FD Interest Rates
Fixed deposit (FD) interest rates for Non-Resident Indians (NRIs) in India vary among popular scheduled commercial banks such as SBI, PNB, HDFC Bank, ICICI Bank, Yes Bank, and Axis Bank. Rates typically range from 3.00% to 7.50% p.a. for general citizens and 3.00% to 8.00% p.a. for senior citizens. Additionally, leading Small Finance Banks (SFBs) like Suryoday SFB, Unity SFB, and Jana SFB offer competitive FD rates ranging from 3.00% p.a. to 9.00% p.a. for general citizens and 3.50% to 9.50% p.a. for senior citizens.
as 7.1%*
Includes life cover
Completely Tax free+
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
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- FD Interest Rates
FD Interest Rates Range Offered by Different Banks
Here is the list of some top banks with FD interest rates range for regular and senior citizens:
| BANKS | GENERAL CITIZENS | SENIOR CITIZEN | TENUREÂ |
| SBI FD Rates | 3.00% - 7.10% | 3.50% - 7.60% | 7 days to 10 years |
| HDFC Bank FD Rates | 3.00% - 7.25% | 3.50% - 7.75% | 7 days to 10 years |
| ICICI Bank FD Rates | 3.00% - 7.10% | 3.50% - 7.60% | 7 days to 10 years |
| Axis Bank FD Rates | 3.00% - 7.10% | 3.50% - 7.75% | 7 days to 10 years |
| PNB FD Rates | 3.50% - 7.25% | 4.00% - 7.75% | 7 days to 10 years |
| Yes Bank FD Rates | 3.25% - 7.50% | 3.75% - 8.00% | 7 days to 10 years |
| Kotak Mahindra FD Rates | 2.75% - 7.25% | 3.25% - 7.75% | 7 days to 10 years |
| Bandhan Bank FD Rates | 3.00% - 7.85% | 3.75% - 8.35% | 7 days to 10 years |
| Union Bank of India FD Rates | 3.00% - 7.00% | 3.50% - 7.50% | 7 days to 10 years |
| Indusind Bank FD Rates | 3.50% - 7.85% | 4.25% - 8.25% | 7 days to 10 years |
| Canara Bank FD Rates | 4.00% - 6.90% | 4.00% - 7.40% | 7 days to 10 years |
| Bank of Baroda FD Rates | 3.00% - 7.25% | 3.50% - 7.75% | 7 days to 10 years |
| IDFC Bank FD Rates | 3.00% - 7.50% | 3.50% - 7.75% | 7 days to 10 years |
| Indian Bank FD Rates | 2.80% - 7.10% | 2.80% - 7.25% | 7 days to 10 years |
| DBS Bank FD Rates | 2.50% - 7.50% | 2.50% - 8.00% | 7 days to 10 years |
| UCO Bank FD Rates | 2.90% - 7.05% | 3.15% - 7.80% | 7 days to 10 years |
| Bank of India FD Rates | 3.00% - 7.25% | 3.50% - 8.00% | 7 days to 10 years |
| IDBI Bank FD Rates | 3.00% - 6.80% | 3.50% - 7.30% | 7 days to 10 years |
| Central Bank of India FD Rates | 3.50% - 6.75% | 4.00% - 7.25% | 7 days to 10 years |
What are FD Interest Rates?
Fixed Deposit (FD) interest rates denote the predetermined interest rate applicable to deposits held in an FD account for a specified duration. Several Scheduled Commercial Banks, NBFCs, Small Finance Banks, and Companies cater to Non-Resident Indians (NRIs) by providing competitive FD schemes.
Rate of Interest on FD for Senior Citizens:
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Financial institutions offer better fixed deposit interest rates to senior citizens for different tenures
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For citizens of India aged 60 years and above
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Helps in creating a financial net to fulfill the major requirements of old age people
List of Different FD Interest Rates in India
With the availability of different types of fixed deposit interest rate on FDs, people invest a pre-decided amount for a specific period of maturity.
