Highest Fixed Deposit Rates in India with Top Banks

If you're looking to earn a higher return on your savings, consider fixed deposits from top banks in India. HDFC Bank offers a 7.5% interest rate on its 1-year fixed deposit, making it a popular choice for investors.

SBI, another leading bank, offers a 7.25% interest rate on its 1-year fixed deposit. This rate is higher than the average rate offered by other banks, making it an attractive option for those looking to grow their savings.

Kotak Mahindra Bank offers a 7.5% interest rate on its 2-year fixed deposit, which is higher than the 1-year rate offered by HDFC Bank. This suggests that longer-term deposits may earn higher returns.

Punjab National Bank offers a 7.1% interest rate on its 1-year fixed deposit, making it a lower option compared to HDFC Bank and SBI.

The highest fixed deposit rates in India can be found in small finance banks, with Unity Small Finance Bank offering a whopping 9% interest rate.

Some of the top small finance banks with the highest FD interest rates include Suryoday Small Finance Bank, Ujjivan Small Finance Bank, and Equitas Small Finance Bank, all offering 8.50% interest rate.

Here's a list of the top 5 small finance banks with the highest FD interest rates:

Non-banking financial companies (NBFCs) also offer competitive FD interest rates, with HDFC Ltd and Sundaram Finance Limited offering 8.50% and 8.55% interest rates respectively.

NorthEast Small Finance Bank offers the highest interest rate of 9.00% for a fixed deposit in India, as of September 11, 2024.

Unity Small Finance Bank also offers a high interest rate of 9.00% for its fixed deposit, with a tenure of 1001 days.

The interest rates offered by various banks in India can vary depending on the tenure and type of fixed deposit. For example, Axis Bank offers an interest rate of 7.25% for a 1-year tenure.

Some banks, like Jana Small Finance Bank, offer the same interest rate for different tenures, such as 8.25% for both 365 days to 1095 days and 3-year tenures.

Here is a list of some of the banks with the highest interest rates:

It's worth noting that interest rates can change over time, so it's always a good idea to check with the bank for the most up-to-date information.

One of the greatest advantages of fixed deposits is that you get to enjoy fixed returns, no matter what happens with interest rates or the economy.

With fixed deposits, you earn interest on your interest, which can help you accumulate a significant amount over time.

Senior citizens can particularly benefit from fixed deposits, earning more from their life's savings and moving closer to a comfortable retired life.

You can choose from a range of maturity terms to match your financial goals, making it easier to plan for the future.

One of the most convenient features of fixed deposits is auto-renewal, which lets you continue your investment without any additional formalities at maturity.

Here are the benefits of fixed deposits in brief:

You can earn up to 8.65% interest on your fixed deposit, as offered by Suryoday Small Finance Bank. This is a great option for those looking to maximize their returns.

Unity Small Finance Bank offers the highest FD interest rate of 9.00%. This is a significant return on investment, making it an attractive choice for those seeking high earnings.

To calculate the maturity amount and interest earned on your investment, you can use an online FD calculator. This tool will help you determine the total amount you'll receive on maturity, including interest earned.

Bajaj Finance Fixed Deposit is a good choice for investors seeking safe avenues to deposit their capital. It has been certified with highest stability ratings with CRISIL's AAA/Stable & ICRA's AAA/Stable ratings.

Here are the top 10 NBFCs currently offering the highest FD interest rates:

Remember to check the terms and conditions of each NBFC before investing, as they may have specific rules for withdrawals and interest payouts.

There are several types of fixed deposits to choose from, each with its own unique features.

Senior Citizen FDs offer higher interest rates, typically up to 50 basis points more than regular FDs, as a benefit to senior citizens.

These deposits are designed for individuals aged 60 and above, and are a great option for those who want to earn a higher return on their savings.

Recurring Deposit (RD) FDs allow you to deposit a fixed amount at regular intervals, typically monthly, for a fixed tenure.

