Highest Fixed Deposit Interest Rates: Fixed deposits (FDs) offered by banks are secure and interest-generating investment options. With FDs, you can expect a guaranteed return on your invested funds, which remain unaffected by market fluctuations. This is the reason that FDs are a go to investment option for most risk averse investors.
Interest rates for fixed deposits are near all time highs, with RBI pausing the rate cycle for several monetary policy meetings now.
Investors have the flexibility to choose between the re-investment deposit option, which allows for the accumulation of compound interest, or the option to receive interest payments at regular intervals (monthly/quarterly) to support their financial planning and budgeting needs, notes an ET report.
The interest rates offered on fixed deposits in August 2024 can vary based on several factors, including the specific bank, the age of the depositor, the tenure of the deposit, and the amount invested.
In India, private banks are financial institutions where private companies or individuals hold the majority of the equity, in contrast to public-sector banks where the government is the primary shareholder.
Public Sector Undertaking (PSU) banks are ones where the government owns the majority of the shares. These banks receive government subsidies with the aim of facilitating their growth and expansion.
For investors interested in comparing fixed deposit interest rates between private and public sector banks, a brief analysis of the fixed deposit rates offered to both general citizens and senior citizens is provided below.
PSU Banks: Latest Fixed Deposit Interest Rates For General Citizens
| Bank Fixed Deposit Rates | |||||
| Bank Name | Interest Rates (p.a.) | ||||
| Highest slab | 1-year tenure (%) | 3-year tenure (%) | 5-year tenure (%) | ||
| % | Tenure | ||||
| PUBLIC SECTOR BANKS | |||||
| Bank of Baroda | 7.25 | 399 days | 6.85 | 7.15 | 6.5 |
| Bank of India | 7.3 | 666 days | 6.8 | 6.5 | 6 |
| Bank of Maharashtra | 7.25 | 777 days | 6.75 | 6.5 | 6.5 |
| Canara Bank | 7.25 | 444 days | 6.85 | 6.8 | 6.7 |
| Central Bank of India | 7.45 | 444 days | 6.85 | 6.75 | 6.5 |
| Indian Bank | 7.25 | 400 days – IND SUPER | 6.1 | 6.25 | 6.25 |
| Indian Overseas Bank | 7.3 | 444 days | 6.9 | 6.5 | 6.5 |
| Punjab National Bank | 7.25 | 400 days | 6.8 | 7 | 6.5 |
| Punjab & Sind Bank | 7.3 | 666 days | 6.3 | 6 | 6 |
| State Bank of India | 7.25 | 444 days | 6.8 | 6.75 | 6.5 |
| Union Bank of India | 7.4 | 333 days | 6.8 | 6.7 | 6.5 |
Private Banks: Latest Fixed Deposit Interest Rates For General Citizens
| Bank Fixed Deposit Rates | |||||
| Bank Name | Interest Rates (p.a.) | ||||
| Highest slab | 1-year tenure (%) | 3-year tenure (%) | 5-year tenure (%) | ||
| % | Tenure | ||||
| PRIVATE SECTOR BANKS | |||||
| Axis Bank | 7.2 | 17 months to less than 18 months | 6.7 | 7.1 | 7 |
| Bandhan Bank | 8 | 1 year 9 months | 7.25 | 7.25 | 5.85 |
| City Union Bank | 7.25 | 400 days | 7 | 6.5 | 6.25 |
| CSB Bank | 7.75 | 401 days | 5 | 5.75 | 5.75 |
| DBS Bank | 7.5 | 376 days to 540 days | 7 | 6.5 | 6.5 |
| DCB Bank | 8.05 | 19 months to 20 months | 7.1 | 7.55 | 7.4 |
| Federal Bank | 7.4 | 50 months ; 777 days | 6.8 | 7 | 6.6 |
| HDFC Bank | 7.4 | 4 Year 7 Months (55 months) | 6.6 | 7 | 7 |
| ICICI Bank | 7.25 | 15 months to 2 years | 6.7 | 7 | 7 |
| IDFC First Bank | 7.75 | 500 days | 6.5 | 7.25 | 7 |
| IndusInd Bank | 7.75 | 1 year to 2 years | 7.75 | 7.25 | 7.25 |
| Jammu & Kashmir Bank | 7 | 1 year to less than 3 years | 7 | 6.75 | 6.5 |
| Karur Vysya Bank | 7.6 | 760 days | 7 | 7 | 7 |
| Karnataka Bank | 7.25 | 375 days | 7.1 | 6.5 | 6.5 |
| Kotak Mahindra Bank | 7.4 | 390 days to less than 23 months | 7.1 | 7 | 6.2 |
| RBL Bank | 8.1 | 500 days | 7.5 | 7.5 | 7.1 |
| SBM Bank India | 8.25 | 3 years 2 days | 7.05 | 7.3 | 7.75 |
| South Indian Bank | 7.25 | 400 Days | 6.7 | 6.7 | 6 |
| Tamilnad Mercantile Bank | 7.5 | 400 days | 7 | 6.5 | 6.5 |
| YES Bank | 8 | 18 months | 7.25 | 7.25 | 7.25 |
PSU Banks: Latest Fixed Deposit Interest Rates For Senior Citizens
| Senior Citizen Fixed Deposit Rates | ||||||
| Bank Name | Interest Rates (p.a.) | Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates) | ||||
| Highest slab | 1-year tenure (%) | 3-year tenure (%) | 5-year tenure (%) | |||
| % | Tenure | |||||
| PUBLIC SECTOR BANKS | ||||||
| Bank of Baroda | 7.75 | 399 days | 7.35 | 7.65 | 7.15 | — |
| Bank of India | 7.8 | 666 days | 7.3 | 7.25 | 6.75 | 0.15% on tenures of 180 days to 10 years |
| Bank of Maharashtra | 7.75 | 777 days | 7.25 | 7 | 7 | — |
| Canara Bank | 7.75 | 444 days | 7.35 | 7.3 | 7.2 | 0.10% on 444 days |
| Central Bank of India | 7.95 | 444 days | 7.35 | 7.25 | 7 | — |
| Indian Bank | 7.75 | 400 days – IND SUPER | 6.6 | 6.75 | 6.75 | 0.25% on all tenures |
| Indian Overseas Bank | 7.8 | 444 days | 7.4 | 7 | 7 | 0.25% on all tenures |
| Punjab National Bank | 7.75 | 400 days | 7.3 | 7.5 | 7 | 0.30% for tenures up to 5 years |
| Punjab & Sind Bank | 7.8 | 666 days | 6.8 | 6.5 | 6.5 | 0.15% on tenure of 444 days, 222 days, 666 days, & 999 days |
| State Bank of India | 7.75 | 444 days | 7.3 | 7.25 | 7.5 | — |
| Union Bank of India | 7.9 | 333 days | 7.3 | 7.2 | 7 | 0.25% on all tenures |
| Jammu & Kashmir Bank | 7.5 | 1 year to less than 3 years | 7.5 | 7.25 | 7 | — |
| Karur Vysya Bank | 8.1 | 760 days | 7.4 | 7.4 | 7.4 | — |
| Karnataka Bank | 7.65 | 375 days | 7.5 | 6.9 | 6.9 | — |
| Kotak Mahindra Bank | 7.9 | 390 days to less than 23 months | 7.6 | 7.6 | 6.7 | — |
| RBL Bank | 8.6 | 500 days | 8 | 8 | 7.6 | 0.25% on all tenures |
| SBM Bank India | 8.75 | 3 years 2 days | 7.55 | 7.8 | 8.25 | — |
| South Indian Bank | 7.75 | 400 Days | 7.2 | 7.2 | 6.5 | — |
| Tamilnad Mercantile Bank | 8 | 400 days | 7.5 | 7 | 7 | — |
| YES Bank | 8.5 | 18 months | 7.75 | 8 | 8 | — |
Private Banks: Latest Fixed Deposit Interest Rates For Senior Citizens
| Senior Citizen Fixed Deposit Rates | ||||||
| Bank Name | Interest Rates (p.a.) | Additional rates offered to Super Senior Citizen* (over and above to senior citizen rates) | ||||
| Highest slab | 1-year tenure (%) | 3-year tenure (%) | 5-year tenure (%) | |||
| % | Tenure | |||||
| PRIVATE SECTOR BANKS | ||||||
| Axis Bank | 7.75 | 5 years to 10 years | 7.2 | 7.6 | 7.75 | — |
| Bandhan Bank | 8.5 | 1 year 9 months | 7.75 | 7.75 | 6.6 | — |
| City Union Bank | 7.75 | 400 days | 7.25 | 6.75 | 6.5 | — |
| CSB Bank | 7.75 | 401 days | 5.5 | 6.25 | 6.25 | — |
| DBS Bank | 8 | 376 days to 540 days | 7.5 | 7 | 7 | — |
| DCB Bank | 8.55 | 19 months to 20 months | 7.6 | 8.05 | 7.9 | — |
| Federal Bank | 7.9 | 50 months ; 777 days | 7.3 | 7.5 | 7.25 | — |
| HDFC Bank | 7.9 | 4 Year 7 Months (55 months) | 7.1 | 7.5 | 7.5 | — |
| ICICI Bank | 7.8 | 15 months to less than 18 months | 7.2 | 7.5 | 7.5 | — |
| IDFC First Bank | 8.25 | 500 days | 7 | 7.75 | 7.5 | — |
| IndusInd Bank | 8.25 | 1 year to 2 years | 8.25 | 7.75 | 7.75 | — |
| Jammu & Kashmir Bank | 7.5 | 1 year to less than 3 years | 7.5 | 7.25 | 7 | — |
| Karur Vysya Bank | 8.1 | 760 days | 7.4 | 7.4 | 7.4 | — |
| Karnataka Bank | 7.65 | 375 days | 7.5 | 6.9 | 6.9 | — |
| Kotak Mahindra Bank | 7.9 | 390 days to less than 23 months | 7.6 | 7.6 | 6.7 | — |
| RBL Bank | 8.6 | 500 days | 8 | 8 | 7.6 | 0.25% on all tenures |
| SBM Bank India | 8.75 | 3 years 2 days | 7.55 | 7.8 | 8.25 | — |
| South Indian Bank | 7.75 | 400 Days | 7.2 | 7.2 | 6.5 | — |
| Tamilnad Mercantile Bank | 8 | 400 days | 7.5 | 7 | 7 | — |
| YES Bank | 8.5 | 18 months | 7.75 | 8 | 8 | — |
Source: ET quoting Paisabazaar for interest rates data as on August 14, 2024.
