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Investment Simplified > Investment > Fixed Deposit Interest Rates: Best FD Rates in India
Investment

Fixed Deposit Interest Rates: Best FD Rates in India

Monika Mohan
Monika Mohan May 5, 2022 10 Min Read
Updated 2022/12/09 at 2:49 PM
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Among all the banks and financial institutions, small finance banks are offering the best fixed deposit interest rates in India. Currently, Suryodaya Small Finance Bank is providing the highest FD interest rate of 9.01% (9.26% for senior citizens) for a tenure of 181 days and 501 days.

Contents
Best FD Rates by Small Finance BanksBank-wise FD Interest Rates in IndiaWho Should Invest in a Fixed Deposit?Best Fixed Deposit Rates: FAQs

Know about the best fixed deposits rates by the top banks in India in this post.

Best Fixed Deposit Rates in India

The following are the best fixed deposit interest rates in India offered by small finance banks and commercial banks, both:

Banks in IndiaFD Interest Rates (% p.a.)
Highest FD rateHighest FD Rate
1 year3 years5 years
Suryoday Small Finance Bank9.017.007.259.01
Unity Small Finance Bank8.507.357.657.65
ESAF Small Finance Bank8.005.505.755.25
Ujjivan Small Finance Bank8.006.507.207,20
Fincare Small Finance Bank8.006.757.007.00
Utkarsh Small Finance Bank8.007.507.507.50
North East Small Finance Bank7.755.257.006.50
Jana Small Finance Bank7.557.007.557.25
RBL Bank7.557.006.556.55
Equitas Small Finance Bank7.507.107.406.75
Bandhan Bank7.507.007.005.60
Shivalik Small Finance Bank7.506.757.507.00
DCB Bank7.506.757.507.25
AU Small Finance Bank7.505.857.506.95
Union Bank of India7.306.307.306.70
IDFC First Bank7.256.506.506.50
Yes Bank7.257.006.756.75
Bank of India7.255.756.255.75
SBM Bank7.006.757.007.00
Punjab National Bank7.006.306.256.10
Updated FD Rates as on 8th December ’22.

Note: Senior citizens get extra 0.25 – 0.50% in most of the cases. Please check the bank website for the updated information on the additional FD rates for senior citizens.

Did You Know?

Tax-saving FDs provide a maximum deduction of INR 1.5 lakh under Section 80C of the Income Tax Act, with a deposit limit of INR 1.5 lakh. The contract includes a five-year lock-in period. Senior citizens are entitled to an additional 0.50 per cent interest rate.

Best FD Rates by Small Finance Banks

Small Finance Bank NameFD Interest Rates (% p.a.)
Highest FD Rate1 year3 years5 years
Suryodaya Small Finance Bank 9.107.007.259.01
Unity Small Finance Bank8.507.357.657.65
ESAF Small Finance Bank8.005.505.766.25
Ujjivan Small Finance Bank8.006.507.207.20
Fincare Small Finance Bank8.006.757.007.00
Utkarsh Small Finance Bank8.007.507.507.50
North East Small Finance Bank7.755.257.006.50
Jana Small Finance Bank7.557.007.557.25
Equitas Small Finance Bank7.507.107.406.75
AU Small Finance Bank7.505.857.506.95
Shivalik Small Finance Bank7.506.757.507.00
up to 0.75% additional fixed deposit interest rates offered to senior citizens

Did you Know?

Senior citizens often get 0.25 per cent to 0.75% additional interest on fixed deposits.

Bank-wise FD Interest Rates in India

Below-mentioned are the best fixed deposit interest rates by various commercial banks and small finance banks in India. Please check the FD rates here:

Suryoday Small Finance Bank FD Rates

Suryoday Small Finance Bank FD rates range from 3.00-7.75% p.a. for the general public. Please check the table below for FD rates offered by the bank for different time periods:

Highest slab rate9.01% p.a. (for 5 years)
For 1 year7.00% p.a.
For 2 years8.01% p.a.
For 3 years7.25% p.a.
For 4 years6.75% p.a.
For 5 years9.01% p.a.
Tax-Saving FD9.01% p.a.
FD Rates updated as on 8th December ’22.

Unity Small Finance Bank FD Rates

Unity Small Finance Bank FD rates range from 3.00-7.75% p.a. for the general public. Please check the table below for FD rates offered by the bank for different time periods:

Highest slab rate7.80% (for 1 year 1 day)
For 1 year7.35% p.a.
For 2 years7.40% p.a.
For 3 years7.65% p.a.
For 4 years7.65% p.a.
For 5 years7.65% p.a.
FD Rates updated as on 8th December ’22.

Ujjivan Small Finance Bank FD Rates

Please check the table below for the Ujjivan Bank FD rates offered by the bank for different time periods:

Highest slab rate8.00% (for 80 weeks)
For 1 year6.50% p.a.
For 2 years7.50% p.a.
For 3 years7.20% p.a.
For 4 years7.20% p.a.
For 5 years7.20% p.a.
Tax-Saving FD7.20% p.a.
FD Rates updated as on 8th December ’22.

Fincare Small Finance Bank FD Rates

The following are the Fincare FD rates offered by the bank for different time periods:

Highest slab rate8.00% (for 1000 days)
For 1 year6.75%
For 2 years6.75%
For 3 years7.00%
For 4 years7.00%
For 5 years7.00%
Tax-Saving FD7.00%
FD Rates updated as on 8th December ’22.

