Comparison of Interest Rate on Domestic Fixed Deposits
Fixed Deposit (Term Deposit) is the most famous investment instrument among Indian investors. Comparison of interest rates on domestic fixed deposits offered by major banks in India is provided in the list. Banks in India have been accorded freedom to fix interest rates on domestic term deposits of different tenure. This freedom has to be exercised by banks with the approval of their Board of Directors or Asset Liability Management Committee (ALCO). As per RBI Guidelines, Interest rates on domestic fixed deposits should be announced by the banks beforehand and payment should not be based on negotiation between the depositor and the bank. This is to ensure that all deposits opened on same date for same maturity at different branches by different customers carry same rate of interest. Comparison of interest rate on domestic fixed deposits offered by different banks will enable depositors to analyze the market trends and maximize return by depositing with the bank that offers best interest rate.
Based on the comparison of 15 major banks categorized under public sector, new generation and old generation private sector, the best interest rate on domestic fixed deposit, as on 24/3/2019, is offered by IndusInd Bank as shown below:
|
Bank Name |
Best Interest rate on Domestic FD |
Period |
Best Interest rate for Senior Citizen on Domestic FD |
Period |
|
IndusInd Bank |
8.00% |
1 year to less than 2 years |
8.50% |
1 year to less than 2 years |
|
Yes Bank |
7.85% |
18 months 8 days to 18 months 18 days |
8.35% |
18 months 8 days to 18 months 18 days |
Major Points to be noted while comparing interest rate on domestic term deposits
1. RBI has redefined the threshold of bulk deposits. Now, single deposits Rs. 2.00 Cr and above comes under Bulk deposit category. Banks offer separate rates for Bulk deposits. But interest rate on domestic fixed deposits offered below Rs. Rs. 2.00 Cr only is covered under the comparison.
2. The Interest rates mentioned below are that applicable for deposits with premature closure facility. Majority of banks announces same interest rate for all domestic fixed deposits below Rs. 2.00 Cr. However, the banks may also announce different rates based on the quantum of amount. Comparison of interest is based on such rates announced by banks.
3. Some banks also offer non-callable deposits with better interest rates. For said interest rate, the minimum quantum fixed by many banks is minimum Rs. 15.00 lakh.
4. Some banks offer fixed deposit interest rates linked to external floating rates like repo rates. Such deposit interest rates are not covered under comparison. .
5. Majority of banks of banks offer additional 0.5% interest rate over normal fixed deposits as senior citizen benefits. However, the rate also varies from bank to bank.
6. Comparison of interest rates is made as on 24/03/2019. Banks have freedom to change interest rate at any time based on fund position and such changes may not reflect in the chart.
Interest Rate on Domestic Fixed Deposits Offered for Different Periods By Major Banks (As on 24.3.2019)
|
Bank Name |
Period |
Interest Rate |
Senior Citizen Interest Rate |
Best Interest Rate (%) & Period / Special FD Rate |
||||
|
Ordinary Deposit |
Senior Citizen Deposit |
|||||||
|
Best Rate |
Period |
Best Rate |
Period |
|||||
|
Public sector Banks |
||||||||
|
Bank Of Baroda |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
5.75 6.50 6.70 6.80 6.70 6.70 6.70 |
6.25 7.00 7.20 7.30 7.20 7.20 7.20 |
7
6.85 |
444 days
1 year to 400 days |
7.50
7.35 |
444 days
1 year to 400 days |
|
|
Central Bank of India (CBI) |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.50 6.55 6.65 6.55 6.55 6.55 6.55 |
7.00 7.05 7.15 7.05 7.05 7.05 7.05 |
6.55 |
180 days – up to 10 years |
7.05 |
180 days – up to 10 years |
|
|
Punjab National Bank (PNB) |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.35 6.35 6.75 6.75 6.25 6.25 6.25 |
6.85 6.85 7.25 7.25 6.75 6.75 6.75 |
7.10
6.85 |
333 days
555 Days |
7.60
7.35 |
333 Days
555 Days |
|
|
