Fixed Deposit Interest Rates
Last Updated : July 20, 2020, 11:50 a.m.
Interest is paid by the bank on your booked fixed deposits for a particular period. The bank provides interest to your deposits at a certain rate and it is known as the fixed deposit interest rate. In a fixed deposit, the amount you provide to the bank earns interest for the determined period of time. And, when the fixed deposit reaches its maturity, the bank would provide an attractive interest rate on your principal deposits.
FD Interest Rates April 2024
The interest rate of the fixed deposit varies from bank to bank. And the interest rate can be high or low depending on your deposit and tenure. So you should first, compare the list of bank FD Interest Rates before investing in them. Fixed deposit interest rate change from time to time and the current list of bank FD Interest Rates are as follows.
Top Banks FD Interest Rates April 2024
| Bank Name | Tenure | FD Interest Rates (p.a for < ₹2 crore) |
|---|---|---|
| SBI | 7 days – 10 years | 3.50% - 5.70% |
| HDFC Bank | 7 days – 10 years | 3.50% - 6.25% |
| Axis Bank | 7 days – 10 years | 3.50% - 6.50% |
| Bank of Baroda | 7 days – 10 years | 4.25% - 6.15% |
| ICICI Bank | 7 days – 10 years | 3.50% - 6.00% |
| Punjab National Bank | 7 days – 10 years | 4.25% - 5.80% |
| IDBI Bank | 15 days – 20 years | 3.10% - 5.90% |
| Canara Bank | 7 days – 10 years | 4.25% - 5.85% |
| RBL Bank | 7 days – 10 years | 5.00% - 7.25% |
| Yes Bank | 7 days – 10 years | 5.00% - 7.25% |
Top Banks FD Interest Rates for Senior Citizens
Fixed Deposit is a reliable investment that provides returns in regular intervals with a zero risk advantage associated with it. The fixed deposit is considered to be the most suitable investment for a senior citizen who is withdrawing pension and wants to create a secure future. As in fixed deposits , the citizens of age 60 years or above are entitled to receive an additional interest on their deposits over and above the rate of interest offered to the other regular fixed deposit account holders. In the age where the sources of earning are limited fixed deposit provides regular income at a high rate of interest. The extra interest rate paid to a senior citizen by the banks on their fixed deposit ranges from 0.25% – 1%. Below is the list of banks that provide a high interest to senior citizens fixed deposits.
| Bank Name | Tenure | Senior Citizens FD Interest Rates (p.a for < ₹2 crore) |
|---|---|---|
| SBI | 7 days – 10 years | 4.00% - 6.20% |
| HDFC Bank | 7 days – 10 years | 4.00% - 6.75% |
| Axis Bank | 7 days – 10 years | 3.50% - 7.00% |
| Bank of Baroda | 7 days – 10 years | 4.75% - 6.65% |
| ICICI Bank | 7 days – 10 years | 4.00% - 6.50% |
| Punjab National Bank | 7 days – 10 years | 4.75% - 6.30% |
| IDBI Bank | 15 days – 20 years | 3.60% - 6.40% |
| Canara Bank | 7 days – 10 years | 4.25% - 6.35% |
| RBL Bank | 7 days – 10 years | 5.50% - 7.75% |
| Yes Bank | 7 days – 10 years | 5.50% - 7.75% |
FD Interest Rates Calculator
You must be thinking of the returns if you invest in fixed deposits and like to know how much amount you could get from the deposit. Here, in that case, the fixed deposit calculator comes in use. The calculator works using the information of your fixed deposit such as the period of investment, the amount you have been depositing and interest rate. It compares the interest received on different amounts at different tenure easily and assists in deciding the best service provider. With the help of a fixed deposit calculator, you can have the idea of the interest you would earn on your investment.
