Fixed deposits (FDs) continue to be the most popular investment choice in India.
They are preferred by people of all ages because of their safety and guaranteed returns.
From tax savings to emergency funds, FDs serve multiple purposes and are suitable for both short-term and long-term investments.
If you are planning to invest in an FD, it’s important to compare interest rates across banks.
Even a small difference in rates can significantly affect your returns. For example:
On a deposit of ₹10 lakh for 3 years, a 0.50% higher rate can give you an extra ₹15,000.
On a ₹20 lakh FD, the benefit can go up to ₹30,000.
FD Interest Rates of Top Banks
Here are the latest FD rates offered by some leading public and private sector banks:
HDFC Bank: 6.6% for general investors and 7.10% for senior citizens on FDs of 18–21 months (effective June 25).
ICICI Bank: 6.6% for general investors and 7.10% for senior citizens on FDs of more than 2 years.
Kotak Mahindra Bank: 6.6% for general investors and 7.10% for senior citizens on FDs of 391 days to 23 months (effective August 20).
Union Bank of India: 6.6% on 3-year FDs (effective August 20).
State Bank of India (SBI): 6.45% for general investors and 6.95% for senior citizens on FDs of 2–3 years (effective July 15).
Bank of Baroda: 6.6% for general investors and 7.10% for senior citizens on its 444-day FD (Square Drive Deposit Scheme) (effective September 12).
By comparing these rates carefully, you can choose the bank that maximizes your returns on FDs.
