3 things to Know Before Investing in fixed deposit. Check

Au Small Bank

Bank -

AU Small Finance Bank

Deposite Amount -

1000.00 *

Tenure -

10 Year*

Interest -

6.75 %*

More Details Apply Now

Axis Bank Fixed Deposit

Bank -

Axis Bank

Deposite Amount -

5000.00 *

Tenure -

7 Days - 10 Year*

Interest -

8.00 %*

More Details Apply Now

Baroda SUVIDHA Flexible Fixed Deposit Scheme

Bank -

Bank Of Baroda

Deposite Amount -

5000.00 *

Tenure -

1 Year*

Interest -

4.00 %*

More Details Apply Now

Bank of India FD

Bank -

Bank of India

Deposite Amount -

100.00 *

Tenure -

10 Year*

Interest -

5.00 %*

More Details Apply Now

Bajaj Fixed Deposit

Bank -

Bajaj Finserv

Deposite Amount -

25000.00 *

Tenure -

7 Year*

Interest -

5.00 %*

More Details Apply Now

City Union Fixed Deposit

Bank -

City Union Bank

Deposite Amount -

100.00 *

Tenure -

10 Year*

Interest -

5.00 %*

More Details Apply Now

Citi Bank FD

Bank -

Citi Bank

Deposite Amount -

1000.00 *

Tenure -

1 days to 3 Year*

Interest -

4.00 %*

More Details Apply Now

Digibank fixed deposit

Bank -

DBS

Deposite Amount -

5000.00 *

Tenure -

7 Days - 10 Year*

Interest -

7.00 %*

More Details Apply Now

Flexi Fixed Deposit for Current Account customers

Bank -

ICICI BANK

Deposite Amount -

100000.00 *

Tenure -

2 Year*

Interest -

6.00 %*

More Details Apply Now

Golden years fixed deposit from ICICI Bank

Bank -

ICICI BANK

Deposite Amount -

20000000.00 *

Tenure -

5 Year*

Interest -

7.00 %*

More Details Apply Now

HSBC Fixed Deposit

Bank -

HSBC BANK

Deposite Amount -

10000.00 *

Tenure -

5 Year*

Interest -

2.00 %*

More Details Apply Now

HDFC Bank Fixed Deposit

Bank -

HDFC Bank

Deposite Amount -

10000.00 *

Tenure -

7 Days - 10 Year*

Interest -

7.00 %*

More Details Apply Now

Indusind bank Fixed Deposit

Bank -

IndusInd Bank

Deposite Amount -

10000.00 *

Tenure -

10 Year*

Interest -

6.00 %*

More Details Apply Now

IDFC BANK Fixed Deposit

Bank -

IDFC Bank

Deposite Amount -

10000.00 *

Tenure -

5 Year*

Interest -

6.00 %*

More Details Apply Now

ICICI Bank Fixed Deposit

Bank -

ICICI Bank

Deposite Amount -

10000.00 *

Tenure -

7 Days - 10 Year*

Interest -

7.00 %*

More Details Apply Now

Jana Small Regular Fixed Deposit

Bank -

Jana Small Finance Bank

Deposite Amount -

1000.00 *

Tenure -

10 Year*

Interest -

6.75 %*

More Details Apply Now

Kotak Bank's Fixed Deposits

Bank -

Kotak Bank

Deposite Amount -

5000.00 *

Tenure -

1 days to 10 Year*

Interest -

5.20 %*

More Details Apply Now

RBL Bank

Bank -

RBL BANK

Deposite Amount -

2000.00 *

Tenure -

7 days - 20 Year*

Interest -

6.50 %*

More Details Apply Now

Standard Chartered Term Deposit

Bank -

Standard Chartered Bank

Deposite Amount -

10000.00 *

Tenure -

1 Year*

Interest -

5.50 %*

More Details Apply Now

Shriram City FD

Bank -

Shriram City

Deposite Amount -

5000.00 *

Tenure -

5 Year*

Interest -

7.75 %*

More Details Apply Now

Selfe Fixed Deposit

Bank -

Equitas Small Finance Bank

Deposite Amount -

5000.00 *

Tenure -

1 Year*

Interest -

6.10 %*

More Details Apply Now

SBI Fixed Deposit

Bank -

State Bank Of India

Deposite Amount -

5000.00 *

Tenure -

7 Days - 10 Year*

Interest -

7.25 %*

More Details Apply Now

Tax Saver Fixed Deposits

Bank -

ICICI BANK

Deposite Amount -

10000.00 *

Tenure -

5 Year*

Interest -

3.00 %*

More Details Apply Now

Union Bank FD

Bank -

Union Bank

Deposite Amount -

1000.00 *

Tenure -

6 months - 10 Year*

Interest -

5.50 %*

More Details Apply Now

Yes Bank Fixed Deposit

Bank -

Yes bank

Deposite Amount -

10000.00 *

Tenure -

10 Year*

Interest -

7.00 %*

More Details Apply Now

Frequently Asked Questions

Here are a few of customers’ common concerns regarding Fixed Deposit.

