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 Below 1 Crore Full details
 1 Year Allahabad Bank logo 6.50%  Allahabad Bank
 1 Year Andhra Bank logo 6.50% Andhra Bank
1 Year Bank of baroda logo 6.45% Bank of Baroda
1 Year Bank of India logo 6.60% Bank of India
1 Year Bank of maharashtra logo 6.50% Bank of Maharashtra (BOM)
1 Year 6.50% Canara Bank
1 Year 6.60% Central Bank of India (CBI)
1 Year corporation bank fd 6.60% Corporation Bank
1 Year dena bank fd 6.50% Dena Bank
1 Year idbi bank fd 6.75% IDBI Bank
1 Year Indian Bank fd 6.50% Indian Bank
1 Year Indian Overseas Bank fd 6.75% Indian Overseas Bank (IOB)
1 Year Oriental Bank of Commerce fd 6.60% Oriental Bank of Commerce (OBC)
1 Year Punjab & Sind Bank fd 6.50% Punjab & Sind Bank
1 Year Punjab national bank fd 6.60% Punjab national bank
1 Year sbi fd 6.25% State bank of India (SBI)
1 Year State Bank of Patiala fd 6.25% State Bank of Patiala (SBP)
1 Year State bank of Bikaner and Jaipur fd 6.25% State bank of Bikaner and Jaipur (SBBJ)
1 Year SBH fd 6.25% State Bank of Hyderabad (SBH)
1 Year SBT fd 6.25% State Bank of Travancore (SBT)
1 Year State Bank of Mysore fd 6.25% State Bank of Mysore (SBM)
1 Year Syndicate Bank fd 6.50% Syndicate Bank
1 Year UCO Bank fd 6.50% UCO Bank
1 Year Union Bank of India fd 6.75% Union Bank of India
1 Year United Bank of India fd 6.10% United Bank of India (UBI)
1 Year Vijaya Bank fd 6.50% Vijaya Bank

Table Updated: 27 January, 2018

Our Conclusion after comparing one year fixed deposit data of Public sector Banks:

  • Currently majority of Public sector bank offering 6.50% interest rate for 1 year fixed Deposit.
  • Current highest interest rate is 6.75% by IDBI Bank, Indian Overseas Bank and Union Bank of India.
  • Current lowest interest rate is 6.10% by United Bank of India.

Private Sector Banks:

Maturity Time Institution Interest Rate Below 1 Crore Full details
1 Year Axis Bank fd 7.00% Axis Bank
1 Year City Union Bank fd 6.50% Catholic Syrian Bank
1 Year City Union Bank fd 7.10% City Union Bank
1 Year DCB Bank fd 6.85% Development Credit Bank
1 Year Dhanlaxmi Bank fd 6.60% Dhanlaxmi Bank
1 Year Federal bank fd 6.70% Federal bank
1 Year HDFC Bank fd 6.75% HDFC Bank
1 Year ICICI Bank fd 6.75% ICICI Bank
1 Year IndusInd Bank fd 6.85% IndusInd Bank
1 Year Kotak Mahindra Bank fd 6.70% Kotak Mahindra Bank
1 Year Karur Vysya Bank fd 6.75% Karur Vysya Bank
1 Year Lakshmi Vilas Bank fd 7.00% Lakshmi Vilas Bank
1 Year rbl Bank fd 7.10% RBL Bank
1 Year tmb Bank fd 7.00% TMB Bank
1 Year Yes Bank fd 6.60% Yes Bank

Table Updated: 27 January, 2018

Our Conclusion after comparing one year fixed deposit data of Private sector Banks:

  • Current highest interest rate is 7.10% by RBL Bank
  • Current lowest interest rate is 6.50% by Catholic Syrian Bank.

Other Govt Institutes:

Maturity Time Institution Interest rate < 1 cr Full details
1 Year Post Office fd 6.80% 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.

14 Comments

  1. 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. .

  2. 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.

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