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Top Fixed Deposit Interest Rates April 2021

The post lists down the rate of Fixed Deposit Interest Rates as of April 17, 2021. You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making.




Fixed Deposit

  • Most banks offer FDs for tenure of 7 Days to 10 Years.
  • The Ratnakar Bank & IDBI Bank do offer fixed deposits up to 20 years too.
  • For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free.
  • Most banks compound interest quarterly
  • Most New Small Finance Banks offer higher interest rate across tenures.
  • Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
  • TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest income is more than Rs 40,000 in financial year per bank (changed from Rs 10,000 limit in Budget 2019)
  • In case of Senior citizens TDS would be deducted at the rate of 10%, if the interest income exceeds Rs 50,000
  • In case the PAN number is not updated with the bank, the TDS rate is 20%
  • There might be penalty for pre-mature withdrawal of Fixed Deposits

Top Fixed Deposit Interest Rates

The highest interest rate on fixed deposit is offered by Jana Small Finance Bank (1188 Days – 1191 Days) at 7.51%. In traditional banks DCB Bank and Yes Bank are offering 6.75% for 36 months to 120 months tenure.

Also Read: HDFC Bank Q4 results: Net profit rises 18% to ₹8,186 cr

For comparing the best interest rates on fixed deposits over different duration of investment, we have it divided into following 5 slabs:

  • FD for Less than 1 Year
  • FD for 1 to 2 years
  • FD for 2 to 5 Years
  • FD for 5 to 10 years
  • FD for More than 10 years

We show the highest interest rates on fixed deposits for the above duration buckets. We have also compared the best interest rates on offer by that being offered by State Bank of India (SBI), ICICI Bank and Post Offices.

Best Fixed Deposit Interest Rates for Less than 1 Year

  • The highest interest rate is offered by ESAF Small Finance Bank (183 days to 727 days) at 6.50%
  • In traditional banks DCB Bank offers 5.95% for 6 months to less than 12 months tenure
Bank Type of Bank TenureInterest Rate
ESAF Small Finance BankSmall Bank183 days to 727 days6.50%
Suryoday Small Finance BankSmall BankAbove 9 months to less than 1 Year6.25%
ESAF Small Finance BankSmall Bank91 days to 181 days6.00%
Jana Small Finance BankSmall Bank181-364 days6.00%
Suryoday Small Finance BankSmall BankAbove 6 months to 9 months6.00%
Utkarsh Small Finance BankSmall Bank181 Days to 364 Days6.00%
DCB BankPrivate6 months to less than 12 months5.95%
Indus Ind BankPrivate270 days or below 1 year5.75%
Yes BankPrivate9 months to < 1 Year5.75%
DCB BankPrivate91 days to less than 6 months5.50%
Indus Ind BankPrivate211 days to 269 days5.50%
Ratnakar BankPrivate241 days to 364 days5.50%
Yes BankPrivate6 months to < 9 months5.50%
Equitas Small Finance BankSmall Bank181 – 364 days5.40%
AU Small Finance BankSmall Bank6 Months 1 Day to 12 Months5.25%
Capital Small Finance BankSmall Bank180 Days to less than 1 Year5.25%
Bandhan BankPrivate6 months to less than 1 year5.25%
IDFC First BankPrivate181 days – less than 1 year5.25%
Indus Ind BankPrivate181 days to 210 days5.25%
Tamilnad Mercantile BankPrivate180 dys to less than 1 Year5.25%
Ratnakar BankPrivate181 days to 240 days5.25%
Ujjivan Small Finance BankSmall Bank180 Days to 364 Days5.20%
Karnataka BankPrivate91 days to 364 days5.20%
Axis BankPrivate11 months 25 days < 1 year 5 days5.15%
Nainital BankPrivate270 days and above but less than 1 year5.15%
Nainital BankPrivate180 days and above but less than 270 days5.05%
North East Small Finance BankSmall Bank181-365 Days5.00%
City Union BankPrivate271 days to 364 days5.00%
Ratnakar BankPrivate91 days to 180 days5.00%
Yes BankPrivate3 months to < 6 months5.00%
Capital Small Finance BankSmall Bank90 Days to 179 Days4.75%
State Bank of IndiaGovernmentGovernment Bank Benchmark2.90% – 4.40%
ICICI BankPrivatePrivate Bank Benchmark2.50% – 4.40%

Summary of Fixed Deposit Interest Rates across Banks

Earlier we used to provide only the top Fixed Deposit Rates but with several request from readers we have added a summary of FD rates for all banks.