A fixed deposit is a financial instrument where a certain amount of funds is deposited and held for a fixed period of time. The length of the deposit term is determined by the investor and can vary from a few days to several years.

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a)
State Bank of India FD	3.00% to 6.10%	3.50% to 6.90%
HDFC Bank FD	3.00% to 6.25%	3.50% to 7.00%
ICICI Bank FD	3.00% to 6.35%	3.50% to 6.95%
IDBI Bank FD	3.00% to 6.25%	3.50% to 7.00%
Kotak Mahindra Bank FD	2.75% to 6.50%	3.25% to 7.00%
RBL Bank FD	3.25% to 7.25%	3.75% to 7.75%
Punjab National Bank FD	3.50% to 7.00%	4.00% to 7.50%
Canara Bank FD	3.25% to 7.00%	3.25% to 7.50%
Axis Bank FD	3.50% to 6.50%	3.50% to 7.25%
Bank of Baroda FD	3.00% to 5.65%	3.50% to 6.65%
IDFC First Bank FD	3.50% to 7.25%	4.00% to 7.75%

The fixed deposit interest rates offered by other banks in India are given below for deposits below Rs.2 crore, as of November 2022. These are for tenures ranging from 7 days to 10 years.

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
Axis Bank	3.00% to 7.10%	3.50% to 7.75%
Bandhan Bank	3.00% to 7.85%	3.75% to 8.35%
Bank of Baroda	3.00% to 7.25%	3.50% to 7.750%
Canara Bank	4.00% to 7.25%%	4.00% to 7.75%
Central bank of India	3.50% to 6.75%	4.00% to 7.25%
HDFC Bank	3.00% to 7.20%	3.50% to 7.75%
ICICI Bank	3.00% to 7.10%	3.50% to 7.65%
IDBI Bank	3.00% to 6.80%	3.50% to 7.30%
IDFC First bank	3.00% to 7.75%	3.50% to 8.25%
Indusind Bank	3.50% to 7.85%	4.25% to 8.25%
Karnataka Bank	3.50% to 7.25%	3.50% to 7.75%
Kotak Mahindra Bank	2.75% to 7.25%	3.25% 7.75%
Punjab national bank	3.50% to 7.25%	4.00% to 7.75%
RBL Bank	3.5% to 8.00%	4.00% to 8.50%
South Indian bank	2.90% to 3.70%	3.40% to 7.50%
State bank of india	3.00% to 7.10%	3.50% to 7.60%
UCO Bank	2.90% to 6.50%	3.15% to 7.00%
Union Bank of India k	3.00% to 7.00%	3.50% to 7.50%
Yes Bank	3.25% to 7.75%	3.75% to 8.25%

On the occasion of Independence Day, the State Bank of India (SBI), launched a new term deposit scheme known as ‘Utsav Deposit.’ This fixed deposit offers higher interest rates and is available for a period of 75 days. SBI's Utsav Fixed Deposit Scheme offers an interest rate of 6.10% p.a. on a tenure of 1,000 days. Senior citizens will receive an additional interest rate of 0.50% p.a. These interest rates are effective from 15 September 2022.

Normal Fixed Deposits
Tax-Saving Fixed Deposits
Senior Citizen Fixed Deposits
NRI Fixed Deposits
Cumulative/Non-Cumulative Fixed Deposits
Flexi Fixed Deposits

Fixed Tenure: The term of a fixed deposit is set in betterment and can be anywhere from 7 days to 10 years. When opening an FD account, you have the chance to select as per expect your tenure.
Minimum Deposit Requirement: To open a fixed deposit, banks usually have minimum deposit needs. The minimum amount may differ between different types of organisations.
Fixed Interest Rate:For the duration of the set tenure, the interest rate on a fixed deposit is levied at the time the account is opened.
Nominations facilityIn the circumstance of an account holder's death, the nominee will receive the funds.
Individuals and Joint investors:You can open a fixed deposit by individuals & with a joint investor, it can be your friend, spouse, or any family member.

Tax-saver FDs offer a maximum deduction of Rs.1.5 lakh under Section 80C of the Income Tax Act with the maximum deposit permissible being Rs.1.5 lakh. The lock-in period is 5 years. Senior citizens are offered an additional interest rate.

