Fixed Deposit Interest Rates of Major Banks (August 2022)
In this article you will find the Fixed Deposit interest rates provided by major banks in India. These FD interest rates are as on last updated by the banks on their respective websites.
Fixed Deposit Interest Rates of Major Banks August 2022
What are Fixed Deposits (FDs)?
- Fixed Deposits (FDs) enable investors to earn higher interest on their extra funds. Interest rate on fixed deposits is guaranteed for the duration of the deposit.
- Interest rates on FDs are fixed when you open the deposits and the rate depends on the tenure that you wish to hold it for. The rate of interest may vary as per amount, period and from bank to bank.
Below you can find the interest rates on FDs for various tenures provided by major banks in India :
FD Interest Rates for Tenure from 1 year up to 10 years
- Almost all the banks have reduced the interest rates on Fixed deposits, in order to reduce the cost of funds, which in turn will support their Net Interest Margin.
- For tenure less than 1 year, IndusInd Bank, Yes bank, and RBL Bank offer the highest interest rate (Maximum= 5.75%).
- For tenure from 1 year up to 10 years IndusInd Bank, RBL Bank, IDFC First Bank, and Yes bank offer competitive rates.
- Senior citizens attract an additional 0.50% on their FD interest rates. All most of all the banks provides additional 0.50%.
- A few banks such as RBL bank and IDBI Bank provide FD’s with a tenure of 20 years.
- The above tenures are not common to all the banks. Some banks may have different tenures and may be presented in a different manner. Some may also have some extra tenures.
- The above interest rates are for deposits less than Rs. 1 crore and in some cases less than Rs. 5 crores. (as specified by the bank on their website)