India FD interest rates comparison: Public and private banks in India offer a varied range of fixed deposit (FD) interest rates, and it is thus recommended that you compare most options available before making an investment.
At present, most banks offer a higher interest rate for term deposits with longer tenures, compared to a relatively lower interest rate for shorter tenures.
We thus examine the FD offerings of the big private and public sector lenders such as HDFC Bank, State Bank of India (SBI), ICICI Bank, Canara Bank, Bank of Baroda (BoB), Axis Bank, and Bank of India (BOI).
Compare the offers before making a decision to invest.
Private Banks’ FD Rates
India’s largest private lender, HDFC Bank, is offering FD interest rates between 6.60-7.00 per cent for all customers and between 7,10-7.50 per cent for senior citizens. The range includes term deposits of less than two years, to more than four years.
Meanwhile, ICICI Bank is offering 7.25-7.00 per cent for general customers and 7.50-7.80 per cent for senior citizens for the same tenures.
Public Banks’ FD Rates
Among PSBs, the largest public lender, SBI, offers short-to-long-term tenure FDs for 3.50-6.50 to general customers and 4.00-7.50 per cent to senior citizens. The range includes term deposits of less than two years, to more than four years.
Further, Canara Bank offers 6.25-6.70 per cent for general customers and 6.40-6.87 for senior citizens, while BoB offers 6.50-7.15 per cent for general and 7.00-7.50 per cent for senior citizens, and BOI offers 6.00-7.30 per cent for general customers and 6.75-7.75.
Compare Here
Here, we list out the FD interest rates offered by banks for short to long tenure term deposits, i.e. term deposits of less than two years, to more than four years.
Please note that the interest rates are for domestic term deposits of less than ₹3 crore, as shown on each bank’s website at time of writing today (2 pm on November 17).
