Latest Updates On Fixed Deposit Interest Rates

Updates on Fixed Deposit Interest Rates

Updates on Fixed Deposit Interest Rates

If you are looking for a risk free investment, then Fixed Deposit interest rates is the safest option because it has:

  • Consistent interest rates
  • Special interest rates for senior citizens,
  • Various interest payment options,
  • No market-related risks,
  • Income tax deductions.

However, before opening a fixed deposit account or renewing an existing one, compare the latest interest rates of fixed deposit among different banks. Here are the latest updates on fixed deposit rates for the year 2022.

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Factors That Impact FD Interest Rates

Here are the factors that impact the FD interest rates:

  • Tenure Period: If the tenure period is lower, then the interest rates will also be low. And if the tenure is high or medium, the interest rates will also be high.
  • Amount: If you deposit a high amount especially in bulk exceeding ₹1 crore, the FD interest rate will be high.
  • Type of Depositor: Senior citizens will get 0.25% to 0.50% additional interest rate on fixed deposits.

Also Read: All You Need To Know About Fixed Deposits

FD Interest Rates For Below Rs.2 Crore From Top 10 Banks In India

Here are the latest FD interest rates offered by top 10 banks for tenure starting from 7 days to 10 years as of August 2022.

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a)
State Bank of India FD 2.90% to 5.50% 3.40% to 6.30%
HDFC Bank FD 2.75% to 5.75% 3.25% to 6.50%
IDBI Bank FD 2.70% to 5.75% 3.20% to 6.50%
Kotak Mahindra Bank FD 2.50% to 5.90% 3.00% to 6.40%
RBL Bank FD 3.25% to 6.65% 3.75% to 7.15%
Punjab National Bank FD 3.00% to 5.60% 3.50% to 6.10%
Canara Bank FD 2.90% to 5.75% 2.90% to 6.25%
Axis Bank FD 2.50% to 5.75% 2.50% to 6.50%
Bank of Baroda FD 2.80% to 5.35% 3.30% to 6.35%
IDFC First Bank FD 3.50% to 6.50% 4.00% to 7.00%
Bank of India FD 2.85% to 5.20% 3.35% to 5.95%
Punjab and Sind Bank FD 3.00% to 5.40% 3.50% to 5.90%
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Latest FD Rates For Below Rs.2 Crore Offered By Other Popular Banks In India

Here are the updates on the fixed deposit interest rates offered by other well known banks in India for deposits below Rs.2 crore for tenures starting from 7 days to 10 years.

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a)
Yes Bank FD 3.25% to 6.50% 3.75% to 7.25%
IndusInd Bank FD 2.75% to 6.50% 3.25% to 7.00%
UCO Bank FD 2.55% to 5.30% 2.80% to 6.10%
United Bank of India FD (now Punjab National Bank) 3.00% to 5.25% 3.50% to 5.75%
Allahabad Bank FD (now Indian Bank) 2.80% to 5.60% 3.30% to 6.10%
Central Bank of India FD 2.75% to 5.50% Contact the bank for details
Indian Bank FD 2.80% to 5.60% 3.30% to 6.10%
Indian Overseas Bank FD 3.40% to 5.45% 3.00% to 5.45%
Bandhan Bank FD 3.00% to 5.60% 3.75% to 6.35%
DBS Bank FD 2.50% to 6.25% Contact the bank for details
Andhra Bank FD (now Union Bank) 3.00% to 5.50% Contact the bank for details
HSBC Bank FD 2.25% to 5.50% 2.75% to 6.00%
Syndicate Bank FD (now Canara Bank) 2.90% to 5.75% 2.90% to 6.25%
Deutsche Bank FD 2.30% to 7.00% 2.30% to 7.00%
SBM Bank FD 2.50% to 7.00% 3.00% to 7.50%
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Tax Saver FD Interest Rates Of Top 10 Banks

Tax-saver Fixed Deposits offer a maximum tax deduction of Rs.1.5 lakh under Section 80C of the Income Tax Act and the maximum deposit amount must be Rs.1.5 lakh. However, the lock-in tenure is 5 years and senior citizens are offered an additional interest rate of 0.50%.

Here are the interest rates of tax saver FD from top banks as of August 2022.

Name of the Tax Saving FD For General Citizens (p.a.) For Senior Citizens (p.a.)
SBI Bank Tax Saving FD 5.50% 6.30%
IndusInd Bank Tax Saver Scheme 6.50% 7.00%
RBL Bank Tax Saving FD 6.30% 6.80%
HDFC Bank Tax Saving FD 5.70% 6.20%
Canara Bank Tax Saving FD 5.75% 6.25%
Axis Bank Tax Saving FD 5.75% 6.50%
Bank of Baroda Tax Saving FD 5.35% 6.00%
IDFC First Bank Tax Saving FD 6.50% 7.00%
Union Bank of India Tax Saving FD 5.40% Contact the bank for details
PNB Tax Saving FD 5.50% 6.00%
Punjab and Sind Bank Tax Saving FD 5.40% 6.40%
IDBI Bank Tax Saving FD 5.75% 6.50%

Also Read: Jana Small Finance Bank FD Interest Rates

Highest FD Rates Offered By Banks For 1 Year Tenure Period

Here are the highest FD rates offered by various banks for tenure of 1 year which is effective from August 2022:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)
IDFC First Bank 6.25% 6.75%
Bank of India 5.00% 5.25%
IDBI Bank 5.35% 5.85%
Punjab National Bank 5.30% 5.80%
Canara Bank 5.30% 5.80%
State Bank of India 5.30% 5.80%
Punjab and Sind Bank 5.15% 5.65%
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Highest FD Rates Offered By Banks For 2 Years Tenure Period

Here are the highest FD rates offered by various banks for tenure of 2 years which is effective from August 2022:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)
IDFC First Bank 6.25% 6.75%
IDBI Bank 5.40% 6.15%
Union Bank of India 5.10% 5.60%
Canara Bank 5.35% 5.85%

Highest FD Rates Offered By Banks For 3 Years Tenure Period

Here are the highest FD rates offered by various banks for tenure of 3 years which is effective from August 2022:

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a.)
IDFC First Bank 6.50% 7.00%
Axis Bank 5.70% 6.35%
IDBI Bank 5.60% 6.35%
State Bank of India 5.45% 5.95%
Punjab and Sind Bank 5.40% 5.90%
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Best FD Rates Offered By Banks For 5 Years Tenure Period

Here are the highest FD rates offered by various banks for tenure of 5 years which is effective from August 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 5.40% 5.90%
IDBI Bank 5.75% 6.50%
Canara Bank 5.75% 6.25%
Axis Bank 5.75% 6.50%
State Bank of India 5.50% 6.30%

Also Read: Difference Between Fixed and Reducing Interest Rates

Final Word

The Reserve Bank Of India has announced repo rate cuts for Fixed Deposits during Covid-19 which may affect the interest rates offered by banks in the future. So before you decide to open a fixed deposit account, research and compare the interest rates offered by different banks and choose the one that suits your needs.

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