Many banks and financial institutions are presently offering interest rates that exceed those of the past few years. Since May of the previous year, the Reserve Bank of India (RBI) has incrementally raised the benchmark interest rate by a total of 250 basis points through a sequence of monetary policy reviews.
These rate hikes have not only resulted in more expensive loans but have also led to higher interest rates on fixed deposits (FDs) or term deposits. Consequently, financial advisors have been encouraging investors to secure FD rates at the current interest levels, which typically fall within the 7-8 percent per annum range.
Here are the best banks which offers the best FD interest rates:
The State Bank of India (SBI):
The State Bank of India (SBI) offers a 6.98 percent interest rate to regular citizens for a one-year to less than 1 year fixed deposit (FD).
The “400 days” tenor scheme, known as “Amrit Kalash,” offers a 7.10% interest rate starting from April 12, 2023. Senior citizens are eligible for a higher interest rate of 7.60%. This scheme remains valid until December 31, 2023.
| Tenors | General Public | Senior Citizens |
| 7 Days to 45 Days | 3.00 | 3.50 |
| 46 days to 179 days | 4.50 | 5.00 |
| 180 days to 210 days | 5.35 | 5.88 |
| 211 days to less than 1 year | 5.88 | 6.40 |
| 1 Year to less than 2 years | 6.98 | 7.50 |
| 2 years to less than 3 years | 7.19 | 7.71 |
| 3 years to less than 5 years | 6.66 | 7.19 |
| 5 years and up to 10 years | 6.66 | 7.71 |
HDFC Bank:
HDFC Bank provides an annual interest rate of 6.6 percent for fixed deposits with a one-year tenure. The most competitive interest rate of 7.2 percent is available for deposits held for a duration ranging from 4 years and 7 months to 55 months. Senior citizens are eligible for an additional interest rate boost of 50 basis points. The table below offers a comprehensive overview of the interest rates offered to both senior and non-senior citizens for deposits below ₹2 crores.
| Tenors | General Public | Senior Citizens |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 months 1 days < = 9 months | 5.75% | 6.25% |
| 9 months 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to < 21 months | 7.00% | 7.50% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% | 7.50% |
| 2 Years 11 Months – 35 Months | 7.15% | 7.65% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
| 4 Year 7 Months – 55 months | 7.20% | 7.70% |
| 4 Year 7 Months 1 day < = 5 Years | 7.00% | 7.50% |
| 5 Years 1 day – 10 Years | 7.00% | 7.75% |
3. ICICI Bank:
ICICI Bank extends attractive interest rates, reaching up to 7.65% p.a. for senior citizens (aged 60 years and above) and offering up to 7.1% p.a. for citizens below 60 years of age. In times of prevailing uncertainty and market volatility, ICICI Bank’s Fixed Deposits stand out as a dependable option, assuring guaranteed returns. These FDs from ICICI Bank are recognized as one of the safest choices, holding a top “AAA” rating, surpassing any competition effortlessly. Here you can check
| Tenors | General Public | Senior Citizens |
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.75% | 6.25% |
| 211 days to 270 days | 5.75% | 6.25% |
| 271 days to 289 days | 6.00% | 6.50% |
| 290 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 389 days | 6.70% | 7.20% |
| 390 days to < 15 months | 6.70% | 7.20% |
| 15 months to < 18 months | 7.10% | 7.65% |
| 18 months to 2 years | 7.10% | 7.65% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | 7.50% |
4. IDFC First Bank:
IDFC FIRST Bank provides highly competitive Fixed Deposit rates for both general and senior citizens. Senior citizens receive an additional advantage with an extra 0.50% interest rate.
The table below offers a comprehensive overview of the interest rates offered to both senior and non-senior citizens for deposits below ₹2 crores. This information can assist you in making informed decisions regarding the tenure of your Fixed Deposits at IDFC FIRST Bank
| Tenure | General Citizens | Senior Citizens |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.00% | 3.50% |
| 46 – 90 days | 4.50% | 5.00% |
| 91 – 180 days | 4.50% | 5.00% |
| 181 days – less than 1 year | 5.75% | 6.25% |
| 1 year | 6.50% | 7.00% |
| 1 year 1 day – 548 days | 7.50% | 8.00% |
| 549 days- 2 years | 7.75% | 8.25% |
| 2 years 1 day – 3 years | 7.25% | 7.75% |
| 3 years 1 day – 5 years | 7.00% | 7.50% |
| 5 years- 1 day – 10 years | 7.00% | 7.50% |
5. Punjab & Sind Bank:
From October 01, 2023 onwards, Punjab & Sind Bank is offering one of the highest interest rates on Fixed deposits (FD) of 7.40% for 444 days, making their rates quite attractive compared to their competition. For deposits between 1-2 years, P&S Bank is providing rates between 6.25-7.25%. Senior citizens get an additional 0.50% interest rate benefit across all tenors.
Some other competitive rates offered by P&S Bank include 7.25% for 370 days, 7.15% for 370 days, and 7.10% for 18-24 months. These long-term deposits are good options for investors seeking higher returns.
| Revised w.e.f. 01/10/2023 (% p.a.) | |
| Maturity Duration | FD Interest Rate (Below Rs. 2 Cr) |
| 7 – 14 Days | 2.80 |
| 15 – 30 Days | 2.80 |
| 31 – 45 Days | 3.00 |
| 46 – 90 Days | 4.60 |
| 91 – 120 Days | 4.75 |
| 121-150 Days | 4.75 |
| 151 – 179 Days | 4.75 |
| 180 – 269 Days | 5.50 |
| 270 – 332 Days | 5.50 |
| 333 Days | 6.50 |
| 334 Days – <1 Year | 5.50 |
| 1 Year | 6.40 |
| >1 Year – 443 Days | 6.20 |
| 444 Days | 7.40 |
| 445 Days – 554 Days | 6.20 |
| 555 Days | 7.35 |
| 556 Days – 2 Years | 6.20 |
| Above2Years-<3Years | 6.50 |
| 3Years – 5Years | 6.00 |
| >5 Years – 10 Years* | 6.25 |