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Useful articles for your finance management by our team of experts

Fixed Deposit (FD) Interest Rates of All Banks

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fixed deposit interest ratesA fixed deposit is a financial instrument, which allows money to be deposited with banks for a fixed duration ranging from 15 days to 5 years and above, and earn a higher rate of interest than conventional savings account. On maturity, the investor receives a return, which is equal to the principal plus the interest earned over the duration of fixed deposit. Banks in India have a wide variety of fixed deposit schemes to suit almost every need.

Senior citizens who opt for a fixed deposit scheme are sometimes allowed an additional 0.5 percent on top of the regular return on offer. The interest rates on regular fixed deposits are time based, and fixed deposits for longer duration attract better interest rates.

Here are some key features of bank deposits offered by banks in India to help you gain more insight:

  • Fixed deposits up to INR 1 Lac are insured under the Deposit Insurance & Credit Guarantee Scheme (DICGS) of India.
  • The interest on your FD a/c is credited to your account as specified by you at the time of opening the fixed deposit a/c. It may be monthly, quarterly, semi-annually or annually.
  • There is an option to close your FD a/c before the prescribed term. In case of pre – mature withdrawal, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank. In case of premature withdrawal, the deposit may be subject to penal rate of interest as prescribed by the Bank on the date of deposit.
  • Fixed deposits form a part of the debt investment of an investor’s portfolio.
  • Deposits with tenure of minimum five years, qualify for deduction u/s 80C of Income Tax Act, 1961.

The interest rates on fixed deposit schemes, offered by various banks in India differ slightly depending on tenure and amount of investment. Here is a table reflecting interest rates on certain criteria. For more details, you can visit respective bank’s website.

Bank Name

Group

Interest Rate (% P.a.)

Tenure

Investment Amount

Tax Implication

Kapole Co-operative Bank

Cooperative Banks

10.10

500 days

Less than Rs. 15 lakh

Taxable

Lakshmi Vilas Bank

Indian Private Sector Banks

10.00

1 year

Up to Rs. 1 cr

Taxable

The Ratnakar Bank

Indian Private Sector Banks

9.75

12 month to less than 24 month

Less than lakh to Rs. 1 cr

Taxable

Vijaya Bank

Public Sector / Nationalized Banks

9.75

1Year

Above Rs. 1 cr

Taxable

Shamrao Vithal Co-operative Bank

Cooperative Banks

9.50

500 days (simple int.)

Less than Rs. 1 cr

Taxable

Syndicate Bank

Public Sector / Nationalized Banks

9.30

399 days (exact)

Less than Rs. 1cr

Taxable

Punjab and Sind Bank

Public Sector / Nationalized Banks

9.25

500 days

Less than Rs. 1cr

Taxable

ING Vysya Bank

Indian Private Sector Banks

9.25

365 days

Less than Rs. 1 cr

Taxable

Dhanalakshmi Bank

Indian Private Sector Banks

9.25

375

Less than Rs. 1 cr

Taxable

Dena Bank

Public Sector / Nationalized Banks

9.10

365 days

Less than Rs. 1cr

Taxable

Yes Bank

Indian Private Sector Banks

9.10

15 Months 15 days to 16 Months

Less than Rs. 1cr

Taxable

State Bank of India (SBI)

Public Sector / Nationalized Banks

9.00

1 year to less than 2 years

Less than Rs. 1 cr

Taxable

HDFC Bank

Indian Private Sector Banks

9.00

1 year 16 days

Less than Rs. 1 cr

Taxable

State Bank of Patiala

Public Sector / Nationalized Banks

9.00

556 days to less than 2 year

Less than Rs. 15 lakh

Taxable

Axis Bank

Indian Private Sector Banks

9.00

1 year to less than 13 months

Less than Rs. 15 lakh

Taxable

Union Bank of India

Public Sector / Nationalized Banks

9.00

1 years

Less than Rs. 1 cr

Taxable

Development Credit Bank

Indian Private Sector Banks

9.00

12 months to less than 24 months

Less than Rs. 1 cr

Taxable

Kotak Bank

Indian Private Sector Banks

9.00

365 days to 389 days

Less than Rs. 1 cr

Taxable

United Bank of India

Public Sector / Nationalized Banks

9.00

1 years to less than 2 years

Less than Rs. 5 cr

Taxable

Indian Overseas Bank

Public Sector / Nationalized Banks

9.00

1 year to less than 2 years

Up to Rs. 1 cr

Taxable

Punjab National Bank

Public Sector / Nationalized Banks

9.00

1 year

Less than Rs. 1 cr

Taxable

Oriental Bank of Commerce

Public Sector / Nationalized Banks

9.00

1 year to less than 2 years

Less than Rs. 1 cr

Taxable

Central Bank of India

Public Sector / Nationalized Banks

9.00

555 days

Less than Rs. 1cr

Taxable

Standard Chartered Bank

Foreign Banks

9.00

376 days to 390 day

Less than Rs. 1 cr

Taxable

State Bank of Hyderabad

Public Sector / Nationalized Banks

9.00

1 year to less than 2 years

Less than Rs. 1 cr

Taxable

Corporation Bank

Public Sector / Nationalized Banks

9.00

1 year only

Less than Rs. 1 cr

Taxable

Allahabad Bank

Public Sector / Nationalized Banks

9.00

1 year to less than 2 years

Less than Rs. 5 cr

Taxable

J&K Bank

Indian Private Sector Banks

8.75

1 year to less than 2 years

Less than Rs. 1 cr

Taxable

Royal Bank of Scotland

Foreign Banks

8.75

1 year to less than 2 years

Less than Rs. 1 cr

Taxable

HSBC

Foreign Banks

8.75

365 days

Less than Rs. 1cr

Taxable

Canara Bank

Public Sector / Nationalized Banks

8.75

1 year and above to less than 2 years

Less than Rs. 1cr

Taxable

Citi Bank

Foreign Banks

8.50

365 days to 400 days

Less than Rs. 1 cr

Taxable

Deutsche Bank

Foreign Banks

8.50

Above 1 year to 1.5 years

Less than Rs. 1 cr

Taxable

ICICI Bank

Indian Private Sector Banks

8.00

1 year to 389 days

Less than Rs. 1 cr

Taxable

About the Author:

Sapna Tiwari is a Certified Financial Planner and Masters in Financial Management with over half a decade’s experience in the field of personal finance. The views expressed are personal. She can be reached at expert@investmentyogi.com.

  • v m malpani

    i want to purchase tax free govt bonds pl quote rate

    • Av Suresh

      Govt organizations such as REC, NTPC, IRFC come up with tax free bonds to raise money. Interest rates vary from 8-10% p.a depending on the prevailing rates of government securities. You can only subscribe to them when they are on offer.

  • http://www.bankbazaar.com/fixed-deposit.html narendr

    I think following URL will help to get FD Interest Rates of Various banks across India, ie., http://www.bankbazaar.com/fixed-deposit-rate.html

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