Fixed Deposit Rates in India 2024

What are Fixed Deposit Interest Rates in India?

FD means Fixed Deposit: A type of investment scheme where individuals deposit a lump sum amount with the following details:

• A specific amount of money

• For a fixed period (at least 1 year for an NRI)

• At a predetermined interest rate

Fixed Deposit Rates in India: The fixed rate of interest that an FD account holder can avail of on their deposits invested for a specific period.

Various Scheduled Commercial Banks/ NBFCs/ Small Finance Banks/ Companies in India offer best FD schemes to their NRI customers.

Types of FD Rates in India for NRI

NRIs can invest a sum for a specific period of maturity as per their financial goals in any of the different types of fixed deposit interest rates on FDs.

Types of FD interest rates for NRIs included in the sections herein are: 

• Top NRI FD Interest Rates in India Based on Type of Bank/NBFCs/Companies

  • Private Sector Bank FDs

  • Public Sector Bank FDs

  • Small Finance Bank FDs

  • Non-Banking Financial Company (NBFC) FDs

  • Foreign Bank FDs

• Top FD Interest Rates in India for NRIs Based on FD Tenure

  • Best FD Rates in India for NRE Deposits of 1/3/5-Year Period

  • Best FD Rates in India for NRO Deposits of 1/3/5-Year Period

• Top FD Interest Rates on RFC Deposits

• Top FD Interest Rates on FCNR (B) Deposits

Based on Type of Banks/ NBFCs/ Companies

FD interest rates in India for NRIs can vary based on the type of banks, NBFCs (Non-Banking Financial Companies), or companies. Here are the general classifications:

1. Top FD Rates in India for NRIs by Public Sector Banks (PSBs)

   Here is a list of fixed deposit interest rates offered by Public Sector Banks for NRE/NRO Deposits (Callable) of up to Rs. 2 crores:

   Name of Bank	NRE Deposits (Tenure: 1 year & above)	NRO Deposits
   	FD Interest Rates (in % p.a.)	FD Interest Rates (in % p.a.)
   Allahabad Bank (Indian Bank)	6.10% to 7.10%	–
   Bank of Baroda	4.25% to 7.75%	3.00% to 7.25%
   Bank of India	6.00% to 7.30%	3.00% to 7.30%
   Canara (Syndicate Bank) Bank	4.00% to 7.25%	4.00% to 7.25%
   Central Bank	3.50% to 7.00%	–
   Indian Overseas Bank	4.00% to 7.30%	4.00% to 7.30%
   Punjab National Bank (PNB)	3.50% to 7.25%	3.50% to 7.25%
   Bank of Maharashtra	5.75% to 6.75%	2.75% to 7.00%
   State Bank of India (SBI)	6.80% to 7.10%	3.50% to 7.10%
   Union Bank (Andhra Bank)	6.40% to 7.25%	3.50% to 7.25%

   (FD Rate of Interest as of 26 June 2024) Note: The interest rate on FD for particular banks mentioned in the above table is subject to change. The table does not represent any chronological order.  

2. Top FD Rates in India on NRI Deposits by Private Sector Banks

   Here is a list of leading Private Sector Banks in India that offer the best FD interest rates to their NRI customers on NRE and NRO Deposits of up to Rs. 2 crores:

   Name of Bank	NRE Deposits (Tenure: 1 year & above)	NRO Deposits
   	FD Interest Rates (in % p.a.)	FD Interest Rates (in % p.a.)
   Axis Bank	7.00% To 7.20%	3.00% to 7.20%
   Bandhan Bank	3.00% To 6.25%	3.00% To 6.25%
   DBS Bank	5.00% To 7.50%	2.50% To 7.50%
   Dhanlaxmi Bank	6.60% To 7.25%	5.00% To 7.25%
   HDFC Bank	3.00% To 7.25%	3.00% To 7.25%
   ICICI Bank	6.70% To 7.20%	3.00% To 7.20%
   SBM Bank	4.25% To 8.25%	7.10% To 8.25%
   IndusInd Bank	3.50% To 7.99%	3.50% To 7.99%
   Jammu & Kashmir Bank	6.00% To 7.10%	3.50% To 7.00%
   Yes Bank	7.00% to 7.75%	3.25% to 7.75%

   (FD Rate of Interest as of 26 June 2024)

3. Top FD Rates in India for NRIs by Foreign Banks

   The list of foreign banks offering the best fixed deposit interest rates in India is as follows:

   Name of Foreign Bank	NRE Deposits (Tenure: 1 year & above)	NRO Deposits
   	FD Interest Rates (in % p.a.)	FD Interest Rates (in % p.a.)
   Deutsche Bank Fixed Deposit Interest Rates	7.00%-8.00%	3.00% to 7.20%
   Citi Bank FD Rates	7.00% To 7.20%	3.00%-3.50-%
   HSBC Bank Fixed Deposit Rates	3.25%-7.25%	2.85%-7.50%
   Standard Chartered Bank FD Interest Rates	6.75%-7.50%	2.75%-7.50%
   Barclays Bank Interest Rates on FD	6.12%-6.27%	5.50%-6.27%

   (FD Rate of Interest as of 26 June 2024) Note: The rate of interest on FD mentioned in the above table is subject to change. The table does not represent any chronological order.  

