Fixed Deposit Interest Rates

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.

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)

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.

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.

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.

Nupur Tanan

"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.