BankType of Bank1 Year2 Year3 Year4 Year5 Year5+ Year
AU Small Finance BankSmall Bank6.35%6.25%6.50%6.25%6.25%6.50%
Axis BankPrivate5.15%5.255.40%5.40%5.75%5.75%
Bandhan BankPrivate5.75%5.75%5.50%5.50%5.50%5.50%
Bank of BarodaGovernment4.90%5.00%5.10%5.25%5.25%5.25%
Bank of IndiaGovernment5.25%5.30%5.30%5.30%5.30%5.30%
Bank of MaharashtraGovernment4.90%4.90%4.90%4.90%4.90%4.90%
Canara BankGovernment5.20%5.40%5.50%5.50%5.50%5.50%
Capital Small Finance BankSmall Bank6.00%6.00%6.00%6.00%6.00%6.00%
Catholic Syrian BankPrivate5.00%5.00%5.00%5.25%5.25%5.75%
Central Bank of IndiaGovernment4.90%5.00%5.00%5.00%5.10%5.10%
CitibankForeign2.75%3.00%3.50%3.50%3.50%x
City Union BankPrivate5.00%5.00%5.00%5.00%5.00%5.25%
DCB BankPrivate6.05%6.50%6.75%6.75%6.75%6.75%
Deutsche BankForeign4.00%4.25%4.50%5.00%6.25%x
Dhanalakshmi BankPrivate5.25%5.40%5.40%5.50%5.50%5.60%
Digibank by DBSForeign4.25%4.50%5.50%5.50%5.50%5.50%
Equitas Small Finance BankSmall Bank6.50%6.65%6.65%
6.40%
6.40%
6.65%
ESAF Small Finance BankSmall Bank6.50%6.50%6.25%
6.00%
6.00%
5.50%
Federal BankPrivate5.10%5.50%5.35%
5.35%
5.50%
5.50%
HDFC BankPrivate4.90%4.90%5.15%
5.30%
5.30%
5.50%
ICICI BankPrivate4.90%5.00%5.15%
5.35%
5.35%
5.50%
IDBI BankPrivate5.10%5.10%5.10%
5.10%
5.10%
5.10%
IDFC First BankPrivate5.75%6.00%5.75%
5.75%
5.75%
5.75%
Indian BankGovernment5.00%5.10%5.25%
5.25%
5.25%
5.15%
Indian Overseas BankGovernment5.20%5.25%5.25%
5.25%
5.25%
5.25%
Indus Ind BankPrivate6.50%6.50%6.50%
6.50%
6.50%
6.50%
J&K BankGovernment5.10%5.20%5.30%
5.30%
5.30%
5.30%
Karnataka BankPrivate5.30%5.55%5.55%
5.55%
5.55%
5.70%
Karur Vysya BankPrivate5.50%5.50%5.65%
5.65%
5.75%
5.75%
Kotak Mahindra BankPrivate4.50%5.00%5.10%
5.25%
5.30%
5.30%
Nainital BankPrivate5.25%5.35%5.35%
5.35%
5.35%
5.35%
North East Small Finance BankSmall Bank6.75%6.75%6.75%
6.50%
6.50%
6.25%
Post Office Time DepositPost Office5.50%5.50%5.50%
x6.70%
x
Punjab and Sind BankGovernment5.25%5.25%5.25%
5.25%
5.25%
5.25%
Punjab National BankGovernment5.20%5.20%5.20%
5.30%
5.30%
5.30%
Ratnakar BankPrivate6.25%6.25%6.40%
6.40%
6.60%
6.60%
South Indian BankPrivate5.40%5.40%5.50%
5.50%
5.65%
5.50%
Standard Charted BankForeign5.30%5.40%5.35%
5.35%
5.35%
x
State Bank of IndiaGovernment4.40%5.10%5.30%
5.30%
5.30%
5.40%
Suryoday Small Finance BankSmall Bank6.75%7.00%7.10%
7.10%
7.25%
6.50%
Tamilnad Mercantile BankPrivate5.75%5.75%5.65%
5.50%
5.50%
5.50%
UCO BankGovernment4.90%5.00%5.00%
5.00%
5.00%
5.00%
Ujjivan Small Finance BankSmall Bank6.50%6.75%6.75%
6.75%
6.75%
5.80%
Union Bank of IndiaGovernment5.30%5.30%5.50%
5.55%
5.55%
5.60%
Utkarsh Small Finance BankSmall Bank6.75%6.75%6.75%
6.75%
6.75%
6.75%
Yes BankPrivate6.25%6.50%6.75%
6.75%
6.75%
6.75%

