Fixed deposits (FDs) stand out as one of the safest investment choices in India. They offer a reliable avenue to earn interest on deposited funds, with predetermined interest rates set by NBFCs or banks.
Investing in FDs allows you to plan your finances effectively, providing a predictable source of returns. This makes fixed deposits an excellent option for growing your savings.
The interest earned through them is not only safe but also guaranteed until the maturity date. Before booking an FD, it's crucial to comprehend fixed deposit interest rates and how they function, ensuring informed decision-making for a profitable investment.
Instantly determine the potential interest earned on your FD with the fixed deposit calculator provided below:
Partner
|
Maximum Interest Rate
|
Maximum Tenor
|
Minimum Deposit Amount
|
|
---|---|---|---|---|
Bajaj Finance |
8.50% p.a. |
60 Months |
₹15,000 |
|
PNB Housing Finance |
8.15% p.a. |
120 Months |
₹10,000 |
|
Mahindra Finance Ltd |
8.30% p.a. |
60 Months |
₹5,000 |
|
AU Small Finance Bank |
8.50% p.a. |
120 Months |
₹1,000 |
|
YES Bank |
8.00% p.a. |
120 Months |
₹10,000 |
|
Ujjivan Small Finance Bank |
8.75% p.a. |
120 Months |
₹1,000 |
|
This table showcases some of the highest FD interest rates banks offer on deposits under ₹2 Crores for non-senior citizens in 2024.
Bank Name |
Interest Rate (p.a.) |
Axis Bank |
Up to 7.10% |
ICICI Bank |
Up to 7.10% |
HDFC Bank |
Up to 7.20% |
Canara Bank |
Up to 7.25% |
Kotak Mahindra Bank |
Up to 7.25% |
SBI |
Up to 7.00% |
Bank of Baroda |
Up to 7.25% |
Bandhan Bank |
Up to 7.85% |
IDBI Bank |
Up to 7.00% |
IDFC Bank |
Up to 7.75% |
Indian Bank |
Up to 7.25% |
IndusInd Bank |
Up to 7.50% |
Punjab National Bank |
Up to 7.25% |
Union Bank |
Up to 7.25% |
Disclaimer: The above-mentioned rates are effective as of 24th January 2024, and are subject to change as per the bank’s discretion.
This table displays some of the highest interest rates on deposits under ₹2 Crores for fixed deposits for senior citizens in 2024.
Bank Name |
Interest Rate (p.a.) |
Axis Bank |
Up to 7.75% |
ICICI Bank |
Up to 7.65% |
HDFC Bank |
Up to 7.75% |
Canara Bank |
Up to 7.75% |
Kotak Mahindra Bank |
Up to 7.80% |
SBI |
Up to 7.50% |
Bank of Baroda |
Up to 7.75% |
Bandhan Bank |
Up to 8.35% |
IDBI Bank |
Up to 7.50% |
IDFC Bank |
Up to 8.25% |
Indian Bank |
Up to 7.75% |
IndusInd Bank |
Up to 8.25% |
Punjab National Bank |
Up to 7.50% |
Union Bank |
Up to 7.75% |
Disclaimer: The above-mentioned rates are effective as of 24th January 2024, and are subject to change as per the bank’s discretion.
Below are the maximum interest rates for some of the 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 8.25% p.a. |
Mahindra Finance |
Up to 8.05% p.a. |
Shriram Finance |
Up to 8.60% p.a. |
Muthoot Capital |
Up to 8.50% p.a. |
Punjab National Bank Housing |
Up to 7.85% p.a. |
LIC Housing Finance |
Up to 7.25% p.a. |
Disclaimer: The above-mentioned rates are effective as of 24th January 2024, and are subject to change as per the NBFC/bank’s discretion.
Here are the FD interest rates offered by some of the NBFCs/HFCs for senior citizens on deposits under ₹2 Crores:
NBFC Name |
Maximum Interest Rate |
Bajaj Finance |
Up to 8.50% p.a. |
Mahindra Finance |
Up to 8.30% p.a. |
Shriram Finance |
Up to 9.10% p.a. |
Muthoot Capital |
Up to 9.00% p.a. |
PNB Housing Finance |
Up to 8.15% p.a. |
LIC Housing Finance |
Up to 7.50% p.a. |
Disclaimer: The above-mentioned rates are effective as of 24th January 2024, and are subject to change as per the NBFC/bank’s discretion.
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 FD interest rates offered on deposits under ₹2 Crores.
Bank |
Interest Rate |
Standard Chartered Bank |
Up to 8.00% |
DBS Bank |
Up to 8.00% |
HSBC |
Up to 7.75% |
Barclays Bank |
Up to 6.36% |
Deutsche Bank |
Up to 8.00% |
SBM Bank |
Up to 8.25% |
Disclaimer: The above-mentioned rates are effective as of 24th January 2024, and are subject to change as per the NBFC/bank’s discretion.
Under Section 80C of the Income Tax Act, 1961, you can claim tax deductions of up to ₹1.50 Lakhs per financial year on your tax-saver FD. Compare the interest rates offered by different FD issuers to make an informed decision:
Bank/NBFC |
Interest Rate (p.a.) |
Suryoday Small Finance Bank |
8.75% |
AU Small Finance Bank |
8.50% |
RBL Bank |
8.00% |
Canara Bank |
7.30% |
Disclaimer: The above-mentioned rates are effective as of 9th January 2024, and are subject to change as per the NBFC/bank’s discretion.
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. On Bajaj Markets Website, browse fixed deposits from various NBFCs and banks offering interest rates of up to 8.85% p.a. The FD booking process is simple and 100% digital.
Fixed deposit (FD) interest rates are the percentage returns you earn on your deposit for a predetermined period. Banks and NBFCs offer different rates based on the deposit amount, tenor, and lending rates.
Here are a few tips you could follow to get the highest interest rate possible on an FD:
Opt for longer tenors generally offer higher rates
Look for special offers or senior citizen schemes for additional benefits
Compare rates across different issuers before making a decision
Early withdrawals are usually allowed at the cost of penalty charges. The penalty amount varies depending on the bank and the remaining tenor.