Fixed Deposit is an acronym for FD. Fixed deposit is a very easy and assured method of short and long-term investment. Before investing in FD every needs to know about the fixed deposit interest rates. FD interest rates may vary according to banks.
Nationalized/Government banks and private banks may differ in their fixed deposit interest rates. In India, there are many banks and all banks have their own fixed deposits Interest rates. This Fixed Deposit interest rate can vary from time to time. If, you want to invest your money for sure shot returns without any risk then go for FD of your money by comparing all bank’s Interest rates.
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Benefits of Fixed Deposit
- You can save tax on your income under section 80C of the Income Tax Act, 1961 under tax exemption on your savings by creating FD.
- Allowed to open multiple accounts of fixed deposit.
- A fixed deposit interest rate is always higher than the interest earned on the savings account.
- No risk on deposit as the sure shot return is confirmed at a decided rate.
- You can opt to credit the interest earned on your fixed deposit into your savings account on a monthly or quarterly basis.
- Can avail loan against your fixed deposit from the bank.
- At the time of maturity of your FD, you can withdraw the money or renew the FD for a further period at your convenience.
Top Banks Fixed Deposit Interest Rates in (2023)
Latest Fixed Deposit Interest Rates of Public Sector Banks |
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Maturity Period | Name of Bank/Institution | Interest Rates below 1 crore (%p.a) | For More details… |
1 year | Bank of Baroda | 6.75 | Bank Of Baroda (BOB) |
1 year | Bank of India | 6.00 | Bank Of India (BOI) |
1 year | Bank of Maharashtra | 6.35 | Bank Of Maharashtra (BOM) |
1 year | Canara Bank | 6.90 | Canara Bank |
1 year | Central Bank of India | 6.75 | Central Bank Of India (CBI) |
1 year | Indian Bank | 6.10 | Indian Bank |
1 year | Indian Overseas Bank (IOB) | 6.50 | Indian Overseas Bank (IOB) |
1 year | Punjab & Sindh Bank | 6.40 | Punjab & Sind Bank (PSB) |
1 year | Punjab National Bank (PNB) | 6.75 | Punjab National Bank (PNB) |
1 year | State Bank of India | 6.80 | State Bank Of India (SBI) |
1 year | UCO Bank | 6.50 | UCO Bank |
1 year | Union Bank of India | 6.30 | Union Bank Of India (UBI) |
Conclusion on Public Sector Banks’ Fixed Deposit Interest Rates
From the above table about fixed deposit interest rates, if comparing FD interest rates of all the public sector banks it is concluded that Canara bank attracts the highest FD interest rates i.e 6.90% p.a and Bank of India attracts the lowest FD interest rates i.e 6.00% p.a.
Latest Fixed Deposit Interest Rates of Private Sector Banks |
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Maturity Period | Name of Bank/Institution | Interest Rates below 1 crore (%p.a) | FD Interest Rates more details… |
1 Year | Axis Bank | 6.75% | Axis Bank |
1 year | Bandhan Bank | 7.25% | Bandhan Bank |
1 year | City Union Bank | 6.75% | City Union Bank |
1 year | CSB Bank | 5.00% | CSB Bank |
1 year | DBS Bank | 6.25% | DBS Bank |
1 year | DCB Bank | 7.25% | DCB Bank |
1 year | Dhanlaxmi Bank | 6.75% | Dhanlaxmi Bank |
1 year | Federal Bank | 6.80% | Federal Bank |
1 year | HDFC Bank | 6.60% | HDFC Bank |
1 year | ICICI Bank | 6.70% | ICICI Bank |
1 year | IDBI Bank | 6.80% | IDBI Bank |
1 year | IDFC First Bank | 6.50% | IDFC First Bank |
1 year | IndusInd Bank | 7.50% | Induslnd Bank |
1 year | Jammu & Kashmir Bank | 7.10% | Jammu & Kashmir Bank |
1 year | Karnataka Bank | 7.00% | Karnataka Bank |
1 year | Karur Vysha Bank | 7.00% | Karur Vysha Bank |
1 year | Kotak Mahindra Bank | 7.10% | Kotak Mahindra Bank |
1 year | National Bank | 6.70% | National Bank |
1 year | RBL Bank | 7.00% | RBL Bank |
1 year | SBM Bank India | 6.25% | SBM Bank India |
1 year | South Indian Bank | 6.60% | South Indian Bank |
1 year | Tamilnad Mercantile | 7.00% | Tamilnad Mercantile |
1 year | Yes Bank | 7.50% | Yes Bank |
Conclusion on Private Sector Banks Fixed Deposit Interest Rates
From the above table about fixed deposit interest rates, if comparing FD interest rates of all the private sector banks it is concluded that Induslnd Bank and Yes Bank attract the highest fixed deposit rates i.e 7.50% p.a, and DBS Bank and SBM Bank India attract the lowest fd rates i.e 6.25% p.a.
Latest Fixed Deposit Interest Rates of Post Office Scheme |
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Maturity Period | Name of Bank/Institution | Interest Rates below 1 crore (%p.a) | FD Interest Rates more details.. |
1 Year | Indian Post Office | 6.90% | Indian Post Office |
Note: Deduction of TDS on interest of fixed deposit in post office scheme is not allowed. Investors may go for an Indian post office fixed deposit to save TDS on the interest of FD.
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