These are the interest rates as of November 2022.

Name of the Tax Saving FD	For General Citizens (p.a.)	For Senior Citizens (p.a.)
SBI Bank Tax Saving FD	6.10%	6.60%
IndusInd Bank Tax Saver Scheme	6.75%	7.50%
RBL Bank Tax Saving FD	6.55%	7.05%
HDFC Bank Tax Saving FD	6.10%	6.60%
Canara Bank Tax Saving FD	6.50%	Contact the bank
Axis Bank Tax Saving FD	6.10%	6.85%
Bank of Baroda Tax Saving FD	5.65%	6.30%
IDFC First Bank Tax Saving FD	6.50%	Contact the bank
Union Bank of India Tax Saving FD	6.70%	Contact the bank
PNB Tax Saving FD	5.80% onwards	6.30% onwards
Punjab and Sind Bank Tax Saving FD	6.10%	6.60%
IDBI Bank Tax Saving FD	6.10%	6.85%

Small Finance Banks also provide high interest rates on FDs. Here are the highest interest rates for deposits below Rs.2 crore for tenures ranging from 7 days to 10 years effective from November 2022.

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
Suryoday Small Finance Bank FD	4.00% to 8.01%	4.50% to 8.26%
Ujjivan Small Finance Bank FD	3.75% to 8.00%	4.25% to 8.50%
ESAF Small Finance Bank FD	4.00% to 8.00%	4.50% to 8.50%
Unity Small Finance Bank FD	4.50% to 7.80%	4.50% to 8.30%
Jana Small Finance Bank FD	2.50% to 7.55%	3.45% to 8.50%
Utkarsh Small Finance Bank FD	4.00% to 7.75%	4.75% to 8.50%
Equitas Small Finance Bank FD	3.50% to 7.50%	Contact the bank

NBFCs also offer competitive interest rates on their fixed deposit accounts. Here are the highest interest rates for tenures ranging from 1 year to 5 years for deposits less than Rs.2 crore effective from November 2022.

Name of Bank	Tenure	For General Citizens (p.a.)	For Senior Citizens (p.a.)
LIC Housing Finance FD	12 months to 60 months	6.75% to 7.40% (up to deposit of Rs.20 crore for cumulative)	7.00% to 7.65% (up to deposit of Rs.20 crore for cumulative)
PNB Housing Finance FD	12 months to 120 months	6.80% to 7.55% (cumulative)	7.30% to 7.80% (cumulative)
Shriram City Union Finance FD	12 months to 60 months	Up to 8.00% (non-cumulative)	Contact the bank

Here are the highest interest rates for deposits below Rs.2 crore for tenures ranging from 7 days to 10 years effective from November 2022.

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
Deutsche Bank FD	3.00% to 7.25%	3.00% to 7.25%
CitiBank FD	1.85% to 6.75%	2.35% to 7.25%
DBS Bank FD	2.50% to 6.50%	3.00% to 7.00%
HSBC Bank FD	2.50% to 7.00%	3.00% to 7.50%
Standard Chartered Bank FD	2.75% to 6.25%	3.25% to 6.75%
Barclays Bank FD	4.90% to 5.93%	4.90% to 5.93%

These are the highest 1-year FD rates offered by different banks

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
IDFC First Bank	6.25%	6.75%
Bank of India	5.75%	6.25%
IDBI Bank	6.25%	6.75%
Punjab National Bank	6.30%	6.80%
Canara Bank	6.25%	6.75%
State Bank of India	6.10%	6.60%
Punjab and Sind Bank	6.10%	6.60%

These are the highest 2-year FD rates offered by banks effective from November 2022:

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
IDFC First Bank	6.75%	7.25%
IDBI Bank	6.25%	7.00%
Union Bank of India	6.60%	Contact the bank
Canara Bank	6.25%	6.75%

These are the highest 3-year FD rates offered by different banks

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
IDFC First Bank	6.50%	7.00%
Axis Bank	6.50%	7.25%
IDBI Bank	6.10%	6.85%
State Bank of India	6.10%	6.60%
Punjab and Sind Bank	6.10%	6.60%

A new fixed deposit scheme called KBL Amrit Samriddhi scheme was launched by Karnataka Bank on the occasion of the Independence Day and mark the platinum jubilee of the day on which the country got its independence.

The bank will offer an interest rate of 6.10% on tenure of 525 days.