Utkarsh Small Finance Bank FD Rates

Please check the table below for Utkarsh FD rates offered by the bank for different time periods:

Highest slab rate8.00% p.a. (for 700 days)
For 1 year7.50% p.a.
For 2 years7.50% p.a.
For 3 years7.50% p.a.
For 4 years7.50% p.a.
For 5 years7.50% p.a.
Tax-Saving FD7.50% p.a.
FD Rates updated as on 8th December ’22.

North East Small Finance Bank FD Rates

Below-mentioned are the North East Bank FD rates for different time periods:

Highest slab rate7.75% p.a. (for 1111 days)
For 1 year5.25% p.a.
For 2 years7.00% p.a.
For 3 years7.00% p.a.
For 4 years6.50% p.a.
For 5 years6.50% p.a.
FD Rates updated as on 8th December ’22.

Jana Small Finance Bank FD Rates

Check the table below for Jana FD rates offered by the bank for different time periods:

Highest slab rate7.55% p.a. (for above 2 years to 3 years)
For 1 year7.00% p.a.
For 2 years7.50% p.a.
For 3 years7.55% p.a.
For 4 years7.35% p.a.
For 5 years7.25% p.a.
Tax-Saving FD7.25% p.a.
FD Rates updated as on 8th December ’22.

SBI FD Rates

Please check the table below for the SBI FD rates offered by the bank for different time periods:

Highest slab rate6.25% p.a. (for 2 years to less than 3 years)
For 1 year6.10% p.a.
For 2 year6.25% p.a.
For 3 year6.10% p.a.
For 4 year6.10% p.a.
For 5 year6.10% p.a.
Tax-Saving FD6.10% p.a.
FD Rates updated as on 8th December ’22.

RBL Bank FD Rates

Please check the table below for the RBL Bank FD rates offered for different time periods:

Highest slab rate7.00% (from 15 months to 725 days)
For 1 year7.00% p.a.
For 2 years7.00% p.a.
For 3 years6.55% p.a.
For 4 years6.55% p.a.
For 5 years6.55% p.a.
Tax-Saving FD6.55% p.a.
FD Rates updated as on 8th December ’22.

Union Bank of India FD Rates

Please check the table below for the Union Bank FD rates offered by the bank for different time periods:

Highest slab rate7.30% p.a. (for 800 days; 3 years)
For 1 year6.30% p.a.
For 2 years6.30% p.a.
For 3 years7.30% p.a.
For 4 years6.70% p.a.
For 5 years6.70% p.a.
Tax-Saving FD6.70% p.a.
FD Rates updated as on 8th December ’22.

IDFC First Bank FD Rates

Please check the table below for the IDFC First fixed deposit rates offered by the bank for different time periods:

Highest slab rate7.25% (for 750 days)
For 1 year6.50% p.a.
For 2 years6.75% p.a.
For 3 years6.50% p.a.
For 4 years6.50% p.a.
For 5 years6.50% p.a.
Tax-Saving FD6.50% p.a.
FD Rates updated as on 8th December ’22.

YES Bank FD Rates

Please check the table below for the YES Bank FD rates for different time periods:

Highest slab rate7.25% p.a. (for 20 months to 22 months)
For 1 year7.00% p.a.
For 2 years7.00% p.a.
For 3 years6.75% p.a.
For 4 years6.75% p.a.
For 5 years6.75% p.a.
Tax-Saving FD6.75% p.a.
FD Rates updated as on 8th December ’22.

SBM Bank FD Rates

The following are the SBM Bank fixed deposit interest rates for different FD tenure:

Highest slab rate7.00%
For 1 year6.75% p.a.
For 2 years6.40% p.a.
For 3 years7.00% p.a.
For 4 years7.00% p.a.
For 5 years7.00% p.a.
FD Rates updated as on 8th December ’22.

Punjab National Bank FD Interest Rates

Please check the table below for the PNB FD rates for different time periods:

Highest slab rate7.00% p.a. (for 600 days)
For 1 year6.30% p.a.
For 2 years6.30% p.a.
For 3 years6.25% p.a.
For 4 years6.10% p.a.
For 5 years6.10% p.a.
Tax-Saving FD6.10% p.a.
FD Rates updated as on 8th December ’22.

Who Should Invest in a Fixed Deposit?

If you’re looking for guaranteed returns on your investment

The Best Fixed Deposit Rates in India booked at account opening are locked in until maturity, regardless of the FD card rate changes. For example, if a person opens a three-year bank fixed deposit at 6% p.a., the interest rate will be selected for three years. Consequently, the best fixed deposit schemes have significantly more income certainty than other modest saving programs.

If risk-free investment is your goal

Fixed deposits with scheduled banks are insured by the DICGC deposit insurance system, which is an RBI subsidiary. In the case of failure, insurance covers cumulative bank deposits, including fixed deposits, recurring deposits, savings accounts, and current accounts, up to INR 5 lakh per bank and depositor.

Please note: It includes scheduled commercial banks and small finance banks only. Company deposits are not included in the DICGC deposit insurance.

If You Want to Save on Income Tax

Many banks and non-bank financial companies provide 5-year tax-free fixed-rate deposits with a 5-year lock-in period. These also provide some of the best fixed deposit rates in India. An investment of up to INR 1.5 lakh can be claimed as a tax deduction under Section 80C of the Income Tax Act. Please note that the interest earned on such FDs is taxable.

Best Fixed Deposit Rates: FAQs

Which bank gives the highest FD interest?

Currently, Suryodaya Small Finance Bank is offering the highest interest (9.01%) on fixed deposit investments.

Can I withdraw FD before time?

Some banks allow customers penalty-free early withdrawals. However, if the FD is closed within 7 days of the booking date, the bank or organisation is not obligated to pay interest.

Read more about Senior Citizen FD Rates.

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Posted by Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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