Fixed Deposit Interest Rates FAQs

Which is the best fixed deposit scheme in India?

As of April 2021, The highest interest rate on fixed deposit is offered by Jana Small Finance Bank (1188 Days – 1191 Days) at 7.51%. In traditional banks DCB Bank and Yes Bank are offering 6.75% for 36 months to 120 months tenure.

What is best FD for less than year?

The highest interest rate is offered by ESAF Small Finance Bank (183 days to 727 days) at 6.50%. In traditional banks DCB Bank offers 5.95% for 6 months to less than 12 months tenure

What is the top Fixed Deposit Interest Rates for 1 year in banks?

The best FD interest rates for 1 year deposit is offered by Jana Small Finance Bank (366 – 1095 Days) and Utkarsh Small Finance Bank (700 Days) at 7.00%. In traditional banks DCB Bank offers 6.70% for 700 days tenure

What is the top Fixed Deposit Interest Rates for 2 years in banks?

The best FD interest rates for 2 years is offered by Jana Small Finance Bank and Suryoday Small Finance Bank at 7.00%. In traditional banks DCB Bank offers 6.50%.

What is the top Fixed Deposit Interest Rates for 3 years in banks?

Jana Small Finance Bank offers 7.5% for 366 – 1095 Days FD. DCB Bank & Yes Bank offers 6.75% for 3 year fixed deposit scheme.

What is the top Fixed Deposit Interest Rates for 5 years in banks?

Jana Small Finance Bank and Suryoday Small Finance Bank offers 7.25% for 5 year fixed deposit scheme. DCB Bank & Yes Bank offers 6.75% for 36 months to 20 months tenure.

What is the top Fixed Deposit Interest Rates for more than 5 years in banks?

Most banks offer FD up to 10 years tenure. DCB Bank, Yes bank and Utkarsh Small Finance Bank offers 6.75% for 10 year deposit.

What is the maximum tenure of bank fixed deposits?

Most bank offer FD up to 10 years. However Ratnakar bank and IDBI bank offer deposits up to 20 years.

Are Bank FDs safe?

Generally speaking bank FDs are safe as banks are rigorously monitored by RBI. The FD in Government owned banks like SBI, PNB are the safest. This is because government would intervene and pay the depositors. Next is big private banks like ICICI & HDFC followed by smaller private banks. After this we have small finance banks. Co-operative banks are worst of the lot and I would not trust them with my money. So until there are compelling circumstances keep away from co-operative banks. You can learn from recent example where Yes Bank was rescued by the government and no depositors suffered. However depositors of PMC Bank (a co-operative bank) are still suffering. You can learn more about this in our detailed article about How safe is your Bank Fixed Deposit?

 

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
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