Fixed deposits are a safe investment option that guarantees constant interest rates. Under this, senior citizens get the benefit of special interest rate. Explain that many banks, including State Bank, ICII Bank, Axis Bank, HDFC, are offering 7 to 7.5% interest on fixed deposits for deposits ranging from seven days to 10 years. The latest interest rates of top banks for tenure ranging from 7 days to 10 years are given below.
Fixed deposit interest rates of top 10 banks (on deposits below Rs 2 crore)
| Name of bank | Ordinary citizen (interest rate yearly) | Senior Citizen (interest rate yearly) |
| SB I | 2.90% to 5.40% | 3.40% to 6.20% |
| ICICI | 2.50% to 5.50% | 3.00% to 6.30% |
| HDFC bank | 2.50% to 5.50% | 3.00% to 6.25% |
| PNB | 3.00% to 5.30% | 3.75% to 5.80% |
| Canara Bank | 2.95% to 5.50% | 2.95% to 6.00% |
| Axis Bank | 2.50% to 5.50% | 2.50% to 6.00% |
| Bank of baroda | 2.90% to 5.30% | 3.40% to 6.30% |
| IDFC Bank | 2.75% to 5.75% | 3.25% to 6.25% |
| Bank of india | 3.25% to 5.30% | 3.75% to 5.80% |
| Corporation Bank | 3.00% to 5.40% | 3.50% to 5.90% |
Talking about other banks, IndusInd Bank is paying the highest interest on FD. IndusInd Bank is giving 7.00% per annum interest on fixed deposits for a period ranging from 7 days to 10 years for the general public. The bank is giving 7.50% to senior citizens.
This government bank gave a gift to customers! Now FD will get more profit
Rate of other banks
| Name of bank | Ordinary citizen (interest rate yearly) | Senior Citizen (interest rate yearly) |
| Yes Bank | 4.00% to 6.50% | 4.50% to 7.00% |
| IndusInd Bank | 3.25% to 7.00% | 3.75% to 7.50% |
| Uco bank | 2.75% to 5.00% | 3.00% to 5.40% |
| United Bank of India | 4.00% to 6.50% | 4.50% to 7.00% |
| Union Bank of India | 3.00% to 5.60% | 3.50% to 6.10% |
| Allahabad Bank (now Indian Bank) | 2.90% to 5.15% | 3.40% to 5.65% |
| Central bank | 2.75% to 5.00% | 3.25% to 5.50% |
| Indian Bank | 2.90% to 5.15% | 3.40% to 5.65% |
| Indian Overseas Bank | 3.40% to 5.20% | 3.90% to 5.70% |
| Bandhan Bank | 3.00% to 6.00% | 3.50% to 6.75% |
| DBS Bank | 2.75% to 5.50% | 3.25% to 6.00% |
| Andhra Bank | 3.00% to 5.40% | 3.50% to 5.90% |
| HSBC | 2.25% to 4.00% | 2.75% to 4.50% |
Keep in mind these four things in FD
- Period of FD : Before investing in FD, it is very important to decide its duration. This is because if investors withdraw the amount before maturity, they have to pay the fine.
- Interest Rate: While investing money in FD, it is very important to see the interest rate available on it. Banks offer different interest rates according to their own. Therefore, there is a difference in the interest rate on fixed deposits in different banks. These should be compared before investing in FD.
- Tax exemption: Interest income on FD is taxed. If the interest earned on FD is above Rs 10,000 in a financial year, then TDS is deducted on that interest. At the same time, on five-year FD you get a rebate of 1.5 lakh under Section 80C.
- Withdrawal of interest: In FD banks offer option to withdraw interest on quarterly and yearly basis. Now some banks are also offering monthly withdrawals.
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