Fixed Deposit: Minimum Deposit by 25 Indian Banks

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FD or term deposit is preferred mostly by investors who do not want to take risk with their hard earned money. The main reason is that fixed deposit offers guaranteed returns which are higher than the interest received on savings account. That is FD safeguards investor’s money. Moreover the tenure for FD is very flexible ranging from minimum 7 days to maximum of 10 years for most of the banks in India. Although the interest offered is low compared to other types of zero risk investments.

There are multiple prerequisites for opening a fixed deposit account such as:

  • Depositor needs to have an account with the same bank in which he/she wants to open the account.
  • Applicant should be minimum 18 years old.
  • Another important criteria is the minimum deposit amount required to open the account.

Check out FD maturity value for 5 years and 6 months.

Here’s the table showing minimum amount required for fixed deposit account by 25 banks in India along with the interest rate offered:

Name of BankMinimum Amount (Rs.)Interest RateMinimum TenureMaximum Tenure
State Bank of India10003.75%-4.25%7 Days10 Years
IDBI Bank100004.25%-6.9%15 Days20 Years
ICICI Bank100004%-7.5%7 Days10 Years
HDFC Bank50003.5% to 6%7 Days10 Years
Axis Bank100003.5% to 6.75%7 Days10 Years
Andhra Bank1000004%-7.5%7 Days10 Years
Union Bank of India10005%-6.8%7 Days10 Years
Bank of India100004%-6.7%7 Days10 Years
HSBC Bank India100003.15%-5%7 Days6 Years
Kotak Bank100003.5% to 6%7 Days10 Years
Punjab and Sind Bank10004%-7%7 Days10 Years
Deutsche Bank200008% for 5 Years7 Days5 Years
Canara Bank10004.20%-6.9%7 Days10 Years
Syndicate Bank10004.75%-6.7%15 Days10 Years
Indian Bank1004%-6%7 Days10 Years
Citi Bank India10003%-5.75%7 Days10 Years
Indian Overseas Bank10004%-6%6 Months10 Years
Royal Bank of ScotlandNA3%-4.25%15 Days5 Years
YES Bank100005.75%-7.10%7 Days10 Years
IDFC Bank100004%-7.20%7 Days10 Years
Federal Bank10003.5% to 6.5%7 Days10 Years
DBS Bank India100004%-6.7%7 Days5 Years & above
Bank of Baroda10004.5%-6.5%7 Days10 Years
RBL Bank100005%-8.15%7 Days10 Years
Punjab National Bank10004.25%-6.7%7 Days10 Years

FD is best recommended for investors who want protection plus returns from their investments. It is avoided by high risk takers mainly due to low returns and money being locked; which is not the case with high risk-high return investments such as equities and mutual funds.

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Fixed Deposit for 6 Months: Maturity Value 5.16 Lakh @ 6.5%

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Individuals who want peaceful sleep with their investments, always look for products with guaranteed returns. And for such people, there are multiple instruments such as recurring deposit, sukanya samriddhi yojana, and national pension scheme and few others. Each of these products has a limitation of fixed tenure which is normally in months/years.

However there is one investment product – fixed deposit, which scores over others in terms of the flexible tenure which can be as low as 7 days to maximum of 10 years along with fixed interest rate and any amount can be deposited, although there is a minimum sum requirement by every financial institutions. Moreover the interest is paid every month or annually. And you can have multiple FD accounts.

Listed in the below table is the maturity value calculated by FD for 6 months:

Name of Bank6 Months Interest Rate %Interest Earned
On 5 Lakh FD (Rs.)
Maturity Value On 5 Lakh FD
Compounded Quarterly (Rs.)
Interest Earned
On 2 Lakh FD (Rs.)
Maturity Value On 2 Lakh FD
Compounded Quarterly (Rs.)
UCO Bank, Corporation Bank, Standard Chartered Bank6.5163825163826552206552
Union Bank of India, Axis Bank, Indus Ind Bank, ICICI Bank, HSBC6.25157475157476298206298
Dena Bank, Kotak Bank, Punjab and Sind Bank6151125151126045206045
Deutsche Bank5.7143515143515740205740
Canara Bank, Syndicate Bank5.5138445138445537205537
Indian Bank5.25132115132115284205284
Citi Bank, Indian Overseas Bank5125785125785031205031
Royal Bank of Scotland4.9113135113134525204525

Point to remember: Interest rates are subject to change. You can get updated rates either on bank’s website or by personally visiting the bank.

Check out fixed deposit for 5 years and the maturity amount.

Disadvantages of fixed deposit:

Every investment has pros and cons. And FD too has its own set of limitations as follows:

  • Returns are low due to low interest rates offered.
  • Money gets blocked and premature withdrawal results in penalty.
  • Interest income is taxable. TDS is applicable on the interest accrued.
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FD for 5 Years: Invest 5 Lakh & Earn 7.42 Lakh @8% Interest

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Money lying idle in your bank account is a total waste even though you get interest on the savings account. Instead you should make money out of it by investing in secured instruments.

Now there are two different categories of investors:

No risk takers –

Who give high priority to money safety and low priority to the returns. That is they are ready to get low returns. Few of the zero risk investment products are – Fixed Deposit, Sukanya Samriddhi Yojana, National Savings Certificate, Public Provident Fund, Savings Account, Recurring Deposit and others.

High risk takers –

Who want high return but are ready to risk their money. Investment instruments are ELSS, equities (India and abroad), mutual funds, currency markets, and commodity market.

In this article, we’ll discuss about the highly preferred investment product – fixed deposit. Also called as term deposit. Investor has to put his/her money with the financial institution for a pre-fixed term and get interest on the deposit which is typically in the range of 6.5%-8%.

Let’s consider Rs. 5, 00,000 kept in fixed deposit for 5 years. Table below shows the interest earned along with the maturity value compounded quarterly from various banks in India:

Name of BankInterest Rate %Interest Earned in Rs.Maturity Value in Rs. (Compounded Quarterly)
Deutsche Bank8242973742973
Ratnakar Bank7.5224974724974
Punjab National Bank7.2214373714373
Saraswat Co-operative Bank7.15212621712621
Dena Bank, Lakshmi Vilas Bank, Tamilnad Mercantile Bank, Punjab and Sind Bank7207389707389
IDBI Bank, Canara Bank,Central Bank of India, Bank of India, Union Bank of India6.9203921703921
Oriental Bank of Commerce, UCO Bank, Axis Bank, Indus Ind Bank, ICICI Bank6.75198749698749
Bank of Baroda, State Bank of India, Andhra Bank, Allahabad Bank6.5190209690209

Note: FD interest rates keep changing time to time. Check with the bank the current interest rate before locking-in your money.

More features of FD account:

  • There is a minimum amount (which varies for each bank) to be deposited in the account
  • You can deposit money for minimum 7 days and maximum upto 10 years
  • The returns are taxable, if the interest income is greater than Rs. 10, 000.
  • TDS is applicable on the interest earned
  • Interest rates can change anytime
  • You can get personal loan against FD
  • There is a premature withdrawal charge
  • Auto renewal facility is available
  • NRI can also open FD account
  • Senior citizens are offered slightly higher interest rates
  • Nomination facility is available
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CRISIL Rating of Fixed Deposit of 45 Financial Institutions

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Investors opting for fixed deposits always look for financial institution offering high interest rate. However is your hard earned money safe in all the banks or non-banking financial corporations or others offering fixed deposit schemes? How will you know, whether or not the company is good or bad?

The answer is CRISIL rating of fixed deposits. Similar to what lenders do before approving any type of credit (loan or credit card) to an applicant they check CIBIL score. In the same manner, depositors should check CRISIL grading of fixed deposit scheme. So if you want to know whether the company you’re investing money is credible or not, then check CRISIL rating.

What is CRISIL:

CRISIL is a company that provides ratings for various financial products offered by various companies based on various factors. Note that rating process by CRISIL is very rigorous.

In this article, we’ll check the CRISIL rating for fixed deposits offered by various financial institutions in India (banks, housing finance companies etc.). Listed in the below table are the CRISIL rating for FD.

Financial Institution
CRISIL Rating
ICICI Bank
AAA
Bank of Baroda
AAA
Union BankAAA
ICICI Housing Finance Limited
AAA
State Bank of Hyderabad
AAA
National Housing
AAA
State Bank of Bikaner & Jaipur
AAA
Punjab National Bank
AAA
HDFC Bank
AAA
Axis Bank
AAA
State Bank of Mysore
AAA
Indian Bank
AAA
State Bank of Travancore
AAA
Canara BankAAA
Dhanlaxmi BankFAAA
Kotak BankFAAA
Oriental Bank of Commerce
FAAA
State Bank of India
FAAA
Shriram Finance
FAAA
Bank of India
AA+
Sundaram Finance
AA+
Andhra Bank
AA+
PNB Housing Finance
AA+
Punjab & Sind Bank
AA
IDBI Bank
AA
Allahabad Bank
AA
Corporation Bank
AA
Indian Overseas BankAA
Federal BankA1+
Tamilnad Mercantile BankA1+
South Indian BankA1+
Karur Vysya Bank
A1+
Deutsche BankA1+
City Union
A1+
DBS BankA1+
IndusInd
A1+
Central Bank of India
AA-
United Bank
AA-
Dena Bank
AA-
Syndicate Bank
AA-
Jammu & Kashmir Bank
FAA
Indian Overseas Bank
FAA

