Bank |
6.10% |
6.24% |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.
Highest FD Rates for 24-35 (2 Year to 3 Years) Tenor
The below-mentioned table has a list of the best FD interest rates offered for 24 - 35 months
FD Interest Rate of Top Banks
Banks Offering FD |
Interest Rates for Non -Senior Citizens (p.a.) |
Interest Rates for Senior Citizens (p.a.) |
IDFC First Bank |
6.00% |
6.50% |
SBI |
5.20% |
5.70% |
Punjab and Sind Bank |
5.15% |
5.65% |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the bank.
FD Interest Rate of Top NBFCs
NBFCs Offering FD |
Interest rates for Non- Senior Citizens (p.a.) |
Interest rates For Senior Citizens (p.a.) |
Bajaj Finance |
6.40% |
6.65% |
LIC Housing Finance |
5.65% |
5.65% |
PNB Housing Finance |
6.15% |
6.40% |
Equitas Small Finance Bank |
6.50% |
6.66% |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.
Highest FD rates for 36-60 (3 Year to 5 Years) Tenor
Check out the FD interest rates offered for a tenure of 36-60 months -
FD Interest Rate of Top Banks
Banks Offering FD |
Interest Rates for Non-Senior Citizens (p.a.) |
Interest Rates for Senior Citizens (p.a.) |
Union Bank of India |
5.40% |
5.90% |
IDFC FIRST Bank |
6.25% |
6.75% |
Canara Bank |
5.56% |
6.08% |
SBI |
5.45% |
5.95% |
Axis Bank |
5.40% |
6.05% |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the bank.
FD Interest Rate of Top NBFCs
NBFCs Offering FD |
Interest rates for Non-Senior Citizens (p.a.) |
Interest rates For Senior Citizens (p.a.) |
Bajaj Finance |
6.80% |
7.05% |
LIC Housing Finance |
6.00% |
6.00% |
PNB Housing Finance |
6.60% |
6.85% |
Equitas Small Finance Bank |
6.00% |
6.14% |
Note - The interest rates mentioned above are valid as of 1st March 2022 and might differ with the change in the norms and policies of the NBFCs.
Bajaj Finance Interest Rates
Bajaj Finance offers one of the highest FD interest rates in the market. The company has been awarded credibility ratings from CRISIL and ICRA, making it one of the most trusted and secured platforms for fund investment. The customers can make an FD investment with Bajaj Finance online via the Bajaj Markets app to experience a hassle-free application process.
Check the table below to find more details about Bajaj Finance FD interest rates -
Interest Rates |
|
Minimum Amount |
Rs. 25,000 |
Maximum Amount |
Rs. 5 Crore |
Tenure |
Flexible tenure between 12 months - 5 years |
Bajaj Finance FD on Bajaj Markets
To invest in Bajaj Finance FD, you can visit the Bajaj Markets app or the official website and enjoy a smooth and seamless application procedure. Once the application is duly filled and submitted, the company executive will collect documents for verification at your doorstep.
- Corporate FD
- Post Office FD
- Term Deposit
- FD for Senior Citizens
- What is a Cumulative and Non Cumulative FD?
- Types of FDs
- Benefits of an FD
- How to Open an FD Online?
- Bank FD
- Bank FD Calculator
- Post Office FD Calculator
- Post Office FD Rates
- Yes Bank FD Interest Rates
- Indusind Bank FD Interest Rates
- Canara Bank FD Interest Rates
- PNB FD Interest Rates
- Bandhan Bank FD Interest Rates
- Kotak Mahindra Bank FD Interest Rates
- Union Bank of India FD Interest Rates
- AU Bank FD Interest Rates
- IDFC First Bank FD Interest Rates
- Indian Bank FD Interest Rates
- 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
Latest Bank FD News
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.