Fixed Deposit Interest Rates in India on FCNR (B) Deposits

Let us learn the best FD interest rates in India offered to NRIs on their FCNR (B) deposits from the table mentioned below:

(FD Rate of Interest as of 26 June 2024)

Fixed Deposit Interest Rates in India on RFC Deposits

Let us learn the best FD interest rates in India offered to NRIs on their RFC deposits from the table mentioned below:

*Tenure: US$1 Million (FD Rate of Interest as of 26 June 2024)

Types of Fixed Deposit Rates in India for NRIs

FD interest rates are majorly of two types based on the flexibility of the FD Account and the FD Interest accumulation method.

The major types of Rates of Interest on FD are mentioned as follows:

1. Based on the Flexibility of Fixed Deposits: 

   • Flexi FD Interest Rates

   • Regular FD Interest Rates

   Let us learn about these two types from the table below:

   Flexi FD Interest Rates	Regular FD Interest Rates
   Provides the benefits of both Regular Savings Account and Regular Fixed Deposit Account  Flexibility to withdraw money any time without charges and also earn a regular interest rate on FD The depositor can link their FD account with a savings account to transfer money between them	Designed for a fixed tenure A fee is charged on early withdrawal from the FD scheme Offers fixed rate of interest on FD depending on its tenure

2. Based on Fixed Deposit Interest Accumulation Method in the Account: 

   • Cumulative FD

   • Non-Cumulative FD

   Let us learn about the basic details of cumulative and non-cumulative FDs from the table below:

   Particulars	Cumulative Deposits	Non-Cumulative Deposits
   Payouts	FD interest is deposited by the end of the tenure	Accrued interest is rolled out on a monthly, quarterly, semi-annual, or annual basis
   Payment of Interest	One-time	Regularly
   Reinvestment of FD Interest	Compounded/ Re-invested in the FD Scheme again	Paid-off regularly
   Returns on FD Interest	Higher	Lower
   Suitable for	Salaried individuals	Non-salaried individuals

FD Calculator 2024

An online Fixed Deposit Calculator is a useful computation tool in the following ways:

• It is a financial tool used to calculate the maturity value and interest earned on a Fixed Deposit (FD) investment

• The FD calculator takes into account the following details: 

  • Principal Amount

  • Interest Rate

  • Tenure (duration) of the FD

• The fixed deposit calculator will give the following information as an output:

  • Total amount invested

  • Maturity amount

  • Interest earned

Why to Use an FD Calculator?

Using an FD calculator offers several benefits and reasons to NRIs, major among them are as follows:

• Manual calculation of FD amounts is a bit tricky, tedious, and complicated

• This increases the chances of error and inaccuracy

• FD Calculator allows the calculation of complex variables with few clicks

• It helps save time and energy for the investor

• The calculator allows you to compare the interest rates on FDs and the maturity values of various financial institutions

• It is more accurate as compared to manual calculations 

How to Use Policybazaar FD Calculator?

To use the Policybazaar FD (Fixed Deposit) calculator, you can follow the steps mentioned below:

Step 1: Open Policybazaar FD Calculator 2024 

Step 2: Enter the fixed amount you wish to deposit

Step 3: Fill in the Rate of Interest at which you want to deposit the amount

Step 4: Select the tenure of FD of up to 15 years

Step 5: You can view the maturity amount for various FD interest rates

By following these simple and easy steps, an NRI can calculate the FD maturity value within a second. 

Taxation Benefits on Fixed Deposits Interest in India

The taxation rules applicable while filing the annual Income Tax Returns (ITR) on the income earned from Fixed Deposits Interest Rates are as follows:

Benefits of FD Interest Rates in India for NRI

The key features of the best Fixed Deposit rates in India offered to NRI depositors are as follows:

• High Interest Rates: Banks in India offer competitive interest rates on FDs for NRIs. These rates may vary among different banks and are subject to market conditions and RBI regulations.

• Stable and Assured Returns: FDs offer a fixed interest rate for the entire tenure, providing NRIs with guaranteed returns on their investments. This predictability helps in financial planning and ensures a regular income stream.

• Flexible Tenure Options: FDs for NRIs generally come with various tenure options, ranging from a few months to several years. NRIs can choose a tenure that suits their financial goals and preferences.

• Currency Options: NRIs have the flexibility to hold FDs in different currencies, such as US dollars (USD), British pounds (GBP), Euros (EUR), etc. This allows NRIs to deposit funds in their preferred currency.

• Repatriability: NRIs have the option to choose between repatriable and non-repatriable FDs. Repatriable FDs allow the principal amount and interest earned to be freely transferred back to the NRI's foreign account, while non-repatriable FDs restrict the repatriation of funds.

• Nomination Facility: NRIs can nominate a person to receive the deposit in case of any unfortunate event. This helps ensure a smooth transfer of funds to the nominated person.

• Automatic Renewal: Some banks offer the option of automatic renewal of FDs for NRIs. This means that at maturity, the FD will be renewed for the same tenure unless instructed otherwise by the NRI.

Wrapping It Up!

Fixed Deposit interest rates in India offer attractive investment opportunities for Non-Resident Indians. NRIs can benefit from competitive interest rates provided by banks and financial institutions in India. Investing in FDs can be a secure and convenient way for NRIs to grow their savings while earning a steady income.