FD Interest Rates of Major Banks (January 2020)
In this article you will find the Fixed Deposit interest rates provided by major banks in India. These fixed deposit interest rates are as on last updated by the banks on their respective websites.
Fixed Deposit Interest Rates of Major Banks January 2020
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 deposit 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 fixed deposits for various tenures provided by major banks in India :-
FD Interest Rates for tenure less than 1 year :
FD Interest Rates for tenure from 1 year up to 10 years :
- For tenure less than 1 year, Yes bank (Maximum= 7.15%) offers highest interest rate. IDFC First Bank also offers higher and competitive interest rates (7%).
- For tenure from 1 year up to 10 years RBL bank and IDFC First Bank (maximum= 7.50%), IndusInd bank, Bandhan bank and DBS bank are among the highest interest rates offering banks.
- Senior citizens attract an additional 0.50% on their FD interest rates. All most all the bank provide 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)