Bank Interest Rates: India

by Manshu on July 3, 2009

in Investments

Update: March 19th 2011

Here is a list of 20 bank interest rates of Indian banks. These are applicable from Jan 10th 2011, and the banks may change this anytime, so this list may not be up to date. Each bank name is linked to the website of the bank and clicking it will land you on the page which has the latest deposit rates. Click that to ensure that the data you are viewing is up to date.

Most banks have laid out terms which are not very easy to compare from one to another, and so I have taken the rates which I found on most websites. Most of these rates are for deposits of under Rs. 15 lakhs.

I stopped at 20 because each bank has listed out its terms differently and I wasn’t happy with the bank interest rate comparison chart that follows.  Treat this  as a sort of a rough comparison chart of interest rates offered by Indian banks.

Update: Despite its limitations and lot of people found this page useful, so I decided to include a few more banks and provide you a list of 30 banks here.

 

S.No. Bank 1 Year to < 2 years 2 Years to < 3 years 3 Years to < 5 years More than 5
1 Allahabad Bank 8.75% 8.50% 8.50% 8.00%
2 Andhra Bank 9.25% 8.50% 8.60% 8.00%
3 Axis Bank 9.25% 8.50% 8.50% 8.50%
4 Bank of Baroda 9.35% 9.00% 8.50% 8.50%
5 Bank of India 9.25% 8.25% 8.25% 7.00%
6 Bank of Maharashtra 8.30% 8.60% 8.60% 8.30%
7 Canara Bank 9.10% 9.25% 8.75% 8.75%
8 Central Bank of India 9.25% 8.75% 8.80% 8.80%
9 Dena Bank 9.00% 9.00% 9.00% 8.75%
10 HDFC Bank 8.50% 9.25% 8.25% 8.25%
11 ICICI Bank 9.25% 9.25% 8.75% 8.75%
12 IDBI Bank 9.25% 9.25% 9.00% 9.00%
13 Indian Bank 9.50% 8.50% 8.50% 8.00%
14 Indian Overseas Bank 9.25% 8.75% 9.00% 9.00%
15 Indus Ind Bank 9.00% 8.75% 9.50% 8.75%
16 J&K Bank 9.50% 8.75% 8.50% 8.50%
17 Karnataka Bank 9.75% 9.50% 9.25% 8.75%
18 Karur Vysya Bank 10.25% 9.75% 9.00% 9.00%
19 Kotak Bank 9.25% 9.40% 9.25% 9.25%
20 PNB        
21 Punjab and Sind Bank 9.55% 9.60% 9.05% 8.75%
22 South Indian Bank 9.75% 8.75% 8.75% 8.25%
23 State Bank of Hyderabad % 9.25% 8.75% 8.75%
24 State Bank of India 8.75% 9.25% 8.25% 8.50%
25 State Bank of Patiala 9.00% 9.75% 8.50% 8.50%
26 State Bank of Travancore 9.50% 9.60% 9.25% 9.00%
27 Syndicate Bank 9.25% 9.25% 9.00% 8.60%
28 UCO Bank 9.00% 8.50% 8.50% 8.00%
29 Union Bank of India 8.60% 9.25% 8.75% 9.40%
30 Vijaya Bank 9.35% 9.25% 8.50% 8.25%

Click on the New Here page to see how you can make the best use of this site.

Update: For some time there used to another fixed deposit interest rates in India page which had a few more banks than given in this list, but now I have included all those here as well.

Click on the New Here page that tells you how to make the best use of this site.

{ 103 comments… read them below or add one }

Pawan July 3, 2009 at 10:38 PM

Hmmm …. confusing comparsion (alright … you’ve already mentioned to use it roughly !). Any idea why is there no definite pattern in the interest rates vs periods, i believe that more the lock-in period, the higher should be the interest but that’s not always true. What are the other factors ?

Regards,
Pawan

Reply

hmt April 5, 2011 at 2:23 AM

Dear Pawan,
The reason is asset-liability mismatch. Where bank wants to match the the assets with the liabilities, bank start giving higher intt rates.

