Are you busy speculating about the high-paying Fixed Deposits Interest Rate scheme? Not sure which one is the best for you? If yes, then don’t get confused, as we are here to let you know about the best Fixed Deposit Schemes to help you get the highest Fixed Deposit Interest Rates. So what are we waiting for? Let’s get started without much ado!
Fixed Deposit and Fixed Deposit Interest Rate:
What is a Fixed Deposit?
Fixed Deposit accounts are schemes that are available on any financial institution where you can deposit an amount over a specified period and accumulate interest out of it.
The Fixed Deposit interest rate ranges from 3 % per annum to 9.5 percent on deposits less than rupees to 2 crores.
What is a Fixed Deposit Interest Rate?
Fixed Deposit rate of interest is a type of bank interest rate that you can avail of from a Fixed Deposit scheme. Investing in a Fixed Deposit scheme is quite popular among investors as it offers secure returns and a high-interest rate.
With the help of a Fixed Deposit Scheme, you can invest a fixed amount for a maturity tenure. And later, you can get the amount along with interest on the maturity of the fixed deposit.
Types of Fixed Deposit Interest Rates in India:
Before investing in any fixed deposit, you should know about the types of Fixed Deposit Interest Rates that you may get by investing in FD. There are two types of Fixed Deposit Interest Rates. They are:
Flexi Fixed Deposit Interest Rates:
In the Flexi Fixed Deposit interest rate, you can link your FD account with your saving account. It is a Fixed Deposit wherein you can transfer money in both accounts as per your convenience.
The money that you deposit moves between both accounts. You can earn the highest rate of interest by linking the accounts.
Regular Fixed Deposit Interest Rates:
Regular Fixed Deposit offers the highest interest rates depending upon the Tenure you choose. It is designed for a fixed tenure.
Latest Fixed Deposit interest rate from top Banks:
It is a known fact that a Fixed Deposit is a way of getting guaranteed interest rates with almost no market risk. So if you are curious about the latest Fixed Deposit Interest Rates, we are here to let you know about the best interest rates that banks offer. Here is a Fixed Deposit Interest Rates list offered by top Banks for less than two crore rupees:
| Bank | Per annum General Citizen Rates | Per annum Senior Citizen Rates |
| Andhra Bank | 3.00%- 5.50% | 3.50%- 6.00%
|
| Allahabad Bank | 2.90%- 5.15% | 3.40% -5.65%
|
| Axis Bank | 2.50%- 5.75% | 2.50%-6.50% |
| Bandhan Bank | 3.00%- 5.00% | 3.75%-5.75%
|
| Bank of Baroda | 2.80%- 5.25% | 3.30%-5.75 |
| HDFC Bank | 2.50%-5.50% | 3.00%-6.25% |
| IDFC Bank | 2.7%- 5.75% | 3.25%- 6.25% |
| Induslnd Overseas Bank | 2.50%- 5.50% | 3.00%- 6.00%
|
| Canara Bank | 2.90%-5.25% | 2.90%-5.75%
|
| Central Bank | 2.75%-5.00% | 3.25%-5.5%
|
| ICICI Bank | 2.50%- 5.50% | 3.00 %- 6.00% |
| Punjab National Bank | 2.90 % -5.25% | 3.50%- 5.75% |
| State Bank of India | 2.90%-5.40% | 3.40%- 6.20% |
| Indian Bank | 2.90 % -5.15% | 3.40%- 5.65% |
| Bank of India | 2.8 5% -5.0 5% | 3.3 5%- 5.5 5%
|
Top Tax Saver Fixed Deposit Interest Rate:
As we already know, some Tax Saving Fixed Deposit can help save the tax. Under section 80C of the Income Tax Act, these tax-saving fixed deposits exempt a Tax amount up to Rupees 1,50000.
So let us know about the Fixed Deposit Interest Rates of these Tax-Saving Fixed Deposits here:
| Bank | Per annum General Citizen Rates | Per annum Senior Citizen Rates |
| Axis Bank | 5.40% | 6.0 5% |
| Bank of Baroda | 5.25% | 5.75% |
| Canara Bank | 5.25% | 5.75%
|
| HDFC Bank | 5.3 5% | 5.8 5% |
| PNB Bank | 5.25% | 5.75%
|
| IDFC bank | 5.25% | 5.75%
|
| Indusland Bank | 6.00% | 6.50%
|
| SBI Bank | 5.30 % | 5.0 %
|
| Union Bank of India | 5.40% | 5.90%
|
| Punjab and Sind Bank | 5.30% | 5.80 % |
Fixed Deposit Interest Rates offered by NBFCs:
Fixed Deposit Interest Rates offered by NBFCs:
Apart from banks, there are Non-Banking Financial Companies that offers interest rates compared to Fixed Deposit accounts. Some of the highest Fixed Deposit Interest Rates offered by the NBFCs from 1 to 5 years depositing less than two crore Rupees are:
| Bank | Tenure | Per annum General Citizen Rates | Per annum Senior Citizen Rates |
| ICICI Home Finance | 1 year- 10 year | 5.25%- 6.65% | 7.50%- 6.90% |
| LIC Housing Finance | 1 year- 5 year | 5.25%- 5.75% | 5.50%- 6.00% |
| PNB Housing Finance | 1 year-10 year | 5.90%- 6.70% | 6.15%-6.95%
|
| Shriram City Union Finance | 1 year- 5 year | 6.50%-9.05% | 6.80%-9.35%
|
Tips on Fixed Deposit Investment:
Tips on Fixed Deposit Investment:
Now that you have thought about investing in a Fixed Deposit, you should also know about some important tips about Fixed Deposit Interest Rates in India. Here are some useful tips for you:
- Before you invest in FD, you should consider factors such as penalty maturity, premature withdrawal, rate of interest, and other factors so that you can determine the overall benefit of the scheme.
- Do your research related to the latest Fixed Deposit Interest Rates so that you can think about the Tenure you should go for by investing in a fixed deposit.
- Go through the Tenure wise Fixed Deposit interest rate that the Bank offers before opening a Fixed Deposit account. There are several Fixed Deposit schemes that the Bank offers the highest rates for some specific tenures.
- Last but the most important point is that you should plan your expenses before getting a Fixed Deposit account not to affect your overall budget.
Wrapping up, we recommend that when you find the best Fixed Deposit Interest Rates in India, instead of going for an organization that issues FD policies, you should go for banks that offer fixed deposits policies to the investors.
The Fixed Deposit Interest Rates that the Bank allows change regularly. Numerous banks in India offer interest rates in a short tenure and provide better interest in the longer run. So, before choosing a Fixed Deposit scheme from any Bank, it is best to check the Fixed Deposit Interest Rates on the website of the respective Bank as the rates keep on changing over time.