The list of different FD rates of interest included in the sections herein are:
Top Interest Rate on FD Based on Type of Bank / NBFCs / Companies
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Private Sector Bank FDs
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Public Sector Bank FDs
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Small Finance Bank FDs
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Non-Banking Financial Company (NBFC) FDs
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Foreign Bank FDs
Top Interest Rate for Different Tenures
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Fixed Deposit interest rates on Senior Citizen FDs
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Best Fixed Deposit Rates for NRE in 2023
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Fixed Deposit interest rate on Flexi FDs
FD Rate of Interest Based on Type of Banks / NBFCs/ Companies
Top FD Interest Rates in India by Public Sector Banks (PSBs)
Here is a list of fixed deposit interest rates, offered by PSBs for deposits of up to Rs. 2 crores:
| Name of Bank FD | Rate of Interest on FD for General Citizens (in % p.a.) | Rate of Interest on FD for Senior Citizens (in % p.a.) |
| Allahabad Bank (Indian Bank) | 2.80% to 7.10% | 2.80% to 7.25% |
| Bank of Baroda | 3.00% to 7.25% | 3.50% to 7.75% |
| Bank of India (BOI) | 3.00% to 7.25% | 3.00% to 7.95% |
| Canara (Syndicate Bank) Bank | 4.00% to 6.90% | 4.00% to 7.40% |
| Central Bank | 3.50% to 6.75% | 4.00% to 7.25% |
| Indian Overseas Bank | 4.00% to 7.25% | 4.50% to 7.75% |
| PNB FD Interest Rates | 3.50% to 7.25% | 4.00% to 7.75% |
| Bank of Maharashtra | 2.75% to 7.00% | 2.75% to 7.50% |
| SBI FD Interest Rates | 3.00% to 7.10% | 3.50% to 7.60% |
| Union Bank (Andhra Bank) | 3.00% to 7.00% | 3.50% to 7.50% |
*FD Rate of Interest is effective as of 29th November 2023.
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.
Top FD Interest Rates in India by Private Sector Banks
Leading Private Sector Banks in India offer the best rate of interest on FD of up to Rs. 2 crores, as mentioned in the table below:
| Name of Bank | Rate of Interest on FD for General Citizens (in % p.a.) | Rate of Interest on FD for Senior Citizens (in % p.a.) |
| Axis Bank FD Rates | 3.00% To 7.10% | 3.50% to 7.75% |
| Bandhan Bank | 3.00% To 7.85% | 3.75% to 8.35% |
| DBS Bank | 2.50% To 7.50% | 2.50% to 8.00% |
| Dhanlaxmi Bank | 5.75% To 7.25% | 5.75% to 7.75% |
| HDFC FD Interest Rates | 3.00% To 7.20% | 3.50% to 7.75% |
| ICICI Bank FD Rates | 3.00% To 7.10% | 3.50% to 7.60% |
| SBM Bank | 4.25% To 8.25% | 4.75% to 8.75% |
| IndusInd Bank | 3.50% To 7.85% | 4.25% to 8.25% |
| Jammu & Kashmir Bank | 3.50% To 7.10% | 4.00% to 7.60% |
| Yes Bank | 3.25% to 7.50% | 3.75% To 8.00% |
*FD Rate of Interest is effective as of 29th November 2023.
Top FD Interest Rates in India by Small Finance Banks
Small Finance Banks (SFBs), registered under the Companies Act, 2013, cater to the financial needs of Non-Resident Indians (NRIs) by providing competitive Fixed Deposit (FD) interest rates. The list of best Interest Rate on FD for deposits of up to Rs. 2 crores by SFBs is as follows:
| List of Top Small Finance Banks (SFBs) | Rate of Interest on FD for General Citizens (in % p.a.) | Rate of Interest on FD for Senior Citizens (in % p.a.) |
| Suryoday SF Bank | 4.00% to 8.60% | 4.50% to 9.10% |
| Ujjivan SF Bank | 3.75% to 8.25% | 4.25% to 8.75% |
| ESAF SF Bank | 4.00% to 8.50% | 4.50% to 9.00% |
| Unity SF Bank | 4.50% to 9.00% | 4.50% to 9.50% |
| Jana SF Bank | 3.00% to 8.50% | 3.50% to 9.00% |
| Utkarsh SF Bank | 4.00% to 8.50% | 4.60% to 9.10% |
| Equitas SF Bank | 3.50% to 8.50% | 3.50% to 8.77% |
| Fincare SF Bank | 3.00% to 8.51% | 3.60% to 9.11% |
*FD Rate of Interest is effective as of 29th November 2023.
Top FD Interest Rates in India by NBFCs
Non-Banking Financial Companies (NBFCs) offer a better interest rate on FD in comparison with SCBs.
Here is a list of the best rate of interest on FD in 2023 provided by the top NBFCs in India for deposits of up to Rs. 2 crores:
| Non-Banking Financial Companies (NBFC) | FD Interest Rate General Citizens (in % p.a.) | FD Interest Rate Senior Citizens (in % p.a.) | Minimum Deposit | Tenure |
| Hawkins Cooker Ltd FD | 7.5% - 8.00% | 8.00% | Rs. 25,000 | 1 - 3 Years |
| Aditya Birla Capital FD | 6.70% - 7.50% | 6.95% - 7.75% | Rs. 5,000 | 1 - 5 Years |
| Bajaj Finserv FD | 7.40% - 8.35% | 7.65% - 8.60% | Rs. 15,000 | 1 - 5 years |
| HDFC Housing Finance FD | 7.30% - 7.70% | 7.55% - 8.00% | Rs. 20,000 | 1 – 10 Years |
| KTDFC Ltd FD | 6.75% - 7.00% | 7.00% - 7.25% | Rs. 10,000 | 1 - 5 Years |
| Mahindra & Mahindra Finance Service Ltd FD | 7.40% - 7.75% | 7.65% - 7.95% | Rs. 5,000 | 1 - 5 Years |
| Shriram Finance FD | 7.34% - 8.18% | 7.84% - 8.68% | Rs. 5,000 | 1 - 5 Years |
| Sundaram Finance FD | 7.45% - 7.75% | 7.95% - 8.25% | Rs. 10,000 | 1 - 3 Years |
*FD Rate of Interest is effective as of 29th November 2023
Note: The Fixed Deposit interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.
Top FD Interest Rates in India by Foreign Banks
The list of foreign banks offering the best interest rate on FD on deposits of up to Rs. 2 crores is as follows:
| List of Foreign Bank FDs | Rate of Interest on FD for General Citizens (in % p.a.) | Rate of Interest on FD for Senior Citizens (in % p.a.) |
| Deutsche Bank | 3.00% To 7.75% | 3.00% To 7.75% |
| Citi Bank | 3.00% to 7.10% | 3.50% to 7.75% |
| HSBC Bank | 2.85% to 7.25% | 3.35% to 7.75% |
| Standard Chartered Bank | 2.75% to 7.50% | 3.25% to 8.00% |
| Barclays Bank | 5.65% to 6.36% | 5.65% to 6.36% |
*FD Rate of Interest is effective as of 29 November 2023.
Best FD Interest Rates in India for Different Tenures
Rates on withdrawable deposits of up to Rs. 2 crores for 1/2/3/5/10-years tenure are applicable to Non-Resident Indians (NRIs) as follows:
| Name of Bank | FD Interest Rates (in % per annum) | ||||
| 1-Year Tenure | 2-Year Tenure | 3-Year Tenure | 5-Year Tenure | 10-Year Tenure | |
| State Bank of India (SBI) | 6.80% | 7.00% | 6.50% | 6.50% | 6.50% |
| Punjab National Bank (PNB) | 6.75% | 6.80% | 7.00% | 6.50% | 6.50% |
| ICICI Bank | 6.70% | 7.10% | 7.00% | 7.00% | 6.90% |
| HDFC Bank | 6.60% | 7.00% | 7.00% | 7.00% | 7.00% |
| Axis Bank | 6.70% | 7.10% | 7.10% | 7.00% | 7.00% |
| Bandhan Bank | 7.25% | 7.25% | 7.25% | 5.85% | 5.85% |
| Bank of Baroda | 6.75% | 6.75% | 7.05% | 6.50% | 6.50% |
| Bank of India (BOI) | 6.50% | 6.80% | 6.50% | 6.00% | 6.00% |
*FD Rate of Interest is effective as of 29 November 2023.
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 for Senior Citizens in India
Fixed deposits, commonly referred to as 'term deposits' or 'time deposits,' offer special interest rates for senior citizens in India. Banks provide senior citizens with a higher FD interest rate, typically 0.25 – 0.70% p.a. more than the general population. Calculating FD maturity and interest is swift and straightforward using online FD calculators. Here are top banks in India offering attractive Fixed Deposit rates to senior citizens on deposits up to Rs. 2 crores.
| Name of the Bank | 1-Year Interest Rate on FD (in% p.a.) | 3-Years Interest Rate on FD (in % p.a.) | 5-Years rates (in % p.a.) |
| RBL Bank | 7.50% | 7.60% | 7.60% |
| Axis Bank | 7.20% | 7.60% | 7.75% |
| Bandhan Bank | 7.75% | 7.75% | 6.60% |
| Bank of India (BOI) | 6.50% | 7.25% | 6.75% |
| Bank of Baroda (BOB) | 7.25% | 7.55% | 7.15% |
| Canara Bank | 7.40% | 7.30% | 7.20% |
| DCB Bank | 7.65% | 8.10% | 7.90% |
| Federal Bank | 7.30% | 7.10% | 7.25% |
| HDFC Bank | 7.10% | 7.50% | 7.50% |
| ICICI Bank | 7.20% | 7.50% | 7.50% |
| IDFC First Bank | 7.00% | 7.75% | 7.50% |
| IndusInd Bank | 8.25% | 8.00% | 8.00% |
| Punjab National Bank (PNB) Bank | 7.25 % | 7.50% | 7.00% |
| State Bank of India (SBI) | 7.30% | 7.00% | 7.50% |
| YES Bank | 7.75% | 8.00% | 8.00% |
*FD Rate of Interest is effective as of 29th November 2023.
