All About FD Interest Rates
Table of Contents
Fixed deposits are a safe investment option that guarantees consistent interest rates, special interest rates for senior citizens, various interest payment options, and no market-related risks, with income tax deductions. It is important to compare the latest fixed deposit rates among leading banks in the country before opening a new fixed deposit or renewing an existing one. Here are the latest fixed deposit rates for the year 2021.
Fixed Deposit Interest Rates of Top 10 Banks in India for Deposits of Below Rs. 2 Crore
Given below are the latest interest rates offered by top banks for tenures ranging from 7 days to 10 years as of November 2021.
|
Name of Bank |
For General Citizens |
For Senior Citizens |
|
State Bank of India FD |
2.90% to 5.40% |
3.40% to 6.20% |
|
ICICI Bank FD |
2.50% to 5.50% |
3.00% to 6.30% |
|
HDFC Bank FD |
2.50% to 5.50% |
3.00% to 6.25% |
|
Canara Bank FD |
2.90% to 5.25% |
2.90% to 5.75% |
|
Axis Bank FD |
2.50% to 5.75% |
2.50% to 6.50% |
|
Bank of Baroda FD |
2.50% to 5.75% |
3.30% to 6.25% |
|
IDFC Bank FD |
2.50% to 5.25% |
3.00% to 5.75% |
|
Bank of India FD |
2.85% to 5.05% |
3.35% to 5.55% |
|
Punjab National Bank FD |
2.90% to 5.25% |
3.50% to 5.75% |
|
Punjab and Sind Bank FD |
3.00% to 5.30% |
3.50% to 5.80% |
Best FD Rates in India among Top 10 Banks
- Axis Bank offers the highest FD interest rate of 5.75% p.a. which is for a tenure of 5 years and above for the general public. For senior citizens, the interest rate is up to 6.50%.
- The second highest interest rate is 5.50% p.a. which is offered by ICICI Bank and HDFC Bank for a tenure of 5 years and above.
- The third highest interest rate being offered is 5.40% p.a. which is offered by SBI for a tenure of 5 years and above.
Top Tax Saver FD Interest Rates
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 0.50% additional interest rate.
These are the interest rates as of November 2021.
|
Name of Bank |
For General Citizens |
For Senior Citizens |
|
SBI Bank Tax Saving FD |
5.30% |
5.80% |
|
HDFC Bank Tax Saving FD |
5.35% |
5.85% |
|
Canara Bank Tax Saving FD |
5.35% |
5.75% |
|
Axis Bank Tax Saving FD |
5.40% |
6.05% |
|
Bank of Baroda Tax Saving FD |
5.25% |
5.75% |
|
IDFC Bank Tax Saving FD |
5.25% |
5.75% |
|
PNB Tax Saving FD |
5.25% |
5.75% |
|
IDFC First Bank |
5.25% |
5.75% |
|
Punjab and Sind Bank |
5.30% |
5.80% |
Best Tax Saver FD Interest Rates
- The highest interest rate on Tax Saver FDs for the general public is being offered by IndusInd Bank at 6.00% p.a.
- Axis Bank and Union Bank of India offer the second-highest interest rates for the general public at 5.40% p.a.
- For senior citizens, the highest interest rate is 6.50% p.a. offered by IndusInd Bank and 6.05% offered by Axis Bank.
Conclusion
The interest you can earn on your deposited amount depends on multiple factors, including the amount invested, tenure, rate of interest, interest computation frequency, and taxation. You can calculate the returns on your investment by using an FD calculator. The entire process of calculating the amount is easy and hassle-free. All you need to do is enter the deposit term, choose the type of FD (reinvestment, quarterly, or monthly payment), the investment amount, the date of account opening, and the interest rate.
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