State Bank of India (SBI) |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.25 6.35 6.80 6.80 6.80 6.80 6.8 |
6.75 6.85 7.30 7.30 7.30 7.30 7.35 |
6.85
6.80 |
5 years – 10 years
1 year – less than 5 years
|
7.35
7.30 |
5 years – 10 years
1 year – less than 5 years
|
|
|
New Generation Banks |
||||||||
|
AXIS Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.25 6.25 7.30 7.50 7.25 7.25 7.25 |
6.25 6.25 7.95 8.15 7.75 7.75 7.75 |
7.50
7.35
|
2 years – less than 3 years
13 months to less than 14 months |
8.15
8 |
2 years – less than 3 years
13 months to less than 14 months |
|
|
HDFC Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.25 6.75 7.30 7.30 7.40 7.25 7.25 |
6.75 7.25 7.80 7.80 7.90 7.75 7.75 |
7.40
7.30
|
2 years 1 day – 3 years
1 year -2 years
|
7.90
7.80 |
2 years 1 day – 3 years
1 year -2 years |
|
|
ICICI Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.25 6.25 6.90 7.10 7.50 7.25 7.25 |
6.75 6.75 7.40 7.60 8.10 7.75 7.75 |
7.50
7.25 |
2 years one day up to 3 years
3 years one day up to 5 years |
8
7.75 |
2 years one day up to 3 years
3 years one day up to 5 years
|
|
|
IndusInd Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.50 7.25 8.00 7.50 7.50 7.50 7.50 |
7.00 7.75 8.50 8.00 8.00 8.00 8.00 |
8.00
7.50 |
1 year to below 2 years
270 days to below 1 year |
8.50
8.00 |
1 year to below 2 years
270 days to below 1 year |
|
|
Kotak Mahindra Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.25 6.75 7.30 7.25 7.10 7.00 6.50 |
6.75 7.25 7.80 7.75 7.60 7.50 7.00 |
7.30
7.25 |
365 days to less than 23 months
23 months to less than 3 years |
7.80
7.75 |
365 days to less than 23 months
23 months to less than 3 years |
|
|
Yes Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.90 7.10 7.25 7.25 7.25 7.25 7.25 |
7.40 7.60 7.75 7.75 7.25 7.25 7.25 |
7.85
7.50 |
18 months 8 days to 18 months 18 days
12 months 10 days to 12 months 20 days |
8.35
8.00 |
18 months 8 days to 18 months 18 days
12 months 10 days to 12 months 20 days |
|
|
Old Generation Private Sector Banks |
||||||||
|
City Union Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.75 7.00 7.35 7.35 7.35 7.35 7.35 |
6.75 7.00 7.50 7.50 7.50 7.50 7.50 |
7.35
7.00 |
365 Days to 5 Years
181 days to 364 days |
7.50
7.00 |
365 Days to 5 Years
181 days to 364 days |
|
|
Federal Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.50 6.90 7.30 7.30 7.25 7.25 7.25 |
7.00 7.40 7.80 7.80 7.75 7.75 7.75 |
7.50
7.40 |
555 Days
Above 2 years less than 3 years |
8.00
7.90 |
555 Days
Above 2 years less than 3 years |
|
|
Jammu Kashmir Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.50 7.05 7.55 7.55 7.55 7.55 6.75 |
7.00 7.75 8.05 8.05 8.05 8.05 7.25 |
7.55
7.05 |
1 year to less than 5 years
181 days to 270 days |
8.05
7.55 |
1 year to less than 5 years
181 days to 270 days |
|
|
Karnataka Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.50 6.50 7.50 7.50 7.00 7.00 7.00 |
7.00 7.00 8.00 8.00 7.50 7.50 7.50 |
7.50
7.00 |
1 year to 2 years
Above 2 years to 5 years |
8.00
7.50 |
1 year to 2 years
Above 2 years to 5 years
|
|
|
Karur Vysya Bank |
91 days 181 days 1 year 2 years 3 years 4 years 5 years |
6.90 6.75 7.25 7.25 7.00 7.00 7.00 |
6.90 6.75 7.75 7.75 7.75 7.50 7.50 |
7.25
7.00 |
1 year to less than 3 years
3 years to 10 years |
7.75
7.50 |
1 year to less than 3 years
3 years to 10 years
|
|
Depositors Please Note:-
Celebrate Banking has taken reasonable precaution in ensuring accuracy of interest rates on fixed deposit rate. However, the team does not guarantee correctness of interest rates mentioned below. Only the interest rates of 15 banks are compared where as there are many other banks under public sector, new generation private sector, old private sector and small finance bank categories. Individual investors shall visit the website of respective banks / branches for ascertaining the interest rate before opening fixed deposit. The comparison shall be considered only for referral purpose and not for decision making. CelebrateBanking.com or employees or management will not be liable for losses that may arise on investment decision made purely on the basis of interest rates mentioned below.
