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.

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{ 102 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

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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

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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

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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

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