Fixed Deposit (FD) Interest Rates List
Competitive rates | Flexible tenors | Multiple payout options
Maximise your earnings with competitive fixed deposit interest rates! Watch your money grow steadily while ensuring financial stability.

10 Years

Maximum Tenor

8.60% p.a.*

Interest Rate

4+

Our Partners
Earn interest up to 8.60% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Fixed deposits (FDs) are one of the safest investment options available in India. This is because you earn interest income on the amount you deposit at predetermined FD interest rates fixed by NBFCs or banks.

 

This means you can plan your investments and expect handsome returns with a high degree of certainty. Investing in fixed deposits is an excellent way to park your funds in a productive and profitable manner. 

 

As such, the interest earned through fixed deposits are safe and guaranteed until the date of maturity. However, before you book your FD, it is essential for you to understand the crux of FD rates. 

 

You can also calculate FD interest rates with the help of the handy interest rate calculator provided below:

FD Interest Rates for Non-Senior Citizens by Partners

Understanding the fixed deposit interest rates can help you make informed decisions in choosing the right FD scheme. Here is a comparison of interest rates across different tenors on deposits under ₹2 Crores offered on Bajaj Markets.

Partners

Tenor

Interest Rate (p.a.)

Bajaj Finance

12 - 60 Months

Up to 8.35%

PNB Housing Finance

12 - 120 Months

Up to 7.85%

Mahindra Finance

12 - 60 Months

Up to 8.05%

AU Small Finance Bank 

7 Days - 120 Months

Up to 8.00%

YES BANK 

7 Days - 120 Months

Up to 7.75%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

FD Interest Rates for Senior Citizens by Partners

Partners

Tenor

Interest Rate (p.a.)

Bajaj Finance

12 - 60 Months

Up to 8.60%

PNB Housing Finance

12 - 120 Months

Up to 8.15%

Mahindra Finance

12 - 60 Months

Up to 8.30%

AU Small Finance Bank 

7 Days - 120 Months

Up to 8.50%

YES BANK 

7 Days - 120 Months

Up to 8.25%

Disclaimer: The above-mentioned rates effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

Top Bank FD Interest Rates for Non-Senior Citizens

This table showcases some of the highest FD interest rates offered by banks on deposits under ₹2 Crores for non-senior citizens in 2023. 

Bank Name

Maximum Interest Rate (p.a.)

Axis Bank

Up to 7.10%

AU Small Finance Bank

Up to 8.00%

ICICI Bank

Up to 7.25%

YES Bank

Up to 7.75%

HDFC Bank

Up to 7.25%

Canara Bank

Up to 7.25%

Kotak Mahindra Bank

Up to 7.25%

SBI

Up to 7.10%

Bank of Baroda

Up to 7.25%

Bandhan Bank

Up to 7.85%

IDBI Bank 

Up to 6.80%

IDFC Bank

Up to 7.50%

Indian Bank 

Up to 7.25%

IndusInd Bank 

Up to 7.50%

Punjab National Bank

Up to 7.25%

Union Bank

Up to 7.00%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

Top Bank FD Interest Rates for Senior Citizens

This table displays some of the highest interest rates on deposits under ₹2 Crores for fixed deposits for senior citizens in 2023. If you are a senior citizen, you can compare these rates to assess which bank offers the best interest rate for fixed deposit.

Bank Name

Maximum Interest Rate

Axis Bank

Up to 7.75%

AU Small Finance Bank

Up to 8.50%

ICICI Bank

Up to 7.25%

YES Bank

Up to 8.25%

HDFC Bank

Up to 7.75%

Canara Bank

Up to 7.75%

Kotak Mahindra Bank

Up to 7.75%

SBI

Up to 7.60%

Bank of Baroda

Up to 7.75%

Bandhan Bank

Up to 8.35%

IDBI Bank 

Up to 7.30%

IDFC Bank

Up to 8.00%

Indian Bank 

Up to 7.75%

IndusInd Bank 

Up to 8.25%

Punjab National Bank

Up to 7.75%

Union Bank

Up to 7.50%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

Top NBFC/HFC FD Interest Rates for Non-Senior Citizens

Below are the maximum interest rates for some of the top NBFCs for non-senior citizens on deposits under ₹2 Crores. You can compare and choose your most preferred one while booking an FD:

NBFC Name

Maximum Interest Rate

Bajaj Finance

Up to 8.35%

Mahindra Finance

Up to 8.05%

Shriram Finance

Up to 8.50%

Muthoot Capital

Up to 7.25%

Punjab National Bank Housing

Up to 7.85%

LIC Housing Finance

Up to 7.75%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

Top NBFC/HFC FD Interest Rates for Senior Citizens

Here are the FD interest rates offered by some of the top NBFCs/HFCs for senior citizens on deposits under ₹2 Crores:

NBFC/HFC Name

Maximum Interest Rate

Bajaj Finance

Up to 8.60%

Mahindra Finance

Up to 8.30%

Shriram Finance

Up to 9.00%

Muthoot Capital

Up to 7.50%

PNB Housing Finance

Up to 8.15%

LIC Housing Finance

Up to 8.00%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

Highest FD Interest Rates with Different Tenors

Here is a comparison of some of the highest FD interest rates offered by banks and NBFCs on deposits under ₹2 Crores for regular citizens for different tenors ranging from 1 year to 10 years.

Banks/NBFCs

1 Year

2 Year

3 Year

5 Year

10 Year

HDFC Bank

6.60%

7.00%

7.00%

7.00%

7.00%

AU Small Finance Bank

6.75%

7.50%

8.00%

7.25%

7.25%

ICICI Bank

6.70%

7.10%

7.00%

7.00%

6.90%

Bajaj Finance

7.40%

7.55%

8.05%

8.05%

--

Mahindra Finance

7.40%

7.75%

8.05%

8.05%

--

PNB Housing Finance

7.45%

7.00%

7.85%

7.65%

7.40%

SBI Bank

6.80%

7.00%

6.50%

6.50%

Axis Bank

6.70%

7.10%

7.10%

7.00%

7.00%

Bank of Baroda

6.75%

6.75%

7.05%

6.50%

6.50%

Kotak Mahindra Bank

7.10%

7.00%

6.50%

6.20%

6.20%

YES Bank

7.50%

7.25%

7.25%

7.25%

7.00%

Canara Bank

6.90%

6.85%

6.80%

6.70%

6.70%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

FD Interest Rates Offered by Leading Foreign Banks

Many foreign banks operate in India and offer competitive interest rates on fixed deposits, making them an attractive investment option. Check the table for some of the best FD interest rates offered on deposits under ₹2 Crores.

Name of the Bank

Interest Rate Offered (%p.a.)

Standard Chartered Bank

Up to 7.50%

DBS Bank

Up to 7.50%

HSBC

Up to 7.25%

Barclays Bank

Up to 6.22%

Deutsche Bank

Up to 7.75%

SBM Bank

Up to 8.25%

Disclaimer: The above-mentioned rates are effective as of 15 September 2023, and are subject to change as per the NBFC/bank’s discretion. 

Types of FD Interest Rates in India

Just like there are different types of fixed deposits, there are different types of FD interest rates too. Generally, there are 2 types of fixed deposit interest rates offered by issuers. These are – fixed and floating (flexi) FD interest rates. 

 

Here’s how both of the FD rates work and their impact on your returns:

1. Fixed interest rate on FD

Fixed FD rates remain the same throughout the entire duration of your investment. This means that the interest rate you receive when you invest in an FD remains constant throughout the investment term. 

 

As a result, the interest earned on your investment is also fixed and predictable. Hence, you must compare FD rates across all banks and NBFCs before selecting an FD plan. 

 

These FD interest rates are ideal if you think the current rates may decline or stay unchanged throughout your tenor. This is because any impact on interest rates has a direct impact on your returns.

2. Floating interest rate on FD

This interest rate fluctuates throughout your investment tenor, resulting in fluctuated returns. The fluctuation in the rate is a direct result of market fluctuations. Hence, compared to the returns from a fixed interest FD, the returns from this interest rate may be higher or lower.

 

This is because a positive trend in the market will result in increased FD rates and, as such, increased returns. However, a negative trend will result in reduced rates and, as such, reduced returns.

 

Given this, floating interest rates are a good idea if you think that the current FD interest rates are going to see an upward trend and not a downward trend. This will enable you to ride the economic upswing and maximise returns.

 

fd rates processing

Top 10 Tax Saver FD Interest Rates 2023

Here are the top 10 tax saver FD interest rates for the year 2023. Tax saver FDs are a popular investment option if you are looking to save on taxes under Section 80C of the Income Tax Act, 1961. 

 

This table compares the interest rates different financial institutions offer and can help you make an informed decision based on your investment goals and tax planning requirements.

Banks

FD Interest Rates for Non- Senior Citizens

FD Interest Rates for Senior Citizens

DCB Bank

7.40%

7.90%

IDBI Bank

6.50%

7.00%

IndusInd Bank

7.25%

8.00%

IDFC First Bank

7.00%

7.50%

RBL Bank

7.10%

7.60%

State Bank of India

6.50%

7.00%

HDFC Bank

7.00%

7.50%

ICICI Bank

7.00%

7.50%

AU Small Finance Bank

7.25%

7.75%

When you invest in FD, it is crucial that you estimate your returns, as it will help you choose among the best fixed deposit rates. At Bajaj Markets, you can choose from a host of FD offers that come with some of the highest FD rates in India, going up to 8.60% per annum. 

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. 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. 

FAQs

Senior citizens are eligible for additional rates ranging from 0.25% - 0.75% on their fixed deposits depending on the issuer.

There are many banks/NBFCs which offer attractive interest rates on their fixed deposits. For example, Bajaj Finance FD offers interest rates up to 8.60% p.a. on special tenors. There are also other issues such as YES Bank, Mahindra Finance, AU Small Finance Bank which offer competitive rates on their FDs.

Many top banks offer interest rates of 7% p.a. and above on their fixed deposits. For example, HDFC Bank, IDBI Bank, AU Small Finance Bank, YES Bank and SBI are some of the banks which offer the same.

All issuers determine the interest on their FDs either through simple interest or compounded interest. The calculation of both could be based on the type of FD scheme you chose. You can also use the FD interest calculator to instantly determine the potential returns you could earn on your deposits

There is no particular way of determining if interest rates will increase or decrease in India during 2023. One way to speculate whether the rates will change is by keeping track of the current economic indicators and other key rates such as the repo rates and reverse repo rates.

As of 15 September 2023, HDFC Bank offers regular citizens interest rates of up to 7.25% p.a. on their fixed deposits. Senior citizens, on the other hand, earn an additional 0.50% on their FDs.

The maximum FD interest rate for regular citizens offered by SBI as of 15 September 2023 stands at 7.10% p.a.. In the case of senior citizens, the maximum interest offered by the bank is 0.50% higher than the regular rates, i.e. 7.50% p.a.

Yes, FD interest is taxable. For bank FDs, a TDS of 10% is deducted earning that exceeds ₹40,000 for non-senior citizens and ₹50,000 for senior citizens. In the case of NBFC FDs, TDS of 20% is deducted on the interest earned exceeding ₹5,000. However, for interest earned up to ₹5,000, the TDS applicable remains 10%.

As a senior citizen, you can receive higher fixed deposit interest rates in India than non-senior citizens. You may receive a special increase of 0.25% to 0.75% on your interest rates, which can benefit you.

A higher FD interest rate can be offered if you are above the age of 60 years. Senior citizens receive special hikes, which can range between 0.25% to 0.50%. Additionally, tax deduction limits are adjusted significantly for senior citizens.

FDs have two types of pay-out methods - cumulative and non-cumulative. Cumulative FDs pay the interest at the end of the tenor, while non-cumulative FDs pay the interest on a monthly, quarterly, half-yearly, or yearly basis. Opting for cumulative FDs can yield higher returns as the interest is compounded until maturity.

Yes, multiple FD issuers offer fixed deposits with monthly payouts, enabling you to receive stable monthly cash flow.

FD interest computation depends on the type of FD and the issuer you invest with. Generally speaking, yes, the interest on FD is compounded, especially in cumulative FDs.

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