Significance & meaning of each rating symbol:

  • AAA: Highest safety
  • AA: High safery
  • A: Moderate/adequate safety
  • BBB: Moderate credit risk but timely fulfillment of financial obligations
  • BB: Moderate risk but timely fulfillment of financial obligations
  • B: High risk of defaulting/inadequate safety
  • C: Very high risk of defaulting
  • D: Possibility of default in the future
  • NM: Not meaningful

+/- indicates position of the respective financial institution within the rating category.

Note that, poor grading does not necessarily mean default is ought to happen. It actually indicates that the risk associated with the financial product is high.

What should FD investors make of these ratings?

Depositors should always choose financial institution with a good credit rating from CRISIL. If FD interest rate is high but rating is poor, then stay away from these institutions. Check out NRI fixed deposit with maturity value of 21 Lacs.

Should we choose banks or non-banking financial corporations?

FDs from banks always guarantee safety which is not the case with NBFCs. So a detailed research should be done before putting money in NBFC. Read more on FDs offering highest interest rate.

How often these ratings are re-evaluated by CRISIL?

According to CRISIL, grading is done on the basis of debt obligation and is valid until the debt obligation is fully paid.

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NRI Fixed Deposit: Earn 21 Lacs on Maturity, 10 & 5 Year FD

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As per Hindu Business Online, NRI deposits in FY2016 increased by 13.65% compared to FY2015. NRI deposit inflows in FY2016 amounted to $15.977 billion ($14.057 billion in FY2015). With such an increase, more and more NRIs are obviously looking to invest in Indian market. Although there are multiple investment products for NRIs, fixed deposit has always been the most favored products especially by non-risk taking investors.

Definition of NRI Deposit: When non-resident Indian makes foreign currency deposit in an Indian bank, it is called as NRI deposit.

Let’s understand how much NRI will earn on 5 year fixed deposit on investment of Rs. 5 Lacs & 10 Lacs. Interest compounding used is quarterly, which is used by most of the banks.

Bank NameInterest Range Offered to NRI
Maturity Value after 5 years in INR for 5 Lac FDMaturity Value after 10 years in INR for 10 Lac FD
Axis Bank
7.25
716130
2051370
Punjab & Sind Bank
7.25 - 7.40%
721424
2081811
Karnataka Bank, HDFC, UCO & IndusInd Bank
7.25 - 7.50%
724974
2102349
Kotak Mahindra
4 - 7.50%
724974
2102349
Oriental Bank of Commerce
7 - 7.15%
712621
2031317
Bank of India, Dena, IDBI
7.25 - 7.30%
717890
2061468
Vijaya Bank, SBH
7 - 7.50%
724974
2102349
South Indian Bank
7.3 - 7.55%
726755
2112692
Allahabad Bank, SBI, SBBJ,Indian Bank, Andhra Bank, PNB
7 - 7.25%
716130
2051370
YES Bank
7.50%
724974
2102349
State Bank of Mysore
7.50 - 7.6%
728540
2123084
Union Bank of India
7.25 - 7.65%
730329
2133527
Canara Bank
7 - 7.50%
724974
2102349
SBT
6.75 - 7.25%
716130
2051370
Karur Vysya Bank
7.35%
719655
2071615
Syndicate Bank
6.75 - 7.50%
724974
2102349
State Bank of Patiala
7.37 - 7.57%
727468
2116843

Note: Maturity amount increases when tenure is long. And higher the investment amount, higher would be the returns.

However FD (also called as term deposit) scores higher when it comes to security and return on investment. Also, if you are thinking to continue earning interest through savings account then remember that returns are on a lower side compared to fixed deposit. So FD is highly recommended to no-risk taking investors. Check out fixed deposit for residential Indians.

