The best FD rates in India help depositors earn fixed and predictable returns without taking market-linked risk. A fixed deposit offers a pre-decided fd interest rate for a selected tenure, so you can estimate your maturity amount before investing. However, banks and NBFCs revise FD interest rates from time to time.
So, before booking an FD, always check the latest official rate card, tenure, senior citizen benefit, premature withdrawal rule, payout option, and tax impact.
Quick Overview on Best FD Rates in India
The table below gives a quick snapshot of some of the best FD rates from the official bank and NBFC sources shared. These rates are mainly for retail deposits and may change based on deposit amount, tenure, depositor category, payout option, and special scheme conditions.
| Bank / NBFC | Highest Regular FD Rate | Highest Senior Citizen FD Rate | Popular High-Rate Tenure |
|---|---|---|---|
| HDFC Bank | 6.50% p.a. | 7.00% p.a. | 3 years 1 day to less than 4 years 7 months |
| State Bank of India | 6.45% p.a. | 7.05% p.a. | 444 days for public rate; 5 years to 10 years for senior citizen We-care benefit |
| ICICI Bank | 6.50% p.a. | 7.10% p.a. | Selected retail FD tenures |
| Axis Bank | 6.45% p.a. for deposits below ₹3 crore | 6.95% p.a. for deposits below ₹3 crore | 18 months to less than 2 years |
| Punjab National Bank | 6.70% p.a. | 7.20% p.a.; 7.50% p.a. for super senior citizens | 444 days |
| Canara Bank | Up to 6.70% p.a. | Up to 7.20% p.a.; up to 7.40% p.a. for super senior citizens | 555 days |
| Indian Bank | 6.60% p.a. | 7.10% p.a.; 7.35% p.a. for super senior citizens | IND Secure 444 days |
| Federal Bank | Up to 7.40% p.a. | Up to 7.90% p.a. | 777 days to less than 3 years for regular depositors; 50 months for senior citizens |
| IndusInd Bank | Up to 7.00% p.a. | Up to 7.75% p.a. | Selected FD tenures |
| Bajaj Finance | Up to 7.40% p.a. | Up to 7.75% p.a. | Selected Bajaj Finance FD tenures |
| Shriram Finance | Up to 7.25% p.a. | Additional senior citizen benefits as applicable | 36 to 60 months |
| PNB Housing Finance | 8.00% p.a. limited-period special scheme | Additional 0.25% p.a. for senior citizens, subject to conditions | 30 months |
Also Read: Post Office Fixed Deposit
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Best FD Rates by Top Banks
Bank FDs suit depositors who want stable returns, easy account access, online booking, branch support, and a familiar banking relationship. The second column below includes accurate FD interest rate data from the official rate pages and a short detail about the high-rate tenure.
| Bank | Accurate Interest Rate and Tenure Detail | Who May Prefer It? |
|---|---|---|
| HDFC Bank | HDFC FD rates go up to 6.50% p.a. for regular customers and 7.00% p.a. for senior citizens on 3 years 1 day to less than 4 years 7 months. | Customers who want private bank convenience, digital FD booking, and stable medium-term returns. |
| State Bank of India | SBI FD interest rate goes up to 6.45% p.a. for regular customers on Amrit Vrishti 444 days. Senior citizens can get up to 7.05% p.a. on 5 years to 10 years under the SBI We-care benefit. | Depositors who prefer a large public sector bank with strong branch and digital access. |
| ICICI Bank | ICICI FD rates go up to 6.50% p.a. for general citizens and 7.10% p.a. for senior citizens. | Customers who already use ICICI Bank net banking, savings account, or other retail banking products. |
| Axis Bank | Axis Bank offers 6.45% p.a. for general citizens and 6.95% p.a. for senior citizens on deposits below ₹3 crore for 18 months to less than 2 years. | Depositors who want a private bank FD with flexible tenure options and online account access. |
| Punjab National Bank | PNB offers 6.70% p.a. for regular customers, 7.20% p.a. for senior citizens, and 7.50% p.a. for super senior citizens on 444 days. | Public sector bank customers looking for a special-tenure deposit with higher senior benefits. |
| Canara Bank | Canara Bank lists rates up to 6.70% p.a. for regular customers, 7.20% p.a. for senior citizens, and 7.40% p.a. for super senior citizens on the 555 days tenure. | Depositors who want PSU bank comfort with special-tenure FD returns. |
| Indian Bank | Indian Bank’s IND Secure 444 days offers 6.60% p.a. for the public, 7.10% p.a. for senior citizens, and 7.35% p.a. for super senior citizens. | Customers who want a short special-tenure FD from a public sector bank. |
| Federal Bank | Federal Bank states FD rates go up to 7.40% p.a. for regular depositors for 777 days to less than 3 years and up to 7.90% p.a. for senior citizens for 50 months. | Depositors looking for higher private bank FD returns with online and branch booking options. |
| IndusInd Bank | IndusInd Bank lists FD rates up to 7.00% p.a. for regular customers and up to 7.75% p.a. for senior citizens. | Customers who want higher private bank FD rates and can compare tenure conditions carefully. |
Also Read: Bank FD Rates
Best FD Rates in India by NBFCs & HFCs
NBFC and housing finance company FDs may offer higher FD interest rates than many bank FDs. However, you should compare more than the return. Check credit rating, payout frequency, issuer profile, premature withdrawal rules, and whether the deposit suits your risk comfort.
| NBFC or HFC | Accurate Interest Rate Detail | Important Point |
|---|---|---|
| Bajaj Finance | Regular investors can earn up to 7.40% p.a., while senior citizens can get up to 7.75% p.a. | Check tenure, payout option, renewal rules, and issuer rating before booking. |
| Shriram Finance | Shriram Unnati FD lists up to 7.25% p.a. yearly or cumulative rate for 36 to 60 months under the normal scheme. | Additional benefits may apply for senior citizens, women depositors, and renewals, as per terms. |
| PNB Housing Finance | PNB Housing Finance lists a limited-period special scheme at 8.00% p.a. for 30 months. It also lists 7.15% p.a. for 40 months and an additional 0.25% p.a. for senior citizens, subject to conditions. | Check the scheme period, credit rating, payout mode, and senior citizen eligibility before investing. |
How to Choose the Best FD Rate
A higher fd rate of interest can improve your returns, but it should not be the only factor. Choose the FD that matches your goal, risk comfort, liquidity need, and tax position.
