A fixed deposit (FD), also known as a term deposit or time deposit, is a safe investment option offered by banks and other financial institutions.
It allows you to deposit a lump sum of money at a fixed interest rate for a predetermined amount of time and earn assured returns. You are not permitted to withdraw money during this period without paying a penalty.
The FD interest rates for the general public range from 2.75% p.a. to 8.75% p.a. for tenures from 7 days up to 10 years. Senior citizens are offered interest rates higher by 0.25% p.a. to 0.75% p.a. of the rates offered to the general public.
The latest interest rates offered by top banks for terms ranging from seven days to 10 years as of August 2024 are listed in the table below:
| Bank |
General Public Interest Rates p.a. |
Senior Citizen Interest Rates p.a. |
| Axis Bank |
3.00% p.a. - 7.40% p.a. |
3.50% p.a. - 7.90% p.a. |
| Bandhan Bank |
3.00% p.a. - 8.05% p.a. |
3.75% p.a. - 8.55% p.a. |
| Bank of Baroda |
4.25% p.a. - 7.30% p.a. |
4.75% p.a. - 7.80% p.a. |
| HDFC Bank |
3.50% p.a. - 7.00% p.a. |
4.00% p.a. - 7.50% p.a. |
| ICICI Bank |
3.00% p.a. - 7.40% p.a. |
3.50% p.a. - 7.90% p.a. |
| IDBI Bank |
3.00% p.a. - 7.25% p.a. |
3.50% p.a. - 7.80% p.a. |
| IDFC FIRST Bank |
3.00% p.a. - 7.00% p.a. |
3.50% p.a. - 7.50% p.a. |
| Kotak Mahindra Bank |
3.00% p.a. - 7.75% p.a. |
3.50% p.a. - 8.25% p.a. |
Note: The interest rates mentioned in the table above may change at the discretion of the bank.
FD Interest Rates of Top Banks in India 2024
The latest interest rates offered by top banks for terms ranging from seven days to 10 years as of August 2024 are listed in the table below:
Note: The interest rates mentioned in the table above may change at the discretion of the bank.
FD Interest Rates - 1 Year and 3 Years
Note: The interest rates mentioned in the table above may change at the discretion of the bank.
FD Interest Rates – 5 Years and Up to 10 Years
FD Rates for Senior Citizens
Generally, interest rates offered by banks to senior citizens are marginally higher than those provided to the general public. However, proof of age is required to open a senior citizen account and receive benefits.
A senior citizen must be 60 years of age or older when they open an account. In most banks, senior citizens’ fd tenure varies from seven days to 10 years. A senior citizen can obtain loans against their senior citizen fd account at an interest rate between 0.25% and 0.75% higher than the standard interest rate. Premature withdrawals in the case of a senior citizen’s fd account also attract a penalty.
Interest rates for fixed deposit schemes increased to 9.50%
The fixed deposit interest rates have been revised by many Indian banks and has been increased to 9.50%. YES Bank has revised the FD rates and ranges between 3.25 to 8.00% and 3.75% to 8.50% for regular and senior citizens respectively. The interest rates have been revised by Unity Small Finance Bank (SFB) ranging from 4.50% to 9% for general citizens for deposit tenure ranging from seven days to 10 years. For FD tenures ranging from seven days to 10 years fixed deposit interest rate between 3.50% and 7.99% for general citizens after IndusInd Bank revises the FD rates. As per the revised rates of DCB Bank, the FD interest rates for general citizens and senior citizens stand at 8.00% and 8.55% in tenure from 19 months to 20 months.
citizens stand at 8.00% and 8.55% in tenure from 19 months to 20 months.
As per the new rates, the IDFC FIRST Bank offers interest rates ranging between 3.00% to 7.90% and 3.50% to 8.40% for general and senior citizens, respectively for tenures ranging between seven days to 10 years. State Bank of India has also raised the FD rates for retail and bulk deposits which are effective from 15 May 2024. Utkarsh Small Finance Bank revised its fixed deposit interest rates from 4.00% to 8.50% and 4.60% and 9.10% for general citizen and senior citizens, respectively.
On FDs maturing between 18 and 24 months, RBL Bank is offering interest rates at8.00%, 8.50%, and 8.75% for general, senior and super senior citizens, respectively. Capital Small Finance Bank has revised fixed deposit interest rates and the new rates range between 3.50% to 7.55% and 4.00% to 8.05% for general and senior citizens, respectively. City Union Bank has also revised fixed deposit interest rates and for general and senior citizens the new rate ranges between 5.00% to 7.25% and 5.00% to 7.75%, respectively.
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