Requisites and Features of NRI FD:

  • Accounts can be opened in NRE and NRO variants
  • Money can be deposited with any convertible currency
  • Minimum term is 1 year
  • Minimum deposit amount is set by each bank
  • On premature withdrawal, no interest is paid and small penalty is charged
  • Partial withdrawal is also possible
  • Joint account is allowed provided another person is also a non-resident
  • Overdraft is also possible and is typically in the range of 85%-90% of the deposit amount
  • Maturity amount along with the interest is fully repatriable
  • If individual is from Pakistan or Bangladesh, then pre-approval is required from RBI
  • Auto renewal option is possible

Above pre-requisities varies for each bank.

Other investment options for NRI in India:

Depending on the investment horizon and risks, NRI can invest money in India. We will divide NRIs into two broad categories:

  • Risk takers
  • Non-risk takers

Risk takers:

For individuals who are ready to take risks to get high returns, following are the recommended investment products.

  • Mutual Fund – Highly recommended, as it is managed by professionals and highly qualified fund managers.
  • Direct Equities  – Requires very active involvement
  • Real estate
  • Certificate of deposit

Non-risk takers:

There are many other zero risk investment avenues for NRIs such as:

  • Bank FD (as mentioned above)
  • Government bonds and securities
  • National Pension Scheme

NRI FD is best recommended for whom?

For non-risk taking individuals, fixed deposit is recommended since it offers safety and good returns.

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Fixed Deposit for 5 Years: Earn 1.4 Lacs, Interest Rate of 30+ Banks

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Amongst the various types of investment options available in the flooded Indian market, fixed deposit (FD) is one of them. It’s another name is term deposit. FD is an investment option mostly preferred by low risk individuals who want to safely save their hard earned money and earn return after fixed interval.

You can invest in FD for a minimum 7 days to 5 years or even more depending on the tenure options available at the respective financial institution.

Here’s the list of top most banks in India offering fixed deposit for 5 years. We will assume an individual is planning to invest:

  • Rs. 100000 (1 Lac)
  • Tenure: 60 months (5 years)
  • Compounding Type: Quarterly (Used by most of the banks in India)
Financial Institution
Interest Range Offered
Interest Rate Used for Calculation
Maturity Value after 5 years in INR
Axis Bank
3.5 - 7.75%
7.75%
146784
Punjab & Sind Bank
3.5 - 7.9%
7.90%
147868
Karnataka Bank
3.5 - 8.1%
8.1%
149324
HDFC Bank, IndusInd
Bank
3.5 - 8.0%
8.0%
148594
Oriental Bank of Commerce
4.0 - 7.15%
7.15%
142524
Bank of India
4.0 - 7.5%
7.50%
144994
ICICI Bank
4.0 - 7.75%
7.75%
146784
Vijaya Bank, Kotak Mahindra Bank4.0 - 8.0%
8.0%
148594
South Indian Bank
4.0 - 8.1%
8.1%
149324
Allahabad Bank
4.5 - 7.25%
7.25%
143226
Dena Bank, IDBI, Bank of Baroda
4.5 - 7.8%
7.80%
147144
UCO Bank
4.5 - 8.0%
8.0%
148594
IDBI Bank
4.75 - 7.8%
7.80%
147144
Union Bank of India
5.0 - 7.9%
7.90%
147868
Canara Bank
5.25 - 8.0%
8.0%
148594
SBI, SBBJ, SBT, YES Bank, Indian Bank
5.5 - 7.75%
7.75%
146784
Karur Vysya Bank
5.5 - 7.85%
7.85%
147505
Syndicate Bank
5.5 - 8.0%
8.0%
148594
State Bank of Patiala
6.0 - 7.97%
7.97%
148376
State Bank of Hyderabad
6.0 - 8.0%
8.0%
148594
Andhra Bank, PNB
7.0 - 7.25%
7.25%
143226
State Bank of Mysore
7.5 - 7.6%
7.60%
145708

So as you can see above, most of the banks offer nearly similar range of FD interest. And longer the tenure and amount, higher would be the returns because of the higher interest offered. But remember that interest earned on FD is taxable although it offers complete security to your money. So the actual amount received at the maturity value will be lower. And this limitation forces individuals to either opt for other tax saving investment products categorized as high risk and low risk.

Note: FD rates are revised by the banks often depending on the interest rate movements. So please check with the concerned bank before investing. Tenure also plays a key role in your investment strategy. For longer tenure there are various high return investments products in India. So if you fall into the category of risk taking investor then consider choosing mutual funds and equities.

What happens when you make premature withdrawal from FD?

Since tenors for FDs are fixed, penalty is charged by the bank upon premature withdrawal. However charges vary for each bank and are in the range of 1-2% depending on the tenure.

To whom FD is best suited?

Fixed deposits are best suited for investors who want higher returns compared to the ones by savings account.

Other zero risk options?

Check out this article on zero risk, high return investments in India.

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4 Highest Interest (Above 9%) Fixed Deposits in India

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With increasing competition between the banks and other credit lenders, getting a new client has become difficult and losing a customer is loss making. And one strategy used by the banks, is to offer higher returns through various schemes. And one such scheme is fixed deposit.

Every bank and most of the non-banking finance companies (NBFC) in India offers fixed deposit schemes with varying interest rates. But the average rate offered is between 7%-8%. However there are four entities which are offering highest interest rate as follows:

  1. Ratnakar Bank Limited: Is currently offering interest rate of 9% and above. However the condition is that tenure should be minimum 2 years. And for a FD of 3 years the annualized rate is 9.3% which is much higher compared to other banks. In fact, no other bank in India currently offers this much interest. So instead of earning small return on savings bank account, an individual with sufficient funds can lock their money with RBL and earn good returns, preferably for 3 years.
  2. KTDFC: Kerela Transport Development Finance Corporation Ltd. also offers good interest rate @8.75%. And cumulative annual yield is 10.17% for a tenure of 5 years. So Rs. 10, 000 deposited for 5 years will give a return of Rs. 15, 085. For senior citizens the cumulative yield offered is 10.55%.
  3. Mahindra Finance: FD scheme offered by Mahindra and Mahindra Financial Services Limited (MMFSL) gives a maximum effective yield of 10% for a tenure of 5 years. And for senior citizens, it is 10.35%.
  4. DHFL Swayamsidha Deposit: Diwan Housing Finance Corporation Limited is offering 9.1% interest. However this scheme is only for women customers with a minimum tenure of 1.6 years. And for privileged customers i.e. senior citizens, widows and others as specified by the banks, the rate offered is 9.35%. So a male can transfer money from his account to women and open FD in her name.

So as you can see, NBFCs are offering higher interest rates compared to banks. So someone interested in FD should consider investing in NBFCs and that too for a longer tenure so that maximum benefits can be taken.

Traditionally FD is considered to the best investment option for short term gains. And the most important reasons are:

  1. It offers guaranteed returns, though less compared to high risk, high return investment products.
  2. Returns are offered on compounded interest.
  3. Money is secured. There is no risk involved. Check out other zero risk investment products.
  4. You can take loan against it from the bank, although the interest rate are on higher side by minimum 2%.
  5. Credit card against FD are also offered by few banks.

However like every investment product, it has own cons like:

  • Interest rate is subject to tax.
  • Premature withdrawal results in penalty and the amount varies for each bank.
  • Most importantly, when the market interest rate goes up, interest rate already offered on ongoing FD does not increase.

Documents Required:

Very minimal documents are required for opening a FD account. This includes ID proof (passport, PAN card, election card etc.) and address proof (passport, telephone bill and others). Please contact respective bank for mandatory documents and other terms and conditions.

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Jeevan Suraksha Bandhan: Gift Cheque, Deposit Details, Benefits

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It’s a time for High Five for every Indian!! After four super successful schemes launched by Prime Minister Shri Narendra Modi earlier, another one was launched on August 01, 2015 in the name of Pradhan Mantri Sneha Bandhan Yojana now named as Suraksha Bandhan with an objective to encourage brothers to gift security schemes to their sisters and also enhance financial inclusion. This social security scheme would be driven by various banks and insurance companies which are offering the newly launched cheapest insurance schemes.

Benefits/Features of Suraksha Bandhan

This scheme is especially made for Raksha Bandhan festival in which brother can buy gift cheques with pre-fixed denomination and gift it to his sister. The gift cheques can be purchased any time in a year and gifted for any occasion.

Where to purchase gift card from? You can buy gift cheques from all the banks which are offering PMSBY and PMJJBY.

How will the money get deposited? Receiver of the gift card needs to visit her bank and deposit the card. If there is no bank account then zero balance bank account can be opened. You can also open zero balance account under Jan Dhan Yojana.