- Check the exact tenure: Many of the best fd rates apply only to special tenures such as 444 days, 555 days, 777 days, 30 months, 40 months, or 36 to 60 months.
- Compare regular and senior rates: Senior citizens often receive a higher fd interest rate. Super senior citizens may get an additional benefit in some banks.
- Look at payout choice: Choose cumulative FD if you want growth at maturity. Choose monthly, quarterly, half-yearly, or annual payout if you need regular income.
- Check premature withdrawal rules: Some deposits reduce the interest rate or charge a penalty if you withdraw early.
- Review issuer safety: For NBFC and HFC deposits, check ratings and company profile before chasing the highest rate.
- Compare post-tax return: FD interest is taxable, so the headline rate and final return may differ.
Also Read: NBFC FD Rates
Bank FD vs NBFC FD
When it comes to the top FD rates in India, bank FDs and NBFC FDs both offer fixed returns, but they do not carry the same risk profile. Banks may suit conservative depositors who want a familiar and regulated banking relationship. NBFC and HFC deposits may suit investors who understand issuer risk and want potentially higher returns.
| Point | Bank FD | NBFC or HFC FD |
|---|---|---|
| Interest Rate | Usually moderate, with higher rates on special tenures. | Can be higher than many bank FDs. |
| Safety Check | Depositors usually focus on bank reputation and deposit insurance rules. | Depositors should check credit rating, issuer strength, and repayment record. |
| Liquidity | Premature withdrawal may be allowed with penalty, depending on FD type. | Premature withdrawal rules may be stricter and should be checked before booking. |
| Best For | Conservative depositors, senior citizens, and short- to medium-term savers. | Investors who want higher rates and can evaluate issuer risk. |
Senior Citizen FD Rates
Senior citizens usually receive a higher FD interest rate in India, than regular depositors. The extra benefit differs by bank, tenure, and deposit amount, so it is better to compare senior citizen rates separately before booking an FD.
- HDFC Bank: Offers up to 7.00% p.a. for senior citizens from 3 years 1 day to less than 4 years 7 months.
- State Bank of India: Offers up to 7.05% p.a. for senior citizens for 5 years to 10 years under the SBI We-care benefit.
- ICICI Bank: Offers up to 7.10% p.a. for senior citizens on selected retail FD tenures.
- Axis Bank: Offers 6.95% p.a. for senior citizens on deposits below ₹3 crore for 18 months to less than 2 years.
- Punjab National Bank: Offers 7.20% p.a. for senior citizens and 7.50% p.a. for super senior citizens on 444 days.
- Canara Bank: Offers up to 7.20% p.a. for senior citizens and up to 7.40% p.a. for super senior citizens on 555 days.
- Indian Bank: Offers 7.10% p.a. for senior citizens and 7.35% p.a. for super senior citizens under IND Secure 444 days.
- Federal Bank: Offers up to 7.90% p.a. for senior citizens on selected tenures such as 50 months.
- IndusInd Bank: Offers up to 7.75% p.a. for senior citizens on selected FD tenures.
Senior citizens who need regular income may choose monthly or quarterly payout options. Those who do not need periodic income may choose cumulative FDs, where the interest compounds and gets paid at maturity.
Tax on FD Interest
FD interest is taxable as per the depositor’s income tax slab. Banks and NBFCs may deduct TDS when interest crosses the applicable threshold. Your final return depends on your total income, age, tax regime, and available exemptions.
- Report FD interest under income from other sources while filing ITR.
- Submit Form 15G or Form 15H only if you meet the eligibility conditions.
- Compare post-tax returns before choosing the highest FD rate.
- Use a 5-year tax-saving FD only if you want the Section 80C benefit and can accept the lock-in.
Also Read: Tax on Fixed Deposit Interest
Things to Check Before Booking an FD
| Check | Why It Matters |
|---|---|
| Latest FD rate | Banks and NBFCs change rates, so you should check the final rate on the booking screen. |
| Tenure | The best fd rates often apply only to specific tenures. |
| Payout option | Cumulative and non-cumulative deposits may give different maturity values. |
| Premature withdrawal | Early closure can reduce the effective return. |
| Senior citizen benefit | Senior and super-senior citizens may get higher rates on selected deposits. |
| Tax impact | Tax can reduce the effective return, especially for depositors in higher slabs. |
| Issuer safety | This matters more for NBFC and housing finance company fixed deposits. |
Final Thoughts
The best FD rates in India are usually available on special-tenure deposits. Among banks, Federal Bank, IndusInd Bank, PNB, Canara Bank, Indian Bank, ICICI Bank, HDFC Bank, Axis Bank, and SBI offer different high-rate options depending on tenure and depositor category. Among NBFC and housing finance company deposits, Bajaj Finance, Shriram Finance, and PNB Housing Finance offer higher rates, but they also require a closer look at issuer strength and terms.
Do not choose an FD only because it shows the highest rate. Check the exact tenure, payout option, senior citizen benefit, premature withdrawal rule, tax impact, and issuer safety. Once these factors fit your needs, the highest available fd interest rate becomes more useful and practical.
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