in india Fixed Deposit (FD) A popular option among investors. It is a safe investment instrument, especially for those who want to avoid stock market risk and are looking for stable returns. FD offers attractive interest rates to investors for a fixed period.
The big thing is that senior citizens Get higher interest on FD than normal investors. Other than this, Small Finance Bank These days, they are giving better returns, making them increasingly popular among risk-averse investors.
Interest rates of public sector banks
Major government banks of India offer attractive interest rates on FD for different tenures.
| bank name | Common Citizen (Interest Rate) | Senior Citizen (Interest Rate) | Duration |
|---|---|---|---|
| Bank of Baroda | 7.30% | 7.80% | 400 Days (BOB Celebration) |
| State Bank of India | 7.25% | 7.75% | 444 days (nectar rain) |
| Bank of India | 7.30% | 7.80% | 400 days |
| Bank of Maharashtra | 7.45% | 7.95% | 366 days |
| Canara Bank | 7.40% | 7.90% | 3-5 years |
| Central Bank of India | 7.50% | 8.00% | 1111 and 3333 days |
| Union Bank of India | 7.30% | 7.80% | 456 days |
Interest rates of small finance banks
Small finance banks are offering higher interest rates as compared to government and private banks.
| bank name | Common Citizen (Interest Rate) | Senior Citizen (Interest Rate) | Duration |
|---|---|---|---|
| AU Small Finance Bank | 8.00% | 8.50% | 18 months |
| Equitas Bank | 8.25% | 9.00% | 888 days |
| ESAF Bank | 8.25% | 8.75% | 2-3 years |
| Jana Bank | 8.25% | 8.75% | 1-3 years |
| NorthEast Bank | 9.00% | 9.50% | 546-1111 days |
| Suryoday Bank | 8.60% | 9.10% | 2-3 years |
Interest rates of private banks
Private banks are also offering competitive interest rates on FD.
| bank name | Common Citizen (Interest Rate) | Senior Citizen (Interest Rate) | Duration |
|---|---|---|---|
| Axis Bank | 7.25% | 7.75% | 15 months – 2 years |
| Bandhan Bank | 8.05% | 8.55% | 1 year |
| City Union Bank | 7.50% | 8.00% | 333 days |
| Federal Bank | 7.50% | 8.00% | 444 days |
| HDFC Bank | 7.40% | 7.90% | 55 months |
| ICICI Bank | 7.25% | 7.80% | 15 months – 2 years |
| IDFC First Bank | 7.90% | 8.40% | 400-500 days |
| IndusInd Bank | 7.99% | 8.49% | 1 year 5-6 months |
| RBL Bank | 8.00% | 8.50% | 500 days |
| Yes Bank | 7.75% | 8.25% | 18-24 months |
Things to keep in mind before investing in FD
- Compare interest rates:
Do a comparative study of the interest rates of different banks.
- Select period:
Decide the tenure of FD based on your financial needs.
- Special Schemes for Senior Citizens:
Take advantage of additional interest rates available to senior citizens.
- Consider a Small Finance Bank:
Small finance banks offer higher interest rates, which can increase your returns.