Note: All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Documents Required To Open Fixed Deposit Account for NRIsÂ
Here is the list of must-have documents for opening a Fixed Deposit Account with the best FD rate of interest in India:
| Particulars | List of Documents Required |
| Proof of Identity |
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| Address proof |
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| Savings Account Details to Link with FD Account |
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Types of Fixed Deposit Interest Rates for NRIs in India
Interest rates on FDs for NRIs vary based on account flexibility and interest accumulation. The main types are:
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Flexi FD Rates
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Regular FD Rates
Explore these rates in the table below:
| Flexi Fixed Deposit Interest Rate | Regular Fixed Deposit Interest Rates |
| Tailored for NRIs, offering the advantages of both Regular Savings and Fixed Deposit Accounts. Enjoy the flexibility of withdrawing funds anytime without charges. Earn a consistent interest rate on Fixed Deposits. Seamlessly transfer funds between Fixed Deposit and Savings Accounts by linking 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 |
Based on Fixed Deposit Interest Accumulation Method in the Account:
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Cumulative FD
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Non-Cumulative FD
Let us learn about the basic details of cumulative and non-cumulative FDs from the table below:
| Particulars | Cumulative Rates of Interest on FD for NRIs | Non-Cumulative Rates of Interest on FD for NRIs |
| 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 |
What are the Benefits of Fixed Deposit Interest Rates by Top Banks for NRIs?Â
The key features of the best Fixed Deposit interest rates in India are listed below:
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Enhanced FD Interest Rates for NRIs:
NRIs enjoy better interest rates on fixed deposits compared to regular savings accounts.
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Inclusive FD Account Opening for NRIs:
Any Indian resident, including NRIs, minors, and HUF, can easily open a fixed deposit account.
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Flexible Nomination Options for NRIs:
NRIs can nominate up to two individuals for their Fixed Deposit, facilitating a smooth transfer of funds in case of the account holder's demise.
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Emergency Withdrawal Facility:
NRIs can make partial withdrawals in case of emergencies, subject to nominal charges.
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Sweep-in Convenience for NRIs:
NRIs can link their savings account with the FD, earning optimal interest while retaining the flexibility to withdraw funds as needed.
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Loan Against FD for NRIs:
NRIs can leverage their FD as collateral to secure a loan, with banks offering up to 75% - 90% of the FD amount.
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Tax Advantages for NRIs:
NRIs can benefit from tax regulations when filing Income Tax Returns on the interest earned from Fixed Deposits. Income earned from Fixed Deposits Interest Rates are as follows:
Taxation Tax Benefits Tax on FD Investment - Normal FD:
- Tax-Saver FD:
Tax on Fixed Deposit Interest Applicable for 10% TDS deduction on FD interest, if: - For Senior Citizens: Annual Fixed Deposit interest is more than Rs. 50,000
- For General Citizens: Annual Fixed Deposit interest is more than Rs. 40,000
What are the Factors Affecting the FD Interest Rates in India?
The factors influencing the fixed deposit interest rates in India are mentioned in the list below:
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Economic Overview for NRIs:
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GDP is a key indicator of a nation's financial health.
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A growing GDP in India signifies a thriving economy, influencing favorable interest rates on Fixed Deposits.
Note: GDP measures the total value of goods and services produced in India during a specific period.
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Reserve Bank of India's Monetary Policy:
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RBI determines the repo rate, impacting banks' Fixed Deposit and loan interest rates.
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Higher repo rates lead to increased FD rates and loan interest rates.
Note: Repo rate is the interest rate at which banks borrow from RBI for a short duration.
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Impact of Recession and Inflation on NRIs:
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During inflation, RBI's policies prompt banks to raise Fixed Deposit rates to encourage savings.
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NRIs should monitor these economic indicators for informed financial decisions.
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Wrapping It Up!
The leading banks cater to Non-Resident Indians (NRIs) by providing competitive interest rates on Fixed Deposits, accompanied by appealing features such as assured returns, the option for loans against FDs, and a nomination facility. It is imperative for NRIs to conduct a thorough comparative analysis of the various FD savings plans, considering their investment horizon and anticipated future financial requirements.
FAQ's
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What is the normal FD interest rate?
The normal FD interest rate for scheduled commercial banks is ranging between 3.00% - 8.35% p.a. The Small Finance Banks are offering the rate of interest on FD for general citizens is between 3.00% to 9.60% p.a. -
What is the FD interest rate in SBI?
Fixed Deposit interest rate in SBI for withdrawable deposits of up to Rs. 2 crores is between 3.00% to 7.10% p.a. for general citizens and between 3.50% to 7.60% p.a. for senior citizens for a tenure of 7 days to 10 years.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Interest Earned
Maturity Amount