Reply

Manshu July 4, 2009 at 8:10 AM

I was under the same assumption that you were Pawan, and was quite surprised to see these results after I had compiled them.

A thing worth mentioning is that sometimes an in between period fetches a higher rate of interest.

So, if you click on the HDFC link, and scroll down, you will see that for 2 years 16 days they offer 7.25% and then 2 years and 17 days upwards is 6%. That sounds unusual, but I don’t know why that happens.

Reply

Bhavin Mehta May 19, 2010 at 11:11 PM

Hi Manshu,

Though i am not too sure what actually could be the reason for that, but possible that the banks expect the RBI to change the rate structure after a certain period and hence discourage lending for longer period at a higher rate. Banks would not want to pay their older customers a higher rate for their deposits when banks themselves have to pay higher rate to RBI. (concepts of CRR, repo n reverse repo affect the structure of interest rates banks offer)

So may be thats the reason, no trend and no proportionate relation.

Reply

ayushee July 5, 2009 at 1:25 AM

HEY THIS WAS REALLY HELP FULL FOR MY PROJECT,TNX FOR THIS INFORMATION

Reply

ritu August 6, 2009 at 7:28 AM

thax it totally helped for my interview

Reply

Suriender August 15, 2009 at 6:44 AM

Thanks, please update the rates regularly.

Reply

bharat panwar August 26, 2009 at 4:28 AM

this information is really helpful for me. i am little bit cnfuse about the interest rate after 2-3yrs

Reply

Nand Lal Chawla August 29, 2009 at 9:38 AM

Can u give comparison of interest for Housing Loan and Car Loan of major banks india.

thankls

Reply

shrutika September 1, 2009 at 8:20 AM

Heyyy,
Thanks for this info
It really ,really helped me for my ASSIGNMENT \
THANK YOU.
Keep it up

Reply

SARAVANAN.RP October 13, 2009 at 4:03 AM

Thanks for your comparison statement , All the banks may be included for well justify.

THANKING YOU
RPS

Reply

sunny November 6, 2009 at 11:44 PM

keep updating …and post more …thanks

Reply

hemant November 22, 2009 at 6:25 AM

Please update me regularly

Reply

sangeetha December 16, 2009 at 8:28 PM

great work

Reply

shravee March 1, 2010 at 3:12 AM

hi can someone update the same… i wanted to know the bank which offers the highest interest rate. is that SBI or ICICI or other ?/

Reply

Manshu March 25, 2010 at 4:13 PM

Updated – for now anyway.

Reply

krishna April 4, 2010 at 7:02 AM

is there any way u can do the same report for nri interest rate wih the same banks. whic wil be useful for all NRIS.

regards

ramesh

Reply

Manshu April 4, 2010 at 1:46 PM

Yes, I can do such a report. It will take a bit of time, but I will try and compile this data.

Reply

Aryan April 21, 2010 at 7:24 AM

Some korean bank offering 8 & 8.5 % FD rate within two year of time .

Reply

sangeetha April 27, 2010 at 8:30 AM

update me regularly

Reply

Manshu April 27, 2010 at 3:59 PM

Sangeetha, you can subscribe to the free daily updates via email. You can find the place to do that on the top right of this screen.

Reply

ninan May 28, 2011 at 2:30 AM

Hi
Canara Bank is offering interest rate of 9.5% for residents and 10.5% for senior citizen… I dont know how the old the above rates are

Reply

krishna April 28, 2010 at 8:12 AM

any update on nri interest rates

krishna

Reply

Manshu April 28, 2010 at 10:05 AM

I did that a few days ago. Here is the link to that post:

http://www.onemint.com/2010/04/06/nri-interest-rates-nre-rates/

Let me know if you have any feedback.

Reply

Subha June 1, 2010 at 5:23 AM

I have planned to save some amount on monthly basis. Which bank is the best in interest(ROI)? And whether i can open savings account or i can put the amount in Fixed deposit?

