Fixed Deposit or FD is the safest and the most popular investment option where the interest rate is guaranteed and does not change for the nominated term. So by investing in a fixed deposit, you know exactly how much returns you would get on your investment. Also, the rate of interest offered on these investment schemes is far higher than those offered on savings accounts by these banks.
If you are planning to open a Fixed Deposit account, here is a list of annual interest rates of fixed deposits by Indian private sector banks on selected parameters:-
Bank
|
Interest Per Annum
|
Tenure
|
Investment (in Rs)
|
Ratnakar Bank Ltd. (RBL Bank)
|
7.30%
|
24 months to up to 36 months
|
Less than 1 Crore
|
Yes Bank
|
7.15%
|
18 months 8 days to 18 months 18 days
|
Less than 1 Crore
|
IndusInd Bank
|
6.85%
|
1 year to below 1 year 2 months
|
Less than 1 Crore
|
DCB Bank
|
7.10%
|
36 months to 60 months
|
Less than 1 Crore
|
Axis Bank
|
6.75%
|
12 months to less than 18 months
|
Less than 1 Crore
|
Laxmi Vilas Bank
|
7.00%
|
1 year to 10 years
|
Less than 1 Crore
|
HDFC Bank
|
6.75%
|
1 year 1 day to 1 year 3 days
|
Less than 5 Crore
|
Karur Vysya Bank
|
7.00%
|
2 years and above
|
Less than 1 Crore
|
Kotak Bank
|
6.60%
|
364 days to 12 months 25 days
|
Less than 1 Crore
|
ICICI Bank
|
6.75%
|
1 year to 2 years
|
Less than 1 Crore
|
Apart from Indian private sector banks, there are quite a few public sector banks, foreign banks and cooperative banks which also provide fixed deposits at competitive interest rates. Listed below are the fixed deposit rates by these banks for the general investors:-
Bank
|
Interest Rate
|
Time Period
|
Investment
|
Union Bank of India
|
6.75%
|
10 months to 14 months
|
Less than 1 Crore
|
Punjab National Bank
|
6.60%
|
1 Year
|
Less than 1 Crore
|
Oriental Bank of Commerce
|
6.60%
|
1 year to less than 2 years
|
Less than 1 Crore
|
Dena Bank
|
6.50%
|
1 year
|
Less than 1 Crore
|
Canara Bank
|
6.50%
|
1 year
|
Less than 1 Crore
|
UCO Bank
|
6.50%
|
1 year to up to 2 Years
|
Less than 1 Crore
|
Allahabad Bank
|
6.60%
|
1 year to less than 2 years
|
Less than 1 Crore
|
Central Bank of India
|
6.60%
|
1 year to less than 2 years
|
Less than 1 Crore
|
Syndicate Bank
|
6.50%
|
1 year
|
Less than 1 Crore
|
State Bank of India (SBI)
|
6.75%
|
1 year
|
Less than 1 Crore
|
International Banks operating in India also offer fixed deposit schemes. But the rates of interest they offer are relatively lower than public and private sector banks of India. However, some foreign banks offer competitive rates of interest on fixed deposits. Among foreign banks, the fixed deposit interest rate for the general category is mentioned below:
Name of the Bank
|
Interest rate per annum
|
Time Period
|
Investment
|
Deutsche Bank
|
7.50%
|
5 years
|
Less than 1 Crore
|
Standard Chartered
|
6.75%
|
1 year to 375 days
|
Less than 1 Crore
|
HSBC
|
6.25%
|
400 days
|
10,000 to 99,99,999
|
Citibank
|
5.25%
|
1096 days and above
|
Less than 1 Crore
|
Royal Bank of Scotland
|
4.00%
|
1 year to less than 2 years
|
Less than 1 Crore
|
Note that some banks in India offer higher fixed deposits interest rates for senior citizens and women. To know more about the Fixed Deposit interest rates of different banks in India, you can visit online websites.https://www.paisabazaar.com/fixed-deposit/
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