If you’re considering locking your savings in a fixed deposit (FD), it’s important to compare the interest rates offered by different banks. While many depositors prefer to stick with their long-time banking partners, switching to a new bank may be worthwhile if the interest rate difference is significant.
Here, we’ve highlighted the highest interest rates offered by seven top banks for various tenures. Generally, longer-term deposits offer higher interest rates, while shorter tenures tend to have lower rates.
Highest Fixed Deposit Interest Rates from Top 7 Banks
- HDFC Bank: Offering 7.40% on fixed deposits with tenures ranging from 4 years 7 months to 55 months for regular depositors. Senior citizens receive 7.90% for the same tenure, effective from July 24, 2024.
- ICICI Bank: Offers 7.25% for regular citizens and 7.8% for senior citizens on FDs with tenures of 15-18 months.
- Kotak Mahindra Bank: Offers 7.4% interest on fixed deposits with a 390 to 391-day tenure for regular citizens, while senior citizens enjoy 7.9%. These rates became effective on June 14, 2024.
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- Federal Bank: Offers 7.4% to regular citizens and 7.9% to senior citizens on a fixed deposit with a 777-day tenure, as per the rates effective from October 16, 2024.
- State Bank of India (SBI): The largest bank in India offers 7% interest to regular citizens and 7.5% to senior citizens on FDs with tenures of 2-3 years. These rates were implemented on June 15, 2024.
- Bank of Baroda (BOB): Offers 7.3% interest to regular citizens and 7.8% to senior citizens on fixed deposits with a 400-day tenure, effective from October 14, 2024.
- Union Bank of India: Provides 7.3% on a fixed deposit with a 456-day tenure for regular citizens, with senior citizens receiving an additional 50 basis points.