There are several non-banking financial companies (NBFCs) that offer high interest rates on fixed deposits. Bajaj Finance Ltd offers an interest rate of 8.25%, while Muthoot Capital Services Limited offers 8.38% and Sundaram Finance Limited offers 8.55%.

Some NBFCs, like HDFC Ltd and Shriram Transport Finance, offer interest rates of 8.50%. LIC Housing Finance Ltd offers 7.75% and PNB Housing Finance Limited offers 7.85%. ICICI Home Finance offers 7.65%.

Here are the top 10 NBFCs with the highest FD interest rates:

These NBFCs have high credibility ratings, ensuring timely interest payouts and safe investments.

Tax Saving FDs are a type of deposit account that allows you to save money for a fixed tenure while also getting a tax deduction under Section 80C of the Income Tax Act of India.

The interest rates offered on tax-saving FDs are generally higher than those offered on regular FDs, making them an attractive option for those looking to save money.

Tax saving FDs have a lock-in period of 5 years, so be prepared to keep your money locked in the account for a minimum of 5 years.

Before choosing a tax-saving FD, consider the interest rate, as it's an important factor to consider.

The minimum and maximum deposit amounts can vary from bank to bank, so be sure to check with your bank before making a deposit.

Early withdrawal penalties are usually imposed for withdrawing your money before the maturity date, so be sure to plan ahead.

Here are some key factors to consider when choosing a tax-saving FD:

Unity Small Finance Bank offers a whopping 9.00% interest rate on its fixed deposits, making it a top choice for investors.

Suryoday Small Finance Bank and Ujjivan Small Finance Bank tie for second place with an interest rate of 8.65% and 8.50% respectively.

Janalakshmi Small Finance Bank and Equitas Small Finance Bank also offer an interest rate of 8.50%. SBM Bank offers a slightly lower interest rate of 8.25%.

If you're looking for options from larger banks, IDFC First Bank offers 7.90%, while Yes Bank offers 7.75%. IndusInd Bank offers 7.99%.

Here are the top 10 banks with the highest FD interest rates:

Small Finance Banks are offering attractive interest rates on Fixed Deposits (FDs). AU Small Finance Bank offers an interest rate of 8.00% per annum for a 1-year tenure.

If you're looking for a short-term investment option, AU Small Finance Bank's 1-year FD is a good choice. They also offer a 7.25% interest rate for a 5-year tenure.

Equitas Small Finance Bank offers the highest interest rate among small finance banks, at 8.50% per annum. However, the tenure for this rate is 444 days.

Jana Small Finance Bank offers an interest rate of 8.25% per annum for a 365-day to 1095-day tenure. NorthEast Small Finance Bank offers the highest interest rate among small finance banks for a 5-year tenure, at 9.00% per annum.

Here's a list of small finance banks and their interest rates for different tenures:

These interest rates are as of 11 September 2024, and you can check the latest rates with the respective banks.

If you're a senior citizen looking for a fixed deposit option with extra interest, you're in luck. Senior Citizens get an extra 0.55% interest for FDs (less than Rs. 3 crore) with a tenure of 15 months to 18 months.

This extra interest is a great way to boost your returns, especially if you're looking to grow your savings over time. The rules for this extra interest are clearly outlined by the Reserve Bank of India (RBI) guidelines.

One of the best things about fixed deposits is that you earn interest on the interest amount too, which helps you accumulate a big amount with ease. This means that your returns can add up quickly, making it a great option for long-term savings.

If you're considering a fixed deposit with Bajaj Finance, you can earn up to 8.65% returns. This is a competitive rate that's sure to give you a boost. To give you a better idea, here are some details about the interest rates and returns:

As you can see, the interest rates and returns are quite attractive. And with Bajaj Finance's high credibility ratings, you can rest assured that your investment is safe.

Bank of Baroda has introduced the Monsoon Dhamaka Deposit Scheme, offering interest rates of 7.25 per cent per annum for fixed deposits with a tenure of 399 days and 7.15 per cent per annum for fixed deposits with a tenure of 333 days.