Reply

KAVITHA June 14, 2010 at 11:24 PM

This is very helpful for my project work. update me regularly……………

thanks

Reply

APURVA A PATIL July 12, 2010 at 4:23 AM

HI,INFORMATION PROVIDED BY U IS TOO GOOD BUT IT WILL BE REALLY HELPFUL TO ME IF U PROVIDE RATE OF INTEREST ON RECURRING DEPOSITS OF VARIOUS BANKS.

Reply

salahu July 15, 2010 at 10:45 AM

i am a student , i seek about the rate of interest

Reply

Raj Ratna Bhaskar July 19, 2010 at 3:04 AM

The interest rate does not move in tandem with tenors at times because of many reasons. One of these reason could be Banks specific Asset Liability mismatch i.e. its inflows by way of repayments of loans and outflows through maturing Fds etc. in addition to other many other factors like requirement of funds for maintaining CRR / SLR / Capital Adequacy Ratio over the Reporting periods etc. Trust this clarifies the issue to some extent.

Reply

radhakrishna murty July 21, 2010 at 8:09 AM

please send me mails every time when there is a change in interest rates both private and nationalised banks including public limited companies interest rates
Thanks in advance

Reply

Rajesh July 28, 2010 at 8:56 AM

pls let me know the rate of interests from 1st april 1996 to 31st march 2010

Reply

Rajesh July 28, 2010 at 8:57 AM

pls let me know Fds rate of interests from april 1995 to march 2010

Reply

Darshan August 5, 2010 at 10:19 PM

Is the above list applicable as on today too??or there is some correction to it.

Please reply ASAP.

Thnx in advance.

Reply

swapnil September 6, 2010 at 2:03 AM

hi..i wnt to invest 500000 lk rupes to get fixed monthly income …so which bank gives me maximum return per month

Reply

Hemraj September 16, 2010 at 10:18 PM

Given the interest rate scenario in India I would like to take
whole the money I can earn outside India, currently in Japan.
Here , the interest rate is 0.5 percent.
Huh!

Reply

parikshit December 7, 2010 at 3:00 AM

Hey thanx for the info…it is nice of u….cn u update me with the comparison of the interest rates for personal loans by diff banks…………

Reply

Manshu December 7, 2010 at 9:52 AM

I tried to create such a list earlier Parikshit, but quickly realized that I don’t have the bandwidth to create such a list.

I have seen one on Rupee Times though, and you can see it on this link:

http://www.rupeetimes.com/compare/personal_loan/

Reply

Leen January 2, 2011 at 7:37 PM

Hi,
Just a question to ask. Can foreigner place fixed deposit with Indian bank in rupee and withdraw both principle and interest on maturity? If positive, please show the procedure on placing.
Thank you.
Leen

Reply

Manshu January 2, 2011 at 10:17 PM

That’s not possible for these deposits Leen as they are only allowed for resident individuals.

Reply

albin January 3, 2011 at 4:56 AM

thank you for providing

Reply

prashant January 8, 2011 at 8:44 AM

goodone but now onwards RBI has increased the rate of interest ,plz provide me on my mail in detail.

Reply

Hemant January 12, 2011 at 7:17 PM

Hi Manshu,

Very good resource – how frequently do you update this.

Reply

Manshu January 13, 2011 at 7:06 AM

Hi Hemant – I try to keep it current, so with every change in rates I try to update this also. But there is a considerable lag, which I’m trying to reduce.

Reply

bikash kr January 13, 2011 at 4:32 AM

i want to know int rate on fixed deposite for sr citizen of lndus lnd bank

Reply

Manshu January 13, 2011 at 7:22 AM

Responded to your comment on the Indus Ind post.

Reply

Milind Gaidhani January 24, 2011 at 10:23 PM

Hi,
Can some one do the top 1o highest rates in FD Term Deposits interest rates comparison, So any one can ref the same save web search Time.

Thanks,
Milind Gaidhani

Reply

Manshu January 24, 2011 at 11:22 PM

Milind – Here is a post on some of the best fixed deposit interest rates currently offered.

http://www.onemint.com/2011/01/14/banks-with-high-interest-rates-on-fixed-deposits/

Reply

Samik Sampat February 3, 2011 at 4:17 AM

HI
I wants to know comparition of bank Fixed Deposit Rate ofr lee than 15 Lakhs & above 15 Lakhs also Senoir Citizen Benifit

Reply

Manshu February 3, 2011 at 10:34 AM

Senior citizens get 0.5% extra so you can figure that out easily. I’ll see if there is an easy way for me to include more than 15 lacs also, as that becomes difficult to update and keep track of.

Reply

b.m.rastogi February 5, 2011 at 9:55 PM

Banks have enhance the interests rates again. Please update this.
I am senior citizen. I want gate the maximum benefits.
Thanks.
B.M. Rastogi

Reply

Manshu February 6, 2011 at 7:01 PM

i think this post has got the most updated rates till now. i will check out a little later in the week if there are banks who have updated them.

Reply

b.m.rastogi February 5, 2011 at 10:00 PM

You have done a very good work. This helps in making a good investments.
B.M.Rastogi

Reply

Manshu February 6, 2011 at 6:57 PM

thanks

Reply

Ravi Krishnan February 9, 2011 at 4:23 AM

just wanted to let you know – canara bank is now giving 9.5% for 8-10 years and it is 10.5% for senior citizens. for senior citizens looking for long term , it is much better than the 9% rate offered by govt of india on SCSS.

take a look at http://www.canarabank.com/English/scripts/DepositAccounts.aspx

Reply

Manshu February 11, 2011 at 4:46 AM

Thanks for that info. I’ll update the post.

Reply

Thinnu February 11, 2011 at 11:31 PM

At least now i get some good rate, if is 10.5% it will good, like me who is an NRI

Reply

chandan March 5, 2011 at 12:02 AM

At least one bank interest rate I found wrong. Canara bank is offering 9.5% for 8 years

Reply

sankara narayanan March 10, 2011 at 9:10 AM

can any 1 pls briefly explain why the int rate falls down for no.of yrs.

Reply

Manshu March 10, 2011 at 5:26 PM

Interest rates are brought down to make it easier for people to borrow and give a boost to the economy. They are increased when inflation is rising and the central bank wants to control spending in the economy.

Reply

Anuj March 18, 2011 at 7:48 AM

here not given all bank details such as coprative bank and some other bank please give me all banks details in fixed deposits what is the interest………………

Reply

Manshu March 18, 2011 at 7:51 AM

Anuj – It’s already quite difficult to maintain this list, and I won’t be adding any more banks to this. I have tried to cover all the major banks that people will be interested in, but if you want data on co-operative banks you will have to look elsewhere.

Reply

V G Bhat March 24, 2011 at 10:03 AM

Plz keep me posted of your articles.

Reply

Manshu March 24, 2011 at 4:35 PM

The best way to do that is to subscribe to the daily email by clicking on this link:

http://feedburner.google.com/fb/a/mailverify?uri=onemint/feed

Reply

Geetha March 25, 2011 at 2:43 AM

Hi All,

I want to deposit 150000 for a period of 3-6 months in bank.
Can anyone please tell which bank will be better to deposit money for short period.

Thanks,
Geetha R.

Reply

Rajesh March 31, 2011 at 12:25 AM

I want to deposit 20,00,000 for a period of 12-60 months in bank.
Can anyone please tell which bank will be better to deposit money for short period.

Thanks,
Rajesh

Reply

irfan pasha April 7, 2011 at 7:44 PM

pleas give me detals of FD and home loan rates of intrest

Reply

Manshu April 8, 2011 at 11:02 AM

Details are fixed deposit is what the article is all about 🙂

Reply

Ringo May 8, 2011 at 7:22 PM

Here’s another website with interest rates of most of the Indian banks. The advantage here is you get to see all the terms available for each of the banks on a single page.

http://bangaloremaps.blogspot.com/2008/06/bank-fixed-deposit-rates-in-india.html

Reply

vikram somani May 11, 2011 at 11:09 AM

You have misssed out Yes bank in the list which always offers higher intrtest rates presently offering intrest rate @ 9.60 %

Reply

Tejas July 18, 2011 at 12:03 PM

Hi All,

Those who are interested to park in their money for a shorter period, here a good one.
The Greater Mumbai Bank offers 10.5% for Senior Citizens for 180 days and 10.6% for 360 days tenure.

Corporation bank also offers good returns. Check it out.

Reply

Inderjit singh July 25, 2011 at 7:18 PM

can u give me the rate of interest on the various bank accounts

Reply

vapurda August 1, 2011 at 2:33 PM

Yours is a very informative article. Request you to collate similarly the bank interest rates revised wrt 1 August 2011

Reply

Manshu August 1, 2011 at 6:39 PM

Thank you – will update shortly – most likely this coming weekend.

Reply

k.k.manjul August 10, 2011 at 10:47 AM

it appears this is not updated.

Reply

Umesh September 6, 2011 at 8:34 PM

Hi Manshu

I hope that the readers of onemint will find following links useful

A. Get the Highest FD Interest Rates
1. For Fixed Deposits
2. Tax Savings Fixed Deposits
3. NRI Fixed Deposits

http://www.ratekhoj.com/fixed-deposits/index.php

A (a) Fixed Deposit Rates
You can get FD rates based on institution types like banks (Public Sector / Nationalized Banks, Indian Private Sector Banks, Foreign Banks, Cooperative Banks, Post Office Savings Schemes, Companies etc.). You can get interest rates selecting as per deposit period range or you can select specific deposit period for your fixed deposit. You can also search for senior citizen and non senior rates as well. Many banks pay different rates of interest for large deposits, you can select this criteria as well.

The search is broadly categorized in 4 types:

1. FD rates based on institution type/deposit period range
2. FD rates based on institution type/specific deposit period
3. FD rates in selected institutions/deposit period range
4. FD rates in selected institutions/deposit period range

You then fill your search criteria and the resulting table can runs into hundreds of pages. In many cases you have to narrow your search or you have to be specific in your search so that the table may not run in many pages.

You can sort this table as per you choice as per alphabetical list of institutions, period of deposit and rate of interest (highest to lowest) by clicking on the first row of the table.

http://www.ratekhoj.com/fixed-deposits/fixed-deposit-rates/index.php

B. Calculators

Fixed Deposit Interest Calculator – Calculate how much interest payments you can get based on your fixed deposit amount, interest rate and interest payment period.

FD Maturity Calculator – Calculate the maturity amount and effective yield (compound interest rate) of your fixed deposit based on your deposit amount, interest rate and duration

http://www.ratekhoj.com/calculators.php

C. Find Bank IFSC Codes, MICR Codes, Postal Addresses

http://www.ratekhoj.com/banks/index.php

Umesh

Reply

Ashok Mehta September 18, 2011 at 2:05 AM

I’d like to monitor my FD figures and am plannning to calculate my FD maturity figures myself. So I am keen to know whether interest is compounded quaterly or monthly by Canara Bank.

Best Regards,

Ashok Mehta

Reply

Manshu September 18, 2011 at 10:21 PM

It should be quarterly, but you could just check with them and be a 100% sure.

Reply

Sheetal Jain November 15, 2011 at 12:29 PM

I am Looking For Tax Saving Fixed Deposit 5Yr or more(Under the Exemption of 80C).
Please tell me the current Interest Rates for various Banks(in Tabulated Format) for 5yrs & more time Fixed Deposit.

Thanks & Regards
Sheetal Jain
8904179802

Reply

Manshu November 16, 2011 at 12:04 AM

Sheetal – here is a full post on the topic that has a list of banks with relatively higher interest rates on tax saving fixed deposits.

http://www.onemint.com/2011/10/27/tax-saving-fixed-deposit-list/

Reply

SUBHAMOY GHOSH December 11, 2011 at 10:15 AM

let me know banking fd interest since 1990 to 2011

Reply

Manshu December 13, 2011 at 2:19 AM

Don’t have that.

