Fixed deposits (FDs) offer higher rate of interest as compared to savings account. They are also popular among investors who are looking for a guaranteed source of income. Many banks including SBI, HDFC Bank, Bandhan Bank, Bank of Baroda, Axis Bank And ICICI Bank offer FDs ranging from seven days to ten years.
FD rates vary across banks and it's always better to compare the interest rates on offer before investing in these deposits.
Here are a list of top banks along with the latest FD rates offered by them:
SBI offers FDs ranging from seven days to one year. For FDs with maturity period of 7 days to less than 1 year, SBI offers 6.40 percent interest rate. On FDs maturing between one year and two years, the bank is offering 7 percent interest rate. On FDs maturing in 2-3 years, SBI offers 6.75 percent. On maturity between three and five years, the bank is offering 6.70 percent interest rate. SBI offers an interest rate of 6.60 percent on FDs with maturity between five years and 10 years.
Bandhan Bank offers 3.50 percent interest rate on FDs maturing in seven days to 14 days. For term deposits maturing in 15 days to less than three months, the bank offers an interest rate of 4 percent. For 3 months to less than 6 months deposits, Bandhan Bank offers a 4.50 percent rate of interest. For deposits with a tenure of 6 months to 18 months, Bandhan Bank is offering an interest rate of 7.35 percent. For FDs maturing in more than one and half years to less than 2 years, Bandhan Bank offers 7.50 percent interest rate. Bandhan Bank FD rates are among the highest for long-term deposits, wherein the FD rate of interest is 7.65 percent p.a. Bandhan Bank fixed deposit rates for two to 10 years tenure is 7.65 percent.
HDFC Bank offers interest rates ranging from 3.50 percent to 7.30 percent on its fixed deposits across various tenures. HDFC Bank is offering an interest rate of 5.50 percent on fixed deposits of seven to 45 days. For FDs maturing in 46 days to 6 months, the bank offers an interest rate of 6 percent. On FDs of a one-year maturity period, HDFC Bank is offering interest at the rate of 7.10 percent to the general public. For deposits maturing in 1 year to 2 years, it is offering an interest rate of 7.20 percent. For FDs with two to three years maturity period, the bank offers an interest rate of 7.30 percent. FDs maturing in three to five years will fetch an interest rate of 7.25 percent. Long-term FDs maturing in 5 years to 10 years will fetch an interest rate of 7 percent.
Bank of Baroda(BoB) offers a 4.75 percent rate of interest on FDs with maturity period seven days to 90 days. On deposits maturing between 91 days to less than one year, the bank is offering 6.25 percent interest rate. For one year term deposits, Bank of Baroda offers 6.45 percent interest rate. For one year to two year deposits, BoB is offering an interest rate of 6.55 percent. For deposits maturing in two to five years and five to ten years, the bank is offering an interest rate of 6.45 percent. The bank revised interest rates on its term deposits with effect from 20 July 2019.
Bajaj Finance Limited, an NBFC, offers one of the highest interest rates of upto 8.60 percent for general customers. The minimum deposit tenure with Bajaj Finance is 12 months, whereas the maximum tenure is 60 months. For deposits maturing in 12 months to 23 months, Bajaj Finance offers 8 percent rate of interest. For term deposits of 24-35 months, it offers an interest rate of 8.15 percent. For FDs maturing in 36 months to 60 days, Bajaj Finance offers an interest rate of 8.60 percent. Senior citizens are eligible for special interest rates above 0.35 percent of the basic interest rate.