Here are the details of three gift cheques:

  1. Jeevan suraksha gift cheque of Rs. 351 will be used to pay one year premium of Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana. Here’s a table showing how this amount will be used and the balance that would be credited to the bank account of the recipient for future premium payment.
    Gift Card Amount (In Rs.)One Year PMSBY Premium
    One Year PMJJBY Premium
    Total
    Balance that will be credited in the bank account
    35112330330+12=3429
  2. Suraksha deposit scheme worth Rs. 201 will be used to pay the premium for 1st and 2nd year of Suraksha Bima Yojana. Remaining amount will be used for investing in term deposit for 10 years. The interest rate offered will be 8.0% per annum and earned annual income can then be used for PMSBY premium. Here’s a table showing how this amount will be used and the term deposit interest income.
    Total Deposit
    Amount to be paid
    1st Year Premium for PMSBY
    2nd Year Premium for PMSBYTotal Amount
    of FD
    Returns on term deposit of Rs. 177
    @ (8% p.a)
    2011212201-12-12=17714.16
  3. Jeevan suraksha deposit scheme worth Rs. 5001 will be used to pay the premium for 1st year of PMSBY and PMJJBY. Remaining amount will be used for investing in term deposit for 10 years. The interest rate offered will be 8.0% per annum and earned annual income can then be used for PMSBY premium. Here’s a table showing how this amount will be used and the term deposit interest income.
    Total Deposit
    Amount to be paid
    1st Year Premium for PMSBY + PMJJBY
    2nd Year Premium for PMSBY + PMJJBYTotal amount of FDReturns on term deposit of Rs. 177
    @ (8% p.a)
    500112 (PMSBY) + 330 (PMJJBY) =34212 (PMSBY) + 330 (PMJJBY) =3425001-342-342=4317345.36

Previous successful schemes launched by Prime Minister were:

  1. Jan Dhan Yojana: Bank account for every Indian household.
  2. Suraksha Bima Yojana: Cheapest insurance scheme for accidental death and disability.
  3. Jeevan Jyoti Bima Yojana: Cheapest life insurance scheme.
  4. Sukanya Samriddhi Yojana: Small deposit account for girl child for securing her future. Read in detail about the features of SSA.

Suraksha Bandhan – a fixed deposit scheme is also expected to garner good response as it is a good way to secure your sister’s future and at the same time promote social security system. Also read about Sukanya Samriddhi Account for the securing girl child’s future.

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Fixed Deposit Rates In 31 Indian Banks – Public, Private & Foreign Banks

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Fixed Deposit Rates In 31 Indian Banks (All rates are in %)

Bank Name 1-2 Years 2-3 Years 3-5 Years Greater Than 5 Years
Allahabad Bank 9.50 9.00 8.75 8.50
Andhra Bank 9.40 9.40 9.00 9.00
Axis Bank 9.25 9.25 9.25 8.75
Bank of Baroda 9.25 9.25 9.00 8.50
Bank of India 9.25 9.25 9.25 8.25
Bank of Maharashtra 9.30 9.30 9.00 9.00
Central Bank of India 9.25 9.30 9.25 9.09
Citibank 8.75-9.00 8.75 8.75 8.75
Corporation Bank 9.50 9.25 9.25 9.00-9.25
Dena Bank 9.50 9.50 9.30 8.75
Deutsche Bank 7.60 8.50 8.50 8.75
Dev. Credit Bank 8.00-9.50 8.00 8.00 8.00
Federal Bank 9.50 9.50 9.25 9.25
HDFC Bank 8.50-9.00 9.25 9.25 8.25
HSBC 8.00-8.10 8.25 8.00-8.10 DNP
ICICI Bank 8.25-9.25 9.25 9.25 8.25
IDBI Bank 9.50 9.50 9.50 9.50
Indian Overseas Bank 9.50 9.25 9.25 9.00
Indusland Bank 9.00 8.75 8.75 8.75
ING Vysya Bank 9.50-9.75 9.50 9.00 9.00
Karur Mahindra Bank 10.00 9.75 9.50 9.50
Kotak Mahindra Bank 9.40 9.25 9.25 9.00
Oriental Bank of Commerce 9.75 9.25 9.25 9.25
Punjab National Bank 9.25 9.25 9.25 9.00
South Indian Bank 9.75 9.60 9.60 9.60
Standard Chartered 7.75-8.80 8.25 8.25 Not Provided
State Bank of India 9.25 9.25 9.25 9.25
Syndicate Bank 9.35 9.35 9.35 9.25
UCO Bank 9.50 9.25 9.25 9.25
Union Bank of India 9.25 9.25 9.25 9.40

The above 3 banks marked in pink above, currently offers highest fixed deposits rates in India.

Note that fixed deposit rates keep on changing frequently (every month). Mostly rates are changed whenever RBI changes it’s policy.

Users are requested to contact nearest bank or visit bank’s website to get the latest rates.

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