These are the highest 5-year FD rates offered by banks effective from November 2022:

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a.)
IDFC First Bank	6.50%	7.00%
Union Bank of India	6.70%	Contact the bank
IDBI Bank	6.10%	6.85%
Canara Bank	6.50%	7.00%
Axis Bank	6.50%	7.25%
State Bank of India	6.10%	6.90%

Fixed deposits for senior citizens have some features that differentiate them from fixed deposits for the general public, such as:

The depositor should be 60 years and above at the time of opening the fixed deposit account
Depending on the bank, interest rates are higher by 0.25% to 0.50%
The tenure is between 7 days and 10 days
Loan against FD can be availed
Penalties for premature withdrawal are the same as for the general public

The following entities are eligible to open an FD account in India:

Indian resident
NRI
Minors
Senior citizens
Companies
Partnership firms
Individuals or joint investors
Societies or clubs
Sole proprietorship

The documents required for opening an FD account are as given below:

Proof of identity: Voter ID, PAN card, Aadhaar card, driving license, photo ration card, senior citizen ID card, etc.
Proof of address: Utility bills, bank statement with cheque, Post-office issued identification card or certificate, etc.

You can open an FD in two ways: online and offline.

Online: To open an FD account online, it would be easiest to do so with the bank where you already have an account. All you have to do is use the net banking facility, fill up the online form for opening an FD, and submit it. In such cases, KYC will not be required as your bank will already have the details. You can transfer the funds through your account using the internet banking facility.

Offline: Visit the nearest branch of your bank and fill up the application form for opening an FD account. Submit it to the concerned official with the required documents. Deposit the required amount and you will receive the FD receipt.

There are many factors that affect FD interest rates, some of which are given below:

Deposit Tenure: The lower the tenure, the lower will be the interest rate and the higher or medium range the tenure, the higher the interest rate will be.
Deposit Amount: Higher deposit amounts will fetch you higher interest rates, especially bulk deposits exceeding Rs.1 crore.
Depositor type: Senior citizens typically get 0.25% to 0.50% additional interest rate on fixed deposits.

The income you earn on your FD is termed as Income from Other Source and it is fully taxable.
Banks will not deduct TDS, if your interest income from fixed deposits is less than Rs.40,000 in a year.
You need to submit Form 15G and Form 15H to the bank at the beginning of the financial year. Banks will not deduct TDS following the form submission.

It is beneficial to understand the credit ratings of corporate fixed deposits before you open an account. These ratings are a testament to the consistency, stability, and credibility of the companies that offer these FDs.

The CRISIL credit ratings for FDs fall under the categories as given below:

Rating	Standard
FAAA	Highest safety
FAA	High safety
FA	Adequate safety
FB	Inadequate safety
FC	High risk
FD	Default
NM	Not Meaningful

The ICRA credit ratings for FDs fall under the categories as given below (these also have positive and negative values)

Rating	Standard
MAAA	Highest credit quality
MAA	High credit quality
MA	Adequate credit quality
MB	Inadequate credit quality
MC	Risk-prone credit quality
MD	Lowest credit quality

Here are the factors to look into when choosing a fixed deposit:

Compare the FD interest rates of different banks.
Review the credibility of the lender by examining the fixed deposit’s safety rating as given by ICRA or CRISIL.
Choose whether you want a cumulative or non-cumulative fixed deposit.
You can choose any that has good service and simple steps to apply for a fixed deposit.

Fixed deposits have several advantages, some of which are:

Low risk: Market risks do not affect the returns on your fixed deposits.
Insurance: Your deposits are insured for up to Rs.1 lakh by the RBI.
Loan against FD: You can avail loans of up to 90% of your deposit amount at very low interest rates. This will usually be around 2% more than the FD interest rate.
Easy liquidity: In the case of an emergency, you can easily liquidate your FD and release the funds.
Regular income: You can get the interest sum credited as per your requirements on a monthly, quarterly, or annual basis.
Tax benefits: Investing in tax-saving fixed deposits will fetch you tax deductions of up to Rs.1.5 lakh in a financial year.
Senior citizens: Senior citizens are offered a higher interest rate compared to regular customers.
Earn interest on your deposits and see your wealth grow.
Flexible tenures.

Online steps:

Visit the official site and start the process of opening the FD.
Log in to your bank account & if you don't have one, create a new account on the bank website.
Navigate to FD option.
You have to complete all mandatory fields, including tenure, amount, nominee, and digital signatures and upload all the necessary documents.
Confirm all of the information and submit it. Make the payment through internet banking and you have to keep the receipt for future use to upgrade the FD for more years.

Offline Steps:

Visit the bank and request a fixed deposit opening form.
Then, complete the Fixed deposit application with the correct details including the amount and tenure. Submit the needed documents and the completed application form to the bank.
Provide the desired amount to invest in the fixed deposit account in cash or by cheque.
The bank will process your application and open your FD account.