Highest FD interest rate: Several banks including Bank of Baroda, Kotak Mahindra Bank and Punjab National Bank have revised their fixed deposit rates. See new interest rate here
Bank FD interest rate: Many banks including Bank of Baroda, Kotak Mahindra Bank and Punjab National Bank have revised their fixed deposit rates even after the Reserve Bank of India kept the repo rates unchanged. While, some banks have followed the RBI policy and kept the rates unchanged and are waiting for more cues from the RBI.
Now, let us see which bank is offering the highest interest rate and on which tenure. Here is a quick comparison of banks that have hiked or lowered fixed deposit interest rates vs banks that have not revised the FD rates this month.
Punjab National Bank FD rates
PNB has revised fixed deposit interest rates on amounts below Rs 2 crore for regular citizens, senior and super senior citizens. PNB has increased interest rates of select fixed deposits (FDs) on certain tenures and has reduced rates on certain tenures. For deposits maturing in 444 days, the bank has hiked the interest rate by 45 bps to 7.25% from 6.80% for regular citizens. FDs maturing in 666 days, is reduced to 7.05% from 7.25%. The bank is offering highest interest rate of 7.25% on tenure of 444 days. The new rates are effective from May 18, 2023, according to the PNB website.
| Sl. No | Period | Revised Rates For Public W.E.F. 18.05.2023 | *Revised Rates For Senior Citizens W.E.F. 18.05.2023 | #Revised Rates For Super Senior Citizens W.E.F. 18.05.2023 |
| 1 | 7 to 14 days | 3.5 | 4 | 4.3 |
| 2 | 15 to 29days | 3.5 | 4 | 4.3 |
| 3 | 30 to 45 days | 3.5 | 4 | 4.3 |
| 4 | 46 to 90 days | 4.5 | 5 | 5.3 |
| 5 | 91 to 179 days | 4.5 | 5 | 5.3 |
| 6 | 180 days to 270 Days | 5.5 | 6 | 6.3 |
| 7 | 271 days to less than 1 year | 5.8 | 6.3 | 6.6 |
| 8 | 1 year | 6.8 | 7.3 | 7.6 |
| 9 | above 1 year to 443 days | 6.8 | 7.3 | 7.6 |
| 10 | 444 days | 7.25 | 7.75 | 8.05 |
| 11 | 445 days to 665 days | 6.8 | 7.3 | 7.6 |
| 12 | 666 days | 7.05 | 7.55 | 7.85 |
| 13 | 667 days to 2 years | 6.8 | 7.3 | 7.6 |
| 14 | above 2 year & upto 3 years | 7 | 7.5 | 7.8 |
| 15 | above 3 year & upto 5 years | 6.5 | 7 | 7.3 |
| 16 | above 5 years & upto 10 years | 6.5 | 7.3 | 7.3 |
Bank of Baroda FD rates
Bank of Baroda has increased the interest rates on its fixed deposits (FDs) of up to Rs 2 crore. Following the change, the FD interest rate highest offered is 7.25 per cent for the general public. Senior citizens can earn up to 7.75 per cent on fixed deposits in the Bank of Baroda. The revised interest rates on fixed deposits are effective from May 12. On the special deposit dubbed as Baroda Tiranga Plus Deposit Scheme for a tenure of 399 days, Bank of Baroda offers the highest interest rate of 7.25 per cent.