This offer is a great opportunity for those looking to earn higher interest rates on their deposits.

ICICI Bank offers a range of fixed deposit options with varying interest rates.

The revised interest rates for ICICI Bank FDs apply to both new and renewed deposits, so it's essential to check the current rates before making a decision.

FD interest payouts from ICICI Bank are subject to Tax Deducted at Source (TDS) as per Income Tax Laws.

If you're planning to open an FD with ICICI Bank, be aware that the interest rates for NRE deposits only apply for tenures of 1 year or more.

Senior citizens can enjoy special interest rates on their Domestic Fixed Deposits with ICICI Bank.

ICICI Bank FDs have a minimum term of 1 year for NRE deposits, so plan accordingly.

To open an FD with ICICI Bank without premature withdrawal, simply contact your Relationship Manager or visit any Branch.

To open a Fixed Deposit (FD) account in India, you'll need to meet certain eligibility criteria. Indian Residents who are at least 18 years old can open an FD account.

You'll also need to provide identity and address proof, which can be done with documents like an Aadhaar card, PAN card, Voter ID, Passport, or Driving License for identity proof, and utility bills, bank statements, or rent agreements for address proof.

The minimum deposit amount required to open an FD account varies depending on the bank and the type of FD. Some banks may also allow Hindu Undivided Families (HUFs), Sole proprietorship firms, Partnership firms, Limited companies, and Trust accounts.

Some small finance banks and NBFCs offer the highest FD interest rates in India, which can go up to 8.5%. However, these rates may come with specific deposit amount requirements or shorter tenures.

Bajaj Finance offers FD interest rates up to 8.50%, while SBI Bank offers rates up to 7.60%. Some banks also offer special FD schemes with higher interest rates for specific durations or for certain customer segments like senior citizens.

Instant disbursal is available for FDs, allowing you to access your money quickly.

To maximize your returns on fixed deposits, it's essential to understand the factors that influence them. Longer tenures offer higher interest rates, so if liquidity isn't a concern, opt for longer-term FDs.

You can also compare FD rates across various banks, including small finance and cooperative banks, which often offer higher rates. For instance, senior citizen FD accounts usually offer 0.25% to 0.50% higher rates than regular accounts if you're eligible.

The interest rates and minimum deposit amounts can change without notice, so it's crucial to stay informed and adjust your strategy accordingly.

Here's a quick rundown of the penalties for premature withdrawal:

If you withdraw your fixed deposit before the predetermined tenure, you'll face a penalty. For Domestic, NRO, and NRE deposits, interest will be paid for the period the deposit remained with the bank at the contracted rate, but with a penalty deduction.

The penalty for premature withdrawal varies based on the actual tenure of the deposit and the amount. For deposits less than Rs. 5 crore, the penalty is 0.50% if the deposit is less than 1 year, 1.00% if it's between 1 and 5 years, and 1.00% if it's 5 years or more.

Here's a breakdown of the penalties:

Keep in mind that some fixed deposits cannot be closed before their predetermined tenure, except in special cases like regulatory directions or deceased claim settlements. If early closure is allowed in these cases, no interest will be paid on the deposit.

Maximizing Returns is key to getting the most out of your Fixed Deposits (FDs). To do this, it's essential to compare rates across various banks, including small finance and cooperative banks that often offer higher rates.

One way to ensure you're getting the best rate is to invest in a longer-term FD. The interest rates on these tend to be higher, so if you're not in a hurry to access your money, this could be a good option.

Investing at the right time is also crucial. Try to invest when interest rates are high to lock in better returns for the FD's duration.

If you're a senior citizen, you may be eligible for a senior citizen FD account. These usually offer higher interest rates than regular accounts, ranging from 0.25% to 0.50%.

Lastly, consider choosing a non-cumulative FD with periodic payouts and reinvest these for compound growth. This can help your money grow over time.

Here's a quick rundown of the tips we've discussed: