Fixed Deposit, most commonly known as FD, is a financial instrument where you can deposit a fixed amount for a specific term ranging from a minimum 7 days to a maximum of 10 years in order to get better interest rates compared to the Savings Account. The rate of interest though better than savings account may vary as per the amount, term and from bank to bank.

After maturity of the Fixed Deposit, the investor would receive the total amount deposited along with a decent interest.

Benefits of Fixed Deposit:

  • The main benefit of opening a Fixed Deposit account is to earn a higher rate of interest on your savings. The rate of interest on FD is always higher than the rate of interest you get in a savings account.
  • You can open multiple accounts for different Fixed Deposits.
  • At the time of maturity, you can return the Fixed Deposit receipt and withdraw the money or you can also renew it for further period as per your convenience.
  • You can get loans against your FDs from the bank.
  • As per the Traditional Scheme, you can opt to credit the interest from your FD account directly into your savings account on a monthly or quarterly basis. If you opt for a reinvestment scheme, then the interest will be compounded to the principal amount on a quarterly basis.
  • Get the benefit of tax exemption on your savings under Section 80C of Income Tax Act, 1961.

Current FD rates in Public sector Banks:

Maturity Time Institution Interest rate < 1 crFull details
 1 YearAllahabad Bank logo 7.50% Allahabad Bank
 1 YearAndhra Bank logo 7.75%Andhra Bank
1 YearBank of baroda logo 7.30%Bank of Baroda
1 YearBank of India logo 7.30%Bank of India
1 YearBank of maharashtra logo 7.60%Bank of Maharashtra (BOM)
1 Year7.75%Canara Bank
1 Year7.75%Central Bank of India (CBI)
1 Yearcorporation bank fd7.65%Corporation Bank
1 Yeardena bank fd7.60%Dena Bank
1 Yearidbi bank fd7.75%IDBI Bank
1 YearIndian Bank fd7.25%Indian Bank
1 YearIndian Overseas Bank fd7.50%Indian Overseas Bank (IOB)
1 YearOriental Bank of Commerce fd7.50%Oriental Bank of Commerce (OBC)
1 YearPunjab & Sind Bank fd7.80%Punjab & Sind Bank
1 YearPunjab national bank fd7.50%Punjab national bank
1 Yearsbi fd7.50%State bank of India (SBI)
1 YearState Bank of Patiala fd7.57%State Bank of Patiala (SBP)
1 YearState bank of Bikaner and Jaipur fd7.50%State bank of Bikaner and Jaipur (SBBJ)
1 YearSBH fd7.75%State Bank of Hyderabad (SBH)
1 YearSBT fd7.00%State Bank of Travancore (SBT)
1 YearState Bank of Mysore fd7.50%State Bank of Mysore (SBM)
1 YearSyndicate Bank fd7.50%Syndicate Bank
1 YearUCO Bank fd7.70%UCO Bank
1 YearUnion Bank of India fd7.65%Union Bank of India
1 YearUnited Bank of India fd7.00%United Bank of India (UBI)
1 YearVijaya Bank fd7.75%Vijaya Bank

Private Sector Banks:

Maturity TimeInstitutionInterest rate < 1 crFull details
1 YearAxis Bank fd7.75%Axis Bank
1 YearCity Union Bank fd7.30%Catholic Syrian Bank
1 YearCity Union Bank fd7.75%City Union Bank
1 YearDCB Bank fd7.80% Development Credit Bank
1 YearDhanlaxmi Bank fd7.35%Dhanlaxmi Bank
1 YearFederal bank fd7.50%Federal bank
1 YearHDFC Bank fd7.50%HDFC Bank
1 YearICICI Bank fd7.50%ICICI Bank
1 YearIndusInd Bank fd8.00%IndusInd Bank
1 YearKotak Mahindra Bank fd7.90%Kotak Mahindra Bank
1 YearKarur Vysya Bank fd7.75%Karur Vysya Bank
1 YearLakshmi Vilas Bank fd7.90%Lakshmi Vilas Bank
1 Yearrbl Bank fd8.00%RBL Bank
1 Yeartmb Bank fd7.75%TMB Bank
1 YearYes Bank fd7.75%Yes Bank

Other Govt Institutes:

Maturity TimeInstitutionInterest rate < 1 crFull details
1 YearPost Office fd8.40%Indian Post Office

To know more about the latest interest rates on Fixed Deposit schemes in your bank, please subscribe to our blog.

Also let us know if you don’t find your bank in the above list.

12 Comments

  1. Sir I want to ans about this question if I am FD 10000 for 10 year no senior citizen so how much amount getting me.

  2. Please advise f.D. rates of bank of India,, Uco Bank and S.B.I. from 12/09/2015 for general public and senior citizens. .

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