For instance, if you have deposited ₹10,000 for 5 years, and the bank pays an interest rate of 7% per annum on the quarterly compounding basis. Then to compute the closing rate of interest, use a fixed deposit interest rate calculator. According to which the fixed deposit balance would be ₹14,149 at the end of the investment period. Look at the table below which shows the earned interest rate and the closing balance.
| Year | FD Interest Rates (in % p.a.) | Opening Balance (in ₹) | Interest Earned (in ₹) | Closing Balance (in ₹) |
|---|---|---|---|---|
| 1 | 7.00 | 10,000 | 719 | 10,719 |
| 2 | 7.00 | 10,719 | 770 | 11,489 |
| 3 | 7.00 | 11,489 | 826 | 12,315 |
| 4 | 7.00 | 12,315 | 885 | 13,200 |
| 5 | 7.00 | 13,200 | 949 | 14,149 |
FD Interest Rates Based on Investment Period
It is simple to understand that the invested amount is directly based on the period for which you have invested. From the mentioned table of FD Interest Rates, you can see the range of interest varies from 7 days to 10 years in a bank fixed deposit. But in Post Office fixed deposit interest rate you can earn high returns without the worry of choosing from the list of banks.
Post Office FD Interest Rates
To open a post office fixed deposit account you need to invest multiple of INR 100 as there is no maximum limit for your deposits.
Post Office FD Interest Rate Table
| Tenure | FD Interest Rates (p.a) |
|---|---|
| 1 year | 5.50% |
| 2 years | 5.50% |
| 3 years | 5.50% |
| 5 years | 6.70% |
Top Banks FD Interest Rates
HDFC FD Interest Rates
You can open a fixed deposit with HDFC Bank for a maximum period of 10 years to a short period of 7 days. The interest rate provided to your deposit range from 3.50% to 6.25% for less than INR 2 crore, and 4.00% to 5.50% for equal or above to INR 2 crore and less than INR 5 crore.
| Tenure | FD Interest Rates (Regular) | FD Interest Rates (Senior Citizens) |
|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 29 days | 4.00% | 4.50% |
| 30 days to 45 days | 4.75% | 5.35% |
| 46 days to 90 days | 5.25% | 5.75% |
| 91 days to 6 months | 5.25% | 5.75% |
| 6 months 1 day- 9 months | 5.65% | 6.15% |
| 9 months 1 day - less than 1 year | 5.90% | 6.40% |
| 1 year | 6.15% | 6.65% |
| 1 year 1 day - 2years | 6.15% | 6.65% |
| 2 years 1 day - 3 years | 6.25% | 6.75% |
| 3 years 1 day -10 years | 6.15% | 6.65% |
ICICI FD Interest Rates
ICICI Bank fixed deposits provide a duration of 7 days to 10 years. With the offer of an attractive interest rate on the deposits made under the 5 years Tax Saver FD scheme. Look at the table below to know the interest rate on the fixed deposit of ICICI Bank.
| Tenure | FD Interest Rates (Regular) | FD Interest Rates (Senior Citizen) |
|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 29 days | 3.75% | 4.25% |
| 30 days to 45 days | 4.25% | 4.75% |
| 46 days to 60 days | 4.75% | 5.25% |
| 61 days to 90 days | 4.75% | 5.25% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 184 days | 4.75% | 5.25% |
| 185 days to 289 days | 5.25% | 5.75% |
| 290 days to less than 1 year | 5.50% | 6.00% |
| 1 year to 389 days | 5.80% | 6.30% |
| 390 days to < 18 months | 5.80% | 6.30% |
| 18 months to 2 years | 5.80% | 6.30% |
| 2 years 1 day to 3 years | 6.00% | 6.50% |
| 3 years 1 day to 5 years | 6.00% | 6.50% |
| 5 years 1 day to 10 years | 6.00% | 6.50% |
| 5 Years Tax saver FD(Maximum up to Rs. 1.50 lac) | 6.00% | 6.50% |
SBI FD Interest Rates
SBI revised the FD Interest Rates and it ranges from 4.50%-6.00% for regular and an additional 0.50% for senior citizens. Look at the table below that gives the detailed structure of the SBI FD rate of interest for different time intervals.
| SBI FD Tenure | FD Interest Rates (Regular) | FD Interest Rates (Senior Citizen) |
|---|---|---|
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 4.50% | 5.00% |
| 180 days to 210 days | 5.00% | 5.50% |
| 211 days to less than 1 year | 5.00% | 5.50% |
| 1 year to less than 2 year | 5.70% | 6.20% |
| 2 years to less than 3 years | 5.70% | 6.20% |
| 3 years to less than 5 years | 5.70% | 6.20% |
| 5 years and up to 10 years | 5.70% | 6.20% |
Canara Bank FD Interest Rates
The Canara Bank fixed deposit account can be opened for the period ranging from 7 days to 10 years with the minimum amount of ₹1,000. The bank pays the highest interest of 6.35% per annum for senior citizens on the fixed deposit of 1 year.
| Canara Bank FD Duration | FD Interest Rates (Regular) | FD Interest Rates (Senior Citizen) |
|---|---|---|
| 7 days to 14 days | 4.25% | 4.25% |
| 15 days to 30 days | 4.25% | 4.25% |
| 31 days to 45 days | 4.25% | 4.25% |
| 46 days to 60 days | 5.00% | 5.00% |
| 61 days to 90 days | 5.00% | 5.00% |
| 91 days to 120 days | 5.00% | 5.00% |
| 121 days to 179 days | 5.00% | 5.00% |
| 180 days to 269 days | 5.50% | 6.00% |
| 270 days to less than 1 year | 5.50% | 6.00% |
| 1 year only | 5.85% | 6.35% |
| < 1 year to > 2 years | 5.85% | 6.35% |
| 2 years => to < 3 years | 5.85% | 6.35% |
| 3 => to < 5 years | 5.80% | 6.35% |
| 5 =>to < 8 years | 5.80% | 6.30% |
| 8 years => to 10 years | 5.80% | 6.30% |
Axis Bank FD Interest Rates
Axis Bank offers easy access to the fixed deposit with its net banking services. You can visit the official website to open an FD account with a minimum investment of INR 5,000 for 7 days to 10 years. The interest rate on the Axis bank FD ranges from 3.50%-6.50% with an additional 0.50% interest rate for Senior citizens. Look in the table below to know the interest rate for deposit less than INR 2 crore in Axis Bank.
| FD Duration | FD Interest Rates (Regular) | FD Interest Rates (Senior Citizen) |
|---|---|---|
| 7 days to 14 days | 3.50% | 3.50% |
| 15 days to 29 days | 4.25% | 4.25% |
| 30 days to 45 days | 4.90% | 4.90% |
| 46 days to < 60 months | 5.40% | 5.40% |
| 6 months < 9 months | 5.80% | 6.05% |
| 9 months < 11 months 25 days | 6.05% | 6.30% |
| 11 months 25 days to < 18 months | 6.40% | 6.65% |
| 18 months to < 2 years | 6.50% | 7.15% |
| 2 years to 10 years | 6.50% | 7.00% |
Yes Bank FD Interest Rates
For customers Yes Bank provides an interest rate of 7.50% on their fixed deposit and up to 8.00% interest rate for senior citizens. You can avail its special offer also in which a maximum of 7.50% per annum interest is earned in less than 3 years. Whereas senior citizens can get up 8.24% per annum in the same period under this offer. Look at the table below to know the interest rate of Yes Bank fixed deposit scheme.
| Tenure of Yes Bank fixed deposit | FD Interest Rates (Regular) | FD Interest Rates (Senior Citizen) |
|---|---|---|
| 7 to 45 days | 5.00% | 5.50% |
| 46 to 90 days | 6.25% | 6.75% |
| 3 months to < 6 months | 6.25% | 6.75% |
| 6 months to < 9 months | 6.85% | 7.35% |
| 9 months to < 1 Year | 7.15% | 7.65% |
| 1 Years to <= 10 years* | 7.25% | 7.75% |
| 12 Months 10 Days to 12 Months 20 Days | 7.40% | 7.90% |
| 18 Months 8 Days to 18 Months 18 Days | 7.40% | 7.90% |
| 2 years < 3 years | 7.50% | 8.00% |
Factors Affecting FD Interest Rates
RBI Policies : In the effective actions of RBI guidelines, when the Cash Reserve Ratio (CRR) and repo rate changes it affects the interest rate of banking products including the fixed deposit. So, if a new rule is amended by RBI it has to apply to all the banking products that came into its actions.
Recession : Recession can be one of the most prominent factors in reducing interest rates offered on the fixed deposits. In the time of recession, RBI forces the bank to release those funds in the market which it achieves by lowering the rates on the cash reserve of the banks.
Inflation : For a positive effect on your term deposit interest rate inflation is best. Because during the time of inflation, the bank curbs money from its users by providing higher returns.
Economy status : The condition of your country’s economy also affects the interest rate of your fixed deposits. If the credit demand increases in the country the bank would provide fixed deposits at an attractive rate of interest because it could help in meeting both user and bank needs.