Reply

ashley January 3, 2012 at 5:05 PM

thanks this article is very useful 4 me again thanks .

Reply

bharat khandre January 11, 2012 at 6:39 PM

sir i want to the interst rate

Reply

Manshu January 12, 2012 at 2:28 AM

what?

Reply

sumit kumar January 27, 2012 at 10:51 AM

i, dont understnd why this bank gives so low rates of intrest on the savings and fixed deposits…
as i uses our money for the trading and makes huges profit.. then why so low rates of interest on our money……..

Reply

Sahil March 27, 2012 at 5:43 PM

this is last week of march. give me top 5 banks where best interest for tax saving fd.

Reply

Manshu April 2, 2012 at 4:35 AM

Getting to this comment very late, but you did wait till the very last moment too, I hope you got a FD going somewhere. There was a post about this which was updated in Feb.

http://www.onemint.com/2011/01/19/tax-saver-fixed-deposits-with-high-interest-rates/

Reply

Sunny April 9, 2012 at 12:42 PM

Hello…
I am looking forward the interest rate (bank rate ) of the following financial years can u please help me out how can i found out that ??
Years are
2007-08
2008-09
2009-10
2010-11

Reply

Manshu April 9, 2012 at 4:20 PM

No, I don’t have that info unfortunately.

Reply

Hulesh April 28, 2012 at 11:23 AM

Hi,
If I open a 5 yearly tax saving fixed deposit the interest that I get is taxable.
My query is that if I open a fixed deposit for less than 5 years (not for 80C exemption) the interest that I get from this deposit is also taxable or not? Or if you can throw some light on TDS or deposit interest more than 10,000, would be appreciable.

Reply

Manshu April 28, 2012 at 6:49 PM

Yes interest is taxable, TDS is charged on interest that exceeds 10,000 and is charged at 10% plus service tax.

Reply

supriyo May 16, 2012 at 7:05 PM

Please provide te current rate of interest for home loans in respect of all nationalised banks.

Reply

Manshu May 17, 2012 at 4:25 AM

I don’t have info on that I’m afraid.

Reply

rangamannar June 20, 2012 at 4:52 PM

please provide me with the savings bank account interest rates of nationalised bank (state bank of india) for the period 2002 to 2012

Reply

sona June 27, 2012 at 4:43 PM

why do different banks have different saving rates?

Reply

manasu August 24, 2013 at 12:07 PM

eccording to the market rate

Reply

AYUSH GUPTA June 28, 2012 at 10:40 PM

PLEASE GIVE THE INTEREST RATES ON RECURRING DEPOSITS OF AT LEAST TEN BANKS.

Reply

Manshu July 1, 2012 at 8:29 PM

Don’t have that, sorry.

Reply

A. S. Shelke July 4, 2012 at 2:33 PM

Pl. give me the interest rate on RD as on 30.06.2011.

I have started my RD installment is 2000/- p.m. since 30.06.2011 for 12 months then give me the exact amount of interest after closing the RD. (I closed RD on 04.07.2012)

Regards,

Shelke

Reply

Reply

A. S. Shelke July 4, 2012 at 2:35 PM

Pl. give me the interest rate on RD as on 30.06.2011.

I have started my RD installment is 2000/- p.m. since 30.06.2011 for 12 months in STATE BANK OF INDIA then give me the exact amount of interest after closing the RD. (I closed RD on 04.07.2012)

Regards,

Shelke

Reply

Reply

Ekambaram.k October 6, 2012 at 8:03 PM

Dear Sir,

Let me know how to find INDIAN BANK FD Interest rate during the year december 2009.

regards,
Ekambaram.k

Reply

manasu August 24, 2013 at 12:10 PM

can u provide me all kind of investments with interest of thine.

Reply

Deon Tom August 9, 2016 at 10:24 PM

I am very much thankful for these valuable information which MANSHU had given me .
Can you please give me the rates of interest offered by various banks in 2016.

Reply

Leave a Comment

{ 9 trackbacks }

Previous post:

Next post: