Which Bank has the Highest Interest Rate for Fixed Deposits?
For general citizens, FD interest rates offered by popular banks in India range from 3.00% to 7.75% per annum For general citizens, FD interest rates offered by popular banks in India range from 3.00% to 7.75% per annum and for senior citizens, the range is from 3.00% to 8.25% per annum. In addition, the leading Small Finance Banks (SFBs) like Suryoday SFB, Unity SFB, and Jana SFB are offering one of the best Fixed Deposit interest rates ranging between 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 in 2024
Below are the best FD rates in India on withdrawable deposits of up to Rs. 2 crores for 1/ 2/ 3/ 5/10-year tenure are as follows:
| Name of Bank | FD Interest Rates (in % per annum) | |||||
| Highest FD Interest Rate by the Bank | 1-Year Tenure | 2-Year Tenure | 3-Year Tenure | 5-Year Tenure | 10-Year Tenure | |
| SBI FD Rates | 7.10% (400 days) | 6.80% | 7.00% | 6.50% | 6.50% | 6.50% |
| HDFC Bank FD Rates | 7.20% (4 years 7 months - 55 months | 6.60% | 7.00% | 7.00% | 7.00% | 7.00% |
| ICICI Bank FD Rates | 7.10% (15 months - 2 years) | 6.70% | 7.00% | 7.00% | 7.00% | 6.90% |
| Axis Bank FD Rates | 7.10% (15 months to < 5 years) | 6.70% | 7.10% | 7.10% | 7.00% | 7.00% |
| PNB FD Rates | 7.05% (300 days) | 6.75% | 6.80% | 7.00% | 6.50% | 6.50% |
| Yes Bank FD Rates | 7.75% (18 months to < 24 months) | 7.25% | 7.25% | 7.25% | 7.25% | 7.00% |
| Kotak Mahindra FD Rates | 7.25% (23 months to < 2 years) | 7.10% | 7.15% | 7.00% | 6.20% | 6.20% |
| Bandhan Bank FD Rates | 7.85% (500 days) | 7.25% | 7.25% | 7.25% | 5.85% | 5.85% |
| Suryoday SFB FD Rates | 9.01% (25 months) | 6.85% | 8.65% | 8.60% | 8.25% | 7.25% |
| Ujjivan SFB FD Rates | 8.25% (1 year and 560 days) | 8.25% | 7.50% | 7.20% | 7.20% | 6.50% |
| ESAF SFB FD Rates | 8.50% (2 years to < 3 years) | 7.75% | 8.25% | 6.75% | 6.25% | 6.25% |
| Unity SFB FD Rates | 9.00% (1001 days) | 7.85% | 7.85% | 7.90% | 8.15% | 7.50% |
| Citi Bank FD Rates | 7.10% (15 months to < 5 years) | 6.70% | 7.10% | 7.10% | 7.00% | 7.00% |
| Barclays Bank FD Rates | - | 6.27% | 6.27% | 6.27% | 6.27% | - |
*FD Rate of Interest are effective as of March 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.
List of Different Types of Banks Offering High Interest Rates in India
Fixed Deposit Schemes offer various rates of interest on FDs based on different factors. This section will provide a concise breakdown of these FD rates.
The FD interest rates in India offered by different types of banks / NBFCs are categorised as follows:
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Public Sector Bank FD Rates
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Private Sector Bank FD Rates
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Small Finance Bank FD Rates
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Non-Banking Financial Company (NBFC) FD Rates
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Foreign Bank FD Rates
Top Public Sector Banks Giving High Interest Rates on FD in India
Here is a list of the best fixed deposit interest rates in India 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) FD Rates | 2.80% to 7.25% | 2.80% to 7.25% |
| Bank of Baroda FD Rates | 4.00% to 7.25% | 3.50% to 7.75% |
| Bank of India (BOI) FD Rates | 3.00% to 7.25% | 3.00% to 7.95% |
| Canara (Syndicate Bank) Bank FD Rates | 4.00% to 7.25% | 4.00% to 7.75% |
| Central Bank FD Rates | 3.50% to 7.00% | 4.00% to 7.50% |
| Indian Overseas Bank FD Rates | 4.00% to 7.30% | 4.00% to 7.10% |
| PNB FD Rates | 3.50% to 7.25% | 4.00% to 7.75% |
| Bank of Maharashtra FD Rates | 2.75% to 7.00% | 2.75% to 7.50% |
| SBI Bank FD Rates | 3.50% to 7.00% | 4.00% to 7.50% |
| Union Bank of India (Andhra Bank) | 3.50% to 7.25% | 4.00% to 7.75% |
*FD Rate of Interest is effective as of March 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.
Top Private Sector Banks Giving High Interest Rates on FD
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 7.20% | 3.50% to 7.85% |
| Bandhan Bank FD Rates | 3.00% To 7.85% | 3.75% to 8.35% |
| DBS Bank FD Rates | 2.50% To 7.50% | 2.50% to 8.00% |
| Dhanlaxmi Bank FD Rates | 5.25% To 7.25% | 5.75% to 7.75% |
| HDFC FD Rates | 3.00% To 7.20% | 3.50% to 7.75% |
| IDFC Bank FD Rates | 3.00% To 7.25% | 3.50% to 8.25% |
| ICICI Bank FD Rates | 3.00% To 7.10% | 3.50% to 7.75% |
| Karur Vysya Bank FD Rates | 4.00% To 7.50% | 4.00% To 8.00% |
| RBL Bank FD Rates | 3.50% To 7.80% | 4.00% to 8.60% |
| SBM Bank FD Rates | 4.25% To 8.25% | 4.75% to 8.75% |
| IndusInd Bank FD Rates | 3.50% To 7.75% | 4.05% to 8.25% |
| Jammu & Kashmir Bank FD Rates | 3.50% To 7.10% | 3.50% to 7.10% |
| Yes Bank FD Rates | 3.25% to 7.75% | 3.75% To 8.25% |
*FD Rate of Interest are effective as of March 2024.
Top Small Finance Banks Giving High Interest Rates on FD
The Small Finance Banks (SFBs) registered under the Companies Act, 2013 offer high FD rates of interest to give financial support to the weaker sections of the economy.
The list of best rates of interest 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 FD Rates | 4.00% to 9.01% | 4.50% to 9.25% |
| Ujjivan SF Bank FD Rates | 3.75% to 8.25% | 4.25% to 8.75% |
| ESAF SF Bank FD Rates | 4.00% to 8.50% | 4.50% to 9.00% |
| Unity SF Bank FD Rates | 4.50% to 9.00% | 4.50% to 9.50% |
| Jana SF Bank FD Rates | 3.00% to 8.50% | 3.50% to 9.00% |
| Utkarsh SF Bank FD Rates | 4.00% to 8.50% | 4.60% to 9.10% |
| Equitas SF Bank FD Rates | 3.50% to 8.50% | 3.50% to 8.77% |
| Fincare SF Bank FD Rates | 3.00% to 8.51% | 3.60% to 9.11% |
| AU SF Bank FD Rates | 3.75% to 8.00% | 4.25% to 8.50% |
*FD Rate of Interest are effective as of March 2024.
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Top NBFCs Banks Giving High Interest Rates on FD
Non-Banking Financial Companies (NBFCs) offer a better interest rate on FD than SCBs.
Here is a list of the best rates of interest on FD in 2024 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.) | Tenure |
| Hawkins Cooker Ltd FD | 7.5% - 8.00% | 8.00% | 1 - 3 Years |
| Aditya Birla Capital FD | 6.70% - 7.50% | 6.95% - 7.75% | 1 - 5 Years |
| Bajaj Finserv FD | 7.40% - 8.35% | 7.65% - 8.60% | 1 - 5 years |
| HDFC Housing Finance FD | 7.30% - 7.70% | 7.55% - 8.00% | 1 – 10 Years |
| KTDFC Ltd FD | 6.75% - 7.00% | 7.00% - 7.25% | 1 - 5 Years |
| Mahindra & Mahindra Finance Service Ltd FD | 7.40% - 7.75% | 7.65% - 7.95% | 1 - 5 Years |
| Shriram Finance FD | 7.34% - 8.18% | 7.84% - 8.68% | 1 - 5 Years |
| Sundaram Finance FD | 7.45% - 7.75% | 7.95% - 8.25% | 1 - 3 Years |
*FD Rate of Interest is effective as of March 2024.
Note: The Fixed Deposit interest rates mentioned in the above table are subject to change. The table does not represent any chronological order.
Top Foreign Banks Giving High Interest Rates on FD
The list of foreign banks offering the best FD rates in India 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 FD Rates | 3.00% To 8.00% | 3.00% To 8.00% |
| Citi Bank FD Rates | 3.00% to 7.20% | 3.50% to 7.85% |
| HSBC Bank FD Rates | 2.85% to 7.25% | 3.35% to 7.75% |
| Standard Chartered Bank FD Rates | 2.75% to 7.50% | 3.25% to 8.00% |
| Barclays Bank FD Rates | 6.00% to 6.80% | - |
*FD Rate of Interest is effective as of March 2024.
Documents Required To Open Fixed Deposit Account
Here is the list of must-have documents for opening a Fixed Deposit Account with the best FD rate of interest in India:
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Proof of Identity:
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Aadhaar card
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PAN card
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Driving license
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Voter ID card
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Government ID card
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Address proof:
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Passport
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Electricity bill
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Utility bills
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Photo Ration Card
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Savings Account Details to Link with FD Account:
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Bank Statement
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Cancelled cheque
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Benefits of Banks Giving High Interest Rates on FD
The key features of the best Fixed Deposit interest rates in India are listed below:
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Better Rates of interest on FD
The best-fixed deposit rates in India by banks are better than the regular savings account interest rate.
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Indian Citizen Can Open an FD Account
Any Indian resident, including minors, NRIs, and Hindu Undivided Families (HUF), can open a fixed deposit account.
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Select Maximum Two Nominees
You can select up to two nominees for your Fixed Deposit. These nominees will be eligible to collect the maturity amount by providing valid proof of death of the account holder.
Wrapping It Up!
The top banks offer the best interest rate on FD with attractive features like guaranteed returns, loans on FD, and nomination facility. You must make a comparative analysis of all the FD savings plans as per your investment horizon and future financial needs.
Bank FD Interest Rates
Bank FD Calculator
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Allahabad Bank FD Interest Rates
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Assam Gramin Vikash Bank FD Interest Rates
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Axis Bank FD Rates
Bajaj Finance FD Interest Rates
Bandhan Bank FD Interest Rates
Bangiya Gramin Vikash Bank FD Interest Rates
Bank of Baroda FD Interest Rates
Bank of Ceylon FD Interest Rates
Bank of India FD Interest Rates
Bank of Maharashtra FD Interest Rates
Allahabad Bank FD Calculator
Andhra Bank FD Calculator
AU Bank FD Calculator
Axis Bank FD Calculator
Bajaj Finance FD Calculator
Bandhan Bank FD Calculator
Bank of Baroda FD Calculator
Bank of India FD Calculator
Bank of Maharashtra FD Calculator
Canara Bank FD Calculator
Central Bank FD Calculator
Corporation Bank FD Calculator
FAQs
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Which Bank gives the highest rate of interest on FD?
Following is the list of highest FD rates bank in India in 2024 for general and senior citizens:Bank Name FD Interest Rates for General Citizens (in % p.a.) FD Interest Rates for Senior Citizens (in % p.a.) Unity Small Finance Bank 4.50% - 9.00% 4.50% - 9.50% Canara Bank 4.00% - 7.25% 4.00% - 7.75% Utkarsh Small Finance Bank 4.00% - 8.50% 4.60% - 9.10% IndusInd Bank 3.50% - 7.50% 4.25% - 8.25% Punjab National Bank 3.50% - 7.25% 4.00% - 7.75% YES Bank 3.25% - 7.75% 3.75% - 8.25% Union Bank of India 3.00% - 7.25% 3.50% - 7.75% HDFC Bank 3.00% - 7.20% 3.50% - 7.70% ICICI Bank 3.00% - 7.10% 3.50% - 7.65% SBI Bank 3.00% - 7.10% 3.50% - 7.60% -
Who is offering the highest interest rate for fixed deposits?
The following financial institutions are offering the highest interest rate for Fixed Deposit in India in 2024:-
Unity Small Finance Bank
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Suryoday Small Finance Bank
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IDFC First Bank
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Aditya Birla Capital
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Punjab National Bank (PNB)
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Which is the highest FD rate bank in the public sector in 2024?
The following list shows which Bank has the highest interest rate for Fixed Deposits in the public sector in 2024:
Name of Public Sector BankHighest
FD Interest Rate
(in % p.a.)1-year
FD Rates
(in % p.a.)3-year
FD Rates
(in % p.a.)5-year
FD Rates
(in % p.a.)Additional
Interest Rate
for Senior Citizens
(in % p.a.)Punjab & Sind Bank 7.40% 6.20% 6.00% 6.00% 0.50% Punjab National Bank 7.25% 6.75% 7.00% 6.50% 0.50% Bank of Baroda 7.25% 6.85% 7.25% 6.50% 0.50-1.00% State Bank of India 7.10% 6.80% 6.80% 6.80% 0.50% -
Which private sector bank has the highest FD interest rates in 2024?
The following list shows which Bank gives highest interest rate on Fixed Deposit in India among the private sector banks:
BanksHighest
FD rate
(% p.a.)1-year
FD rate
(% p.a.)3-year
FD rate
(% p.a.)5-year
FD rate
(% p.a.)Additional
interest rate
for senior citizens
(% p.a.)Bandhan Bank 7.85% 7.25% 7.25% 5.85% 0.50% - 0.75% ICICI Bank 7.10% 6.70% 6.70% 6.70% 0.50% Induslnd Bank 7.85% 7.50% 7.25% 7.25% 0.40% - 0.75% IDFC First Bank 7.75% 6.50% 7.25% 7.00% 0.50% YES Bank 7.75% 7.25% 7.25% 7.25% 0.50% - 0.75% -
Which is the highest interest-rate bank in 2024?
The following are the highest FD rates banks in 2024 in India:Bank Name FD Interest Rates for General Citizens (in % p.a.) FD Interest Rates for Senior Citizens (in % p.a.) Unity Small Finance Bank 4.50% - 9.00% 4.50% - 9.50% Bank of Baroda 4.25% - 7.25% 4.75% - 7.75% Suryoday Small Finance Bank 4.00% - 8.65% 4.50% - 9.10% Utkarsh Small Finance Bank 4.00% - 8.50% 4.60% - 9.10% Ujjivan Small Finance Bank 3.75% - 8.25% 4.25% - 8.75% IndusInd Bank 3.50% - 7.50% 4.25% - 8.25% Punjab National Bank 3.50% - 7.25% 4.00% - 7.75% Equitas Small Finance Bank 3.50% - 8.50% 3.50% - 8.77% HDFC Bank 3.00% - 7.20% 3.50% - 7.70% ICICI Bank 3.00% - 7.10% 3.50% - 7.65% SBI Bank 3.00% - 7.10% 3.50% - 7.60% Fincare Small Finance Bank 3.00% - 8.61% 3.60% - 9.21% Jana Small Finance Bank 3.00% - 8.50% 3.50% - 9.00% Indian Bank 2.80% - 7.25% 3.30% - 7.75% -
How do you get 7% interest on FD?
You can follow the ways mentioned below to get 7% p.a. on a fixed deposit (FD) in India:-
Specific tenures: Several banks offer 7% interest for specific tenures.
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Senior citizens: Senior citizens often get 0.50% - 0.75% p.a. higher interest rates.
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Small Finance Banks (SFBs) and Non-Banking Financial Companies (NBFCs): These institutions often offer higher interest rates compared to traditional banks.
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Special schemes: Banks occasionally offer special schemes with higher interest rates for limited periods.
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Who would you consider the best interest rate bank for fixed deposits?
The following are the 5 best interest rates banks for fixed deposit in India in 2024:-
HDFC Bank
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SBI Bank
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Axis Bank
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PNB Bank
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Yes Bank
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ICICI Bank
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* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 20,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens)
*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~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
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