| Tenors | Residents / General Public | Resident Indian Sr. Citizen |
| 7 days to 14 days | 3 | 3.50* |
| 15 days to 45 days | 3 | 3.50* |
| 46 days to 90 days | 4.5 | 5.00* |
| 91 days to 180 days | 4.5 | 5.00* |
| 181 days to 210 days | 5.25 | 5.75* |
| 211 days to 270 days | 5.75 | 6.25* |
| 271 days & above and less than 1 year | 5.75 | 6.25* |
| 1 year | 6.75 | 7.25* |
| Above 1 year to 400 days | 6.75 | 7.25* |
| Above 400 days and upto 2 Years | 6.75 | 7.25* |
| Above 2 Years and upto 3 Years | 7.05 | 7.55* |
| Above 3 Years and upto 5 Years | 6.5 | 7.15 # |
| Above 5 Years and upto 10 Years | 6.5 | 7.50*** |
| Above 10 years (MACT/MACAD | 6.25 | 6.75* |
| Court Order schemes only) | ||
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.25 | 7.75* |
Kotak Mahindra Bank FD rates
Kotak Mahindra Bank has increased its fixed deposit interest rate by 50 basis points (bps) on one tenure.
Kotak Mahindra Bank offers an interest rate between 2.75% to 7.20% to general citizens and 3.25% to 7.70% for senior citizens. The highest interest rate of 7.20% is offered on tenure of 390 days to less than 2 years for general citizens. The revised interest rate will be applicable for deposits below Rs 2 crore from May 11, 2023.
| Maturity Periods | Regular | Senior Citizen* |
| 7 – 14 Days | 2.75% | 3.25% |
| 15 – 30 Days | 3.00% | 3.50% |
| 31 – 45 Days | 3.25% | 3.75% |
| 46 – 90 Days | 3.50% | 4.00% |
| 91 – 120 Days | 4.00% | 4.50% |
| 121 – 179 days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 25 days) | 7.20% | 7.70% |
| 391 Days – Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.20% | 7.70% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Axis Bank FD rates
Axis Bank has decreased its fixed deposit interest rate for a single term by 20 basis points, an unexpected move at a time when other banks are raising or even maintaining their fixed deposit interest rates. The latest FD interest rates are effective from May 18, 2023.
After the revision, Axis Bank offers interest rates between 3.5% to 7.10% on tenures ranging from 7 days to 10 years.
Below are the banks such as SBI, HDFC Bank and ICICI Bank that have not revised fixed deposit rates since February, 2023.
SBI FD rates
State Bank of India offers interest rate between 3% to 7.10% (including Amrit Kalash deposits) for general citizens for tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.10% is offered on tenure of 400days on Amrit Kalash deposits which is valid till June 30, 2023. The rates are effective from February 15, 2023.
| Genera | Senior | |
| Tenors | Rates w.e.f. 15/02/2023 | Rates w.e.f. 15/02/2023 |
| 7 days to 45 days | 3 | 3.5 |
| 46 days to 179 days | 4.5 | 5 |
| 180 days to 210 days | 5.25 | 5.75 |
| 211 days to less than 1 year | 5.75 | 6.25 |
| 1 Year to less than 2 years | 6.8 | 7.3 |
| 2 years to less than 3 years | 7 | 7.5 |
| 3 years to less than 5 years | 6.5 | 7 |
| 5 years and up to 10 years | 6.5 | 7.50@ |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.1 | 7.6 |
HDFC Bank FD rates
HDFC Bank offers interest rates between 3% to 7.10% for general citizens for tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.10% is offered on tenure of 15 months to less than 18 months. The rates are effective from February 21, 2023.
| Tenor Bucket | < 2 Crore | |
| Interest Rate (per annum) | Senior Citizen Rates (per annum) | |
| 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 mnths 1 days <= 9 mnths | 5.75% | 6.25% |
| 9 mnths 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 – 3 years | 7.00% | 7.50% |
| 3 year 1 day to – 5 years | 7.00% | 7.50% |
| 5 year 1 day – 10 years | 7.00% | 7.75%* |
ICICI Bank FD rates
ICICI Bank offers interest rates between 3% to 7.10% for general citizens for tenures ranging from 7 days to 10 years for amounts below Rs 2 crore. The highest interest rate of 7.10% is offered on tenure of 15 months to less than 18 months. The rates are effective from February 24, 2023.
| Tenure | General | **Senior Citizen |
| 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% | 7.60% |
| 18 months to 2 years | 7.10% | 7.60% |
| 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